20 Wrong Things to do when you're broke.

Being broke is very unpleasant, and can drive someone to the edge of frustration. Severally, some people have put themselves in the condition of being broke, and even keep going deep into it than they were. 

Here are some things that should and shouldn't be done when it's like you're broke.

1.      Take out a loan for a new car, or for any other reason. If you’re broke, you can’t afford another monthly payment and that’s exactly what you’re adding to your plate when you take out a loan.

2.      Go on an expensive vacation. You’re broke, you can’t afford a vacation. If you have money saved up for a vacation, there’s probably something more pressing you could spend that money on—like past due bills or car repairs, for example.

3.      Loan money to someone else, or cosign for them. Having no money for yourself means you also don’t have money for anyone else. Cosigning is included here because cosigning a loan is essentially accepting the responsibility for the monthly payment if the other signer can’t make it.

4.      Spend money on non-necessities. One of the hardest things to do, when you’re broke especially, is to rein in your spending and keep it only to the things you need. It’s important, however, to keep your spending to a minimum until you can afford to spend more.

5.      Eat at restaurants. Buy groceries and prepare your meals at home.

Take your lunch to work, even if it means having leftovers.

6.      Have cable television. Many networks let you watch the shows online for free a day or two after the show airs. That’s a good way to stay up to date with your favorite shows without the extra cost.

7.      Go partying with your friends. You simply can’t afford to do this if you’re broke—unless you’re not paying a cover and somehow getting free drinks. Find a less expensive form of entertainment and fun.

8.      Pay more than the minimum on your credit cards. Normally, the advice would be to pay more than the minimum so you can pay off your card balances. However, if you’re struggling financially, you can cut back on payments, temporarily, so make the most of your money.

9.      Move to a more expensive apartment. Keep your living expenses as low as possible. If your lease at your current residence is nearing its end, talk to your landlord about renewing it at the same rate (or a lower rate if you’ve been a good tenant.)

10. Ignore your bills and bank statements. Ignorance is not bliss in this case. While you have your head buried in the sand, a storm is brewing all around you and you can’t ignore it forever. Facing the reality of your situation is the only way to make the most of it and try to get out of it. 

11.  Overdraft your checking account. Letting your account balance become negative will make your financial situation worse. Not only will you face overdraft fees, when you finally deposit money into your checking account it will be eaten by the negative balance. Work hard to keep your balance in the positive.

12. Pay your bills late. Late fees add up and eat into the money you do have. If you become too delinquent, some services may be disconnected and you’ll have to pay the full balance due in addition to a re-connection fee. It’s easier, cheaper, and better for your credit score to just to stay current on the balance.

13. Pretend that you have more money than you do. If people think you have money, they’ll expect you to spend money. You don’t necessarily have to let people know the severity of your financial situation, but don’t pretend you have money to blow when you don’t (even to yourself).

14. Quit your job without having another one lined up. At least with another job in queue, you won’t have a lapse in pay. Quitting without another job is risky.

15. Spend your spare time doing something unproductive. There are so many things you could do during your spare time to make more money—directly or indirectly. For example, you could get a part-time job, learn a money-making hobby, or study to improve your skills so you can demand more money.

16. Lie to your spouse about the money. It’s often said that money is one of the biggest causes of divorce. Keeping secrets about money will probably cause more harm than good.

17. Spend your savings or emergency fund on things that aren’t emergencies. If you have savings, make it last as long as possible. Be very conscious about what you’re withdrawing money for. Make sure it’s for necessary expenses and not luxuries.

18. Waste electricity or water. These are two utility services whose price you can control. Turn off lights you’re not using. Don’t let the water run. Use surge protectors and turn them off when you’re not using those products. Wash your clothes in cold water. Save as much money as you can on these expenses.

19. Take on new, recurring expenses. At this point, your financial situation is too uncertain to take on new responsibilities.

20. Go on expensive dates. There are plenty of ideas for cheap and free dates—like a movie from the library (yes, they have those!), popcorn, and $10 wine. You don’t have to break the bank every time you go out—and if you do, you should probably reconsider the person you’re dating.