Beating Broke

Building Your Rich Life: Escape the Cycle of Feeling Broke

December 16, 2024 By Teri Monroe Leave a Comment

Your mindset plays a crucial role in how you manage your finances. If you constantly feel broke, you’ll likely make financial decisions based on a scarcity mindset, living constantly in fear for financial security. This can lead to feelings of anxiety surrounding money that may cloud your decisions. You might even avoid long-term planning. Instead, it may be more advantageous to adopt an abundance mindset and determine how you will build your rich life. Your rich life is completely unique to you and will help you build financial health in a way that you might not have considered before. Here we’ll discuss six ways to build your rich life.

1. Spend on The Things You Love

Your rich life not feeling guilty about shopping — Image Source: Pexels

According to financial expert Ramit Sethi, building your rich life means spending on the things you love and cutting back mercilessly on things you don’t. Your rich life is yours for you to control. If buying new clothes is part of your rich life, then you should be able to fit that into your budget. This strategy is all about learning how to spend versus frugality and penny-pinching.

2. Don’t Limit Your Earnings

To break the feeling of being broke, try to stop limiting yourself. This could look like feeling as if you’ll always struggle with money. Instead, try not to limit your earnings and potential. If your money goal is to earn $25,000 more each year you could ask for a raise, search for a new job, or start a business as a side hustle. Opening up your opportunities will help change your money mindset.

3. Take Control of Your Finances

Usually, when you have a broke mindset you’re afraid of taking charge of your money. So you procrastinate opening bills? Are you afraid of making investment mistakes? Part of having a healthy relationship with money is taking action. It’s okay if you make mistakes at first. You can always consult a financial advisor to make a long-term plan.

4. Reframe Your Thinking

There are many ways to reframe your thinking and live your rich life. For instance, you may tie your self-worth to how much money you have. This won’t help you break the “broke” mindset. If your relationship with money is toxic, you may want to consult a financial therapist to help you reframe your thinking. You can break the cycle of limiting beliefs in regard to your finances.

5. Educate Yourself

Child learning about money — Image Source: Pexels

Information is power. If you have an unhealthy money mindset, it may be because you feel out of your depth. By listening to podcasts, reading books, or taking online courses you can feel more in control and start to build your rich life. Make sure that the information you choose to consume aligns with your goals of creating a rich life. If you pick up a book, for example about cutting expenses, it may actually harm your money mindset.

6. Be Patient with Yourself

Our views about money don’t change overnight. Plus, financial health takes real work and dedication. Give yourself some grace in this process. If you’re struggling during the process, you can try positive affirmations like, “I deserve a rich life” or “I trust myself to take control of my finances.” According to research, self-affirmations can restore your self-competence by allowing you to reflect on sources of self-worth, like your core values.

Building Your Rich Life

The beauty of building your rich life is that there are no right answers. This approach to money is completely unique to you and you’re in the driver’s seat. Changing your relationship with money can change your life dramatically and can help you find financial freedom. What are some of your financial goals and how are you working to achieve them?

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Create A Beautiful Christmas Setting While Saving Money With These Ideas

December 13, 2024 By Teri Monroe Leave a Comment

Christmas decorating — Image Source: Pexels

Have you been scrolling through Instagram looking with envy at everyone’s gorgeous Christmas settings? While you may think that this kind of decorating is simply out of your budget, it doesn’t have to be. Creating a beautiful Christmas setting doesn’t have to cost you a fortune. With a little creativity and deal hunting, you can create the Christmas setting of your dreams. Here we’ll discuss seven cheap Christmas decorating ideas to utilize this season.

1. Look to Nature

DIY Christmas wreath — Image Source: Pexels

The best part about finding decorations in nature is that it’s free! You can collect birch branches, pine for centerpiece fillers or wreaths, holly branches, and pinecones. All of these items make stunning natural additions to your Christmas setting and cost you nothing. If you live in a coastal area, driftwood makes lovely decor, and oyster shells when polished and painted make elegant ornaments. For cheap Christmas decorating ideas, look at what is available to you first.

2. Swap Decor with a Friend

Decoration swap cheap holiday decorating ideas — Image Source: Pexels

If you’re tired of your Christmas decorations, why not host a decorations swap with your friends? This is one of the best cheap Christmas decorating ideas to implement this year. We often hear about clothing swaps, but a decoration swap could be a fun way to ring in the holidays with friends or family. You could find the perfect decor to elevate the decorations you already have. To make the event extra fun, have everyone bring Christmas cookies and have a cookie exchange too!

3. Use Non-Christmas Items

Non-traditional Christmas items for decorations — Image Source: Pexels

Sometimes Christmas settings are a little too on-the-nose. If your goal is to create elegant and timeless decor, add some non-traditional items. Items like baskets, cozy throws, sleds, ice skates, and milk jugs can often be found at thrift stores or garage sales. Because they aren’t traditional Christmas decorations, you probably won’t see the price markup that is typical with decorations before the holidays.

4. Decorate with Printable Art

Cheap Christmas Decorating Ideas Printable Art — Image Source: Pexels

Have you thought about changing out your artwork for the holidays? This is a great affordable way to create a Christmas setting. If you aren’t artsy, digital downloads are very affordable. You can find themed digital prints on Etsy or Zazzle. Then, with a thrifted frame, you can have a one-of-a-kind piece of holiday art. If you have kids or are artistic, you can create your own holiday art with watercolors.

5. Focus on Cozy Lighting

Sometimes creating the perfect holiday setting isn’t about decorations at all. Just making your lighting warm and cozy can change the whole mood of your space. Simple twinkle lights are a good addition. Adding in winter-scented candles is always a nice touch as well. You can even repurpose candles you already have with some DIY hacks. Take a look at this video for some ideas.

6. Wrap Gifts and Use Them as Decor

If you are already wrapping presents, why not use extra boxes as decorations? Wrapped presents don’t just look beautiful under the tree. Use them to fill baskets and sleighs, or add them to your tablescape. The same is true for any extra ornaments. Add them to a glass cylinder and you have a sophisticated centerpiece.

7. Utilize Sales

The best sales on Christmas decorations are usually after the holiday. However, you still can find incredible deals leading up to Christmas. Stores like Lowes, Target, and Michael’s usually have Christmas clearance sales as the holiday gets closer. Make sure to utilize coupons too for added discounts. There’s no need to pay full price to create beautiful Christmas decor.

Cheap Christmas Decorating Ideas That Look Expensive

Hopefully, with these cheap Christmas decorating ideas, you are inspired to create a beautiful Christmas setting that looks anything but cheap. From DIY hacks to shopping tips, decorating for the holidays doesn’t have to break your budget.

What are your favorite inexpensive holiday decorations? How do you stay on budget during the holidays?

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Having A Hard Time Saving? Use These 7 Strategies to Build Your Emergency Fund

December 12, 2024 By Teri Monroe Leave a Comment

building an emergency fund and using a savings tracker — Image Source: Pexels

You may know the importance of an emergency fund to help you weather life’s challenges. From job loss to unexpected expenses, an emergency fund is essential when you face financial hardships. However, creating an emergency find is not an easy task. According to Bankrate, 27% of Americans have no emergency savings at all, and 59% are uncomfortable with their level of emergency savings. Additionally, only 39% of Americans have a separate emergency savings account. If you have a hard time saving, you’re not alone, but you can change your behavior to ensure your future financial health. Here are seven ways to build your emergency fund.

1. Automate It

If you have a hard time saving, try automating it. When you receive your paycheck, a certain amount goes directly to your savings account. Many people refer to this as paying yourself first. This way, you ensure you are contributing to your savings and you won’t be tempted to spend the money in your checking account. Automating your savings makes it a non-negotiable like paying a bill or your mortgage. The amount you automate doesn’t have to be large. Just starting is what matters most.

2. Hide Your Savings Account

Instead of being tempted to take money out of your savings account, you can hide the account. If you can’t see it on your bank app, chances are you’ll be less likely to move money out of it. Most banking apps allow you to hide your account. For example, on the Bank of America app you can go to your account preferences page, click the account you want to hide, then click visibility. This can reduce your temptation to just transfer money over when you want to spend it.

3. Focus on Needs Not Wants

Only carry cash to build your emergency fund — Image Source: Pexels

One good strategy to help you with savings is to focus solely on your needs. Oftentimes, we wind up overspending if we aren’t only considering what we need to get by. These things include food, housing, transportation, and healthcare. If you can’t resist impulse purchases, leave your cards at home and only use cash. This can help you reduce the amount of money you spend and you’ll be less tempted to spring for something unnecessary.

4. Set a Tangible Goal

Setting a savings goal — Image Source: Pexels

The best way to stay disciplined when building your emergency fund is to set a goal. Put a number to how much you want to save and track your progress. Make sure to create a realistic timeline to reach your goal. For instance, if you want to save up to six months of expenses, you will likely need at least a year to fully fund your emergency savings. Plan for setbacks (they will happen) and be adaptable. This will help you reach your goals.

Celebrate when you reach milestones. For example, you might want to celebrate when you save your first $1,000 or when you hit your halfway point to your long-term goal. You might plan a little dinner out or grab yourself a nice bottle of wine to celebrate your success. Remember not to spend a ton of money celebrating, that negates the purpose altogether.

5. Utilize Budgeting Apps

Building an emergency fund using budgeting apps — Image Source: Pexels

Utilizing budgeting apps like You Need a Budget (YNAB) can help you plan financial decisions and work toward saving goals. Budgeting apps can help you determine how much you can comfortably afford to save each month while still paying down debt and expenses. These tools will also give a snapshot of all of your spending and help you set limits. You can then get alerts when you are close to your spending limits on certain categories.

Check out this list of the best budgeting apps available in 2025. There’s sure to be something that caters to your needs.

6. Set Aside Windfalls

If you receive a windfall of money no matter how big or small, set that money aside for your emergency fund. Anything from tax refunds, inheritances, bonuses, or investment gains should be added to your savings. If you want to use a portion of it to have fun, you can. But you should plan to put the majority of it aside for savings.

7. Make It Fun

Make building your emergency fund fun — Image Source: Pexels

Creating an emergency fund doesn’t have to be a dreaded task. You can gamify your savings or try a savings challenge with friends or family members. This can create accountability for you as well. There are several challenges to try like no-spend challenges, the 100 envelope challenge, and the 52-week money challenge.

Building an Emergency Fund

If you are working on building your savings, you’ve taken the first step toward securing an emergency fund. Saving money can be hard and it takes discipline. Try not to get discouraged by what experts say about how much you save. The important part is that you are trying to improve your financial situation. With determination, you can and will reach your goals.

Do you have an emergency fund? How do you put money toward savings?

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