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Change Your Mindset
Many people who struggle with money have a victim mentality that keeps them struggling.
Remember, it may not be all your fault, but it is your responsibility, he said.
Once I owned up to that, its when I finally started to turn things around.
Sometimes all you need is someone telling you its possible and showing you the way.
Youve got to stop the bleeding, Kamel said.
… So,no more car loans, no more Afterpay, no more opening up store credit cards.
Having debt means youre constantly paying for choices you made in the past.
You cant build for the future while paying for the past, Kamel said.
So you need afinancial safety net, even if its a small one.
Attack the smallest debt first and make minimum payments on the rest of your debts, he said.
you could use the money you save toward your debt repayment.
You could also cancel subscriptions or memberships that youre not using.
And heres a big one: Stop eating out.
It might be more convenient, but staying broke is a lot less convenient.
One easy way to do this is to work as a ride-share or delivery driver as a side hustle.
Working for companies like Uber and Instacart gives you thefreedom and flexibilityto work when and however often you want.
You might also considerfreelancing, consulting or tutoring.
This will give you thefinancial breathing roomyou want.
That emergency fund is insurance, Kamel said.
Its playing defense, and it helps you avoid ever going back into debt again.
This emergency fund is a game changer.
Make it a priority.
That emergency fund will turn a crisis into an inconvenience.
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