“I’m 30 and broke. What do I do now?”

When it’s all said and done, sometimes life just doesn’t go like we’ve planned. Whether that includes us taking a “gap” year between starting college, pivoting down a less “traditional” career path or finding yourself in an unexpected financial rut, we’re here to reassure you — it’s all going to be okay.

On the money side of things, keep reading for our in-house cash queen LaTasha Young’s step-by-step advice towards getting back on track.

DON’T PANIC, PLAN!

Unplanned factors outside of our control are often the reason why we need to refocus and regroup. But one thing we can do to help in case something comes up is establishing a budget! This way you can not only nail down what your expenses are, you’ll also see where you might be able to cut back in general to save and allot more towards emergencies. More on this below!

HAVE THE DIFFICULT CONVERSATION.

If you’ve been in your current role at the same company for the past two or three years, you’re likely eligible for a raise. If you haven’t received a pay increase, despite the rising costs of living, consider sitting down with your manager to negotiate your salary. While having a difficult conversation such as this can be scary or stressful, it’s important to advocate for yourself. 

Before you dive into numbers, come prepared with a list of your accomplishments and practice sharing them with a friend to boost your confidence. In the event salary negotiations don’t go as intended, dust off your resume and look for a new position where your value truly shines!

CUT BACK ON YOUR VICES.

After you’ve examined your salary and expenses, chances are you’ll probably notice you spend a considerable amount on “vices” — a.k.a dining out, shopping, entertainment, etc. We’ve all been there, but now presents an opportunity to slow down a bit. You can still indulge — but indulge sparingly.

TIP: While cars aren’t vices for everyone, they certainly can be — especially if you have a high-priced vehicle that costs you a grip to refuel or get serviced. Should this be the case, refinancing your hot wheels or trading them in for something not as costly could help out A LOT. Or! If you’re living in a large city with decent public transportation options, you may discover there’s more than one workaround to get you from point A to point B.

TACKLE STUDENT LOAN DEBT.

After you’ve re-examined your living costs, take a look at your student loan debt (if any). Call your loan service provider to see how you can go about changing your payment plan or getting approved for a forbearance/loan deferment. A forbearance will put a pause on the payments and interest you owe. A deferment will put a pause on payments owned, but interest will almost always still accrue.

MONETIZE YOUR SKILLS.

If you have enough free time and the mental/emotional capacity to take on additional work, search for a second job that you can preferably do from home. Websites like Indeed, Upwork, and Fiverr are great places to look! But be careful to research the listings you find interesting to avoid potential hiring scams.