Merriam Webster defines broke as being penniless. An example of broke in a sentence is “I’m broke until payday.” Everyone feels broke at some point in time. Being broke can include not having enough money or any money. However, there are ways you can never feel broke again (even when you are).

I was very broke while I was in law school. I was a law student with a baby. Student loans paid for rent, food, and childcare. I was BROKE. I had barely anything left over after paying my bills. There were times when I had to pay for my groceries on my credit card. I also received “charitable donations” from my stepfather for groceries who was concerned that I had to charge groceries for me and my daughter.

I eventually became fed up with my circumstances and started putting money aside. It wasn’t large amounts of money but it was something for those “just in case” moments.

When I began to put aside money for those “just in case” moments I felt better and as if I had more control over my finances. I started setting aside $25 a month in a savings account in case I ran out of money for groceries. I also developed the habit of setting aside 1/3 of my tax refunds into my savings account. The purpose of the account was to have money if I ever needed it and not to have to use my credit card for foreseeable circumstances.

Ways to Never Feel Penniless:

• Pay with cash and put your spare change in a jar. Your spare change will build over time and you can use the money in “emergency” situations. An emergency to me may have been not having enough money in my checking account to pay for groceries.
• Put $25 a month in a jar or underneath your mattress
• Live below your means. You should probably do this before you get into a state of feeling broke.
• Pre-plan your expenses. If you know that your utility bill will rise during extreme weather situations (extreme heat or extreme cold), set aside additional money into your savings account to cover the costs of those increases.
• Search for the lowest cost options of items you regularly purchase. For example, rather than purchasing most of your cleaning products from Target, check out the dollar stores (i.e. Family Dollar or Dollar Tree).
• Cut back on services and items you do not need and save the money.

No matter how much I planned back then I never did NOT feel broke. I always felt like I would run out of money. I had to come up with a solution to always have money for at least food to eat.

What I Did When I Felt and Was Stone Broke:

• Reduced my spending. I was once a shopaholic and primarily shopped because I was bored. I committed to window shopping and only shopped when necessary.
• Significantly reduced eating out. I stopped eating out.
• Shopped around for better deals even if that meant physically going to different stores to compare prices.
• Put myself on a VERY strict budget and transferred the money that I was saving either into a glass jar, under my mattress, or in a savings account.
• Preplanned my daughter’s expenses. I started a year in advance thinking about her summer school expenses and used part of my tax refund to pay for summer camp.
• Overall, I did a better job at being in control of my expenses.

How You Can Tackle Being Financially Strapped:

• Don’t feel like you have to be where everyone else is meaning, don’t keep up with the Joneses. You do not ever have to overextend yourself ever.
• Prepare a budget and stick to it.
• Track your expenses.
• Commit to saving money.
• Commit to not spending money.
• Get a part-time job  or a gig (if you can). A gig is a contract job.
• Cut your unnecessary expenses.

Being broke and feeling broke are two different things. If you feel broke there are things you can do to change that feeling. You may not have as much money as others but you can put aside enough money so you can always have something. That something may be in a glass jar or in a checking or savings account but as along as you have SOMETHING you will not be broke and can continue to build your account.