You may be battling a giant monster of debt from credit cards, student loans, auto loans and more and you probably feel cruddy about it all but you can give yourself a little psychological boost by targeting one credit card and working to get that balance down to zero.
Prioritize paying off small balance cards in full, otherwise known as the
Snowball method. This gives you valuable momentum that encourages you to keep chipping away at other debts. Once you paid off the first credit card stick it in a drawer and say I’m done with you! You’ll feel great and you’ll be eager to tackle the next one.
#2: Buy some shares of stock and wait a few months.
This one won’t give you an immediate self-esteem boost but it will make you feel awesome if you are patient. Select a popular stock or common index fund and buy a few shares. The size of the investment does not matter here a few hundred dollars invested will suffice.
Leave the investment alone for about three months and check the price. In most cases you’ll find that your investment has risen in value since you bought them. Congratulations you just made money as an investor and you hardly had to do anything. Of course this strategy can backfire if the market takes a dive but if that happens just hang in there and wait a few more months.
#3: Recognize that everyone has money troubles.
I’m not a big fan of schadenfreude – that is the act of getting joy from the suffering of others – but you can feel a little bit better about your own financial problems when you realize that few people are free of money stress.
#4: Score some extra income.
There are a variety of ways to make a few extra bucks on the side that can help you add to your bottom line while also potentially opening up new opportunities. It may be a freelance writing project, some homemade jewelry to sell on Etsy or even just an occasional pet-sitting gig. Even a small extra paycheck, especially for work that you enjoy doing, can lift your spirits!
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Thanks for watching this video. Be sure to leave your comments and like and share if you found this content helpful and stay tuned for part 2!