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Are you tired of living paycheck to paycheck and dreaming of a life of financial freedom?
You are not alone: poverty continues to be a pressing issue that plagues millions around the world.
But instead of resigning yourself to remain stuck in this cycle, what if you could unlock your path toward prosperity with just 14 game-changing strategies?
Let’s get into why so many become trapped in a cycle of poverty and how these simple strategies can get you back on track for acquiring wealth and then keeping it!
So, follow along as we explore each strategy that can help guide you out of poverty and onto your path to success.
Table of Contents
#1. Setting Savings Goals
It’s hard to feel like you’re making any financial progress if you don’t have a goal.
Take the time now to establish either a monthly savings goal or a larger one that you wish to reach in a specific period to keep you on track and motivated.
#2. Recognizing That Every Little Bit Helps
Saving while in poverty can often feel like taking one step forward and ten steps back.
Unfortunately, savings can be wiped out instantly by a few minor expenses.
Some people are reframing the distress they naturally encounter when dealing with this, recognizing that it is better to have the savings to use on these things rather than dealing with the major consequences of not having the money for surprise expenses.
#3. Finding a Support System Working With You
Saving when you’re on a single income and slightly above or below the poverty line can feel near impossible.
Saving with multiple incomes?
That’s more achievable.
Some people will find a support group and work alongside these individuals to pool savings together, making it easier for all of them to work their way out of poverty collectively instead of trying to struggle alone.
#4. Taking Advantage of Social Programs
Social programs can be beneficial when you’re in a difficult financial position.
They’ll give you the support you need as you work toward improving your financial situation, which can lift an immense weight off of your shoulders.
See what programs your local government offers to help support you as you work toward saving to get out of poverty.
#5. Using Apps to Help You Save
Saving can be difficult, primarily if you weren’t given financial guidance or examples growing up.
Fortunately, there are plenty of free apps out there that can help you save.
From budgeting apps to savings apps that will put a small amount away each month, check out the app store on your phone to find financial apps designed to help you progress.
#6. Joining the Military
Poverty can be difficult to navigate, which is why some people will choose to improve their chances of making more money (thereby being able to save more money) by joining the military.
This isn’t for everyone, but it’s worth considering if you find that the military will give you the support you need to achieve your goals.
#7. Eliminating and Minimizing Debt
Debt can be a significant contributor to poverty and one that prevents you from advancing financially.
This is why it’s crucial to focus on eliminating and minimizing your debt so you can start saving.
Create a plan of action to tackle debt and focus on minimizing debt as much as possible moving forward so you do not have to use available funds to pay it off.
#8. Cut Out Non-Essentials
It’s important to preface this type by saying everyone deserves self-care and happiness.
You don’t have to cut everything that brings you joy out of your life.
However, cutting out many non-essentials can free up room in your budget to help you save.
Consider what you need and don’t when it comes to spending.
#9. Finding Small Ways to Make Money on the Side
Side hustles and small money-earning opportunities have become essential for people from all walks of life in today’s economy.
This side income can help you save if you put the bulk of this money away and focus living primarily on your primary income.
The good news?
Many ideas are out there to generate more income on the side.
Whether you want to do something simple like take surveys for cash or babysit, there’s a way to make money for you.
#10. Establish a Bare-Bones Budget
Making more money is half of the battle, and budgeting effectively so you have more to save is the other half.
Return to your budget to see where your money is going and whether or not you are utilizing funds properly.
It’s by no means something that people look forward to doing, but regularly checking up on your budget can go a long way toward helping you save.
#11. Look for Opportunities for Career Growth
How you spend your time is just as important as how you spend your money.
Some opportunities may help you improve your career and resume if you’re willing to take advantage of them.
Whether it’s certification courses or classes being offered nearby, see what you can do to boost your resume and skill set to make more money.
#12. Boosting Your Income
You can’t save your way out of poverty without a greater income.
Boosting your income is essential, and you can do it in multiple ways.
Some go to college, while others decide to pursue trade school.
Whatever works best for you, commit and stick to it so you can put more money away.
#13. Learning What to Avoid
You might look for specific opportunities to bring in more money you can save that are detrimental rather than helpful.
These types of opportunities bank on you not knowing any better.
Avoid predatory loans, MLMs, and any other money-makers that make grand promises and may end up causing further financial damage.
#14. Being Diligent and Aware of Your Financial Situation
Most people know that they’re impoverished.
However, some people may be afraid to dive into their financial situation because it gives them anxiety.
While avoiding it might offer a temporary reprieve, it will only continue to harm you.
See what your finances look like so you can take the next steps to work and save your way out.
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Whether it is for bills or unexpected expenses, here is how to get cash fast.
In many cases, you can have cash in your hands the same day.
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Here are over 25 great ways to make up to $1,000 in a short amount of time.
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If you are short on cash, not eating doesn’t have to be a reality.
There are options out there that allow you to get free food, even if you don’t have any cash. Here is what you need to do.
Free Budget Templates
It can be difficult to start budgeting from scratch.
While there are apps out there, some people like their privacy. This is where a spreadsheet budget comes into place.
But who wants to build one? Luckily there are some great free budget templates to use.
Here are the best ones.
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When we think of the wealthy, we think of big homes and flashy cars. But many millionaires have stealth wealth.
This means you would never know they are rich by looking at them. The benefit? People leave them alone.
This thread inspired this article.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.