Ask Carrie Joy Newsletter - Doable Tips to Get Out of the Hole

Question of the Week:

I'm 37 years old and broke as heck. I work full time, babysit on a few weekends a month and still barely getting by. I know there are tons of people who are going through the same. What are some smart and doable tips to come out of the hole? How does one not stress about money when in fact it doesn't have feelings and doesn't love us back. Thanks for your help and encouragement. 

-Christina B

Dear Christina,

Working full-time and babysitting on weekends? You are busting your butt, and I want to acknowledge that — and your point that lots of people are going through this same thing.

I've been in that exact spot — working my tail off and still feeling like I was drowning financially. In my 20s, I remember thinking "I'm doing everything I can, so why does my bank account still look like a sad joke?" It's exhausting and demoralizing. What I learned when I was struggling with those same challenges is that getting out of the hole isn't about one big move. It's about small, smart steps that add up over time. Progress, not perfection.

Here are my tips to help you get started:

• Track your spending for just one week. Don't judge it, just write it down. You might discover money leaks you didn't know existed. When I did this, I found I was spending $60 a month on a gym I never used.

• Call one bill and negotiate. Pick your biggest recurring expense (cell phone, car insurance, internet) and simply ask: "What's the lowest rate you can give me?" Twenty minutes on the phone saved me $40 a month on car insurance.

• Use the "pay yourself first" trick. The minute you get paid, move $20 (or whatever you can) to savings. It's easier to save money you never "see" than to save what's left over.

As for the stress? Money doesn't love us back, but we can learn to make it work for us instead of against us. That shift in power makes all the difference.

— Carrie Joy

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