There comes a time in life when we make the call within ourselves that going broke is no longer an option. It could follow college graduation, children, or any series of events impactful enough to lead you to reach that conclusion. There is a multitude of things that anyone can implement into their life in order to make sure running out of money never happens to you. Here are our top 5 things to do to never go broke.

Budget

If you are like most people you may have tried many times to establish a budget only to fall short of your goal. Budgeting can be a difficult task, but it is a very important step in the direction of never going broke. What most people find so difficult about budgeting is the repetition required to maintain. This is why it’s so important to try again if your attempt at budgeting fails, because believe me, it will happen. Just think of a budget as your financial manager. Setup a system that works for you, whether daily, weekly or monthly. These days there are several software programs one can implement to help keep your budget. Apps such as Mint, Quicken, Goodbudget and EveryDollar, to name a few. Put yourself in the driver seat instead of being the passenger on the road to financial freedom. 

Save/Invest

Having a savings or nest egg is another major key to never going broke. Unexpected things happen in life which can cause our budget to be thrown off, however, savings and investments are safety nets in place to counterbalance such inevitable adversities. I’d like for you to understand that saving and investing essentially are the same, if you’re only considering the end-goal. When it comes to investing, the good news is that you don’t need a ton of capital these days like was once the case. There are a host of options outside of everyday brokerage firms such as digital apps. These apps include Acorn, RobinHood and Stash, to name a few of the more popular investment apps. With a little practice and patience you could see some promising results. Just keep the faith and never give up!