How to financially recover

[mysterionz]

Weird question, but does anyone have any tips on recovering financially after a drastic money loss? My main source of income is my job and secondary is art commissions (which depends on if I have people interested or not)

For context, I went manic July 2023 and I spent over $2500 on Amazon over the course of a few months. Now I’m barely clinging onto $2K to my name. I do have a job thankfully but the amount I bring home per week depends on how many hours I work.

This week I only brought home $130 because I only worked 13 hours that week. I have hope that my next few paychecks will be better as my hours have gone back up at work.

 

[Neonatal RRT]

Well, the only way I know is to (1) have a reliable and significant income stream, (2) make enough money to save and invest after expenses, and (3) setting and focusing upon both short and long-term financial goals. All three have to come together.

 

[Tom]

Focus on solidifying your jobs as much as you can. Doing what you need to do to make sure they continue, or developing new income sources. But also getting your spending habits well under control is important. Don't become too strict and frustrate yourself, just set and keep to an acceptable target in spending.

 

[Judge]

It's not a weird question at all. One that many many people face given how easy it is to draw credit against net income one may or may not have.

For starters, put away whatever credit source you depend on when it comes to retailers like Amazon. Stick to spending cash only if possible, where you are forced to constantly see (and monitor) the actual cash in your wallet or bank account.

(Pretend to carry on as if you really were *legally bankrupt*.)

Become militant about appreciating what you have as opposed to what you might want.

 

[TBRS1]

If you ever have a job that offers matching contributions to a retirement account, be sure to put the maximum amount in, even if it means you go hungry today.

This will save you later, trust me.

 

[Aspychata]

You are younger, it's a lesson you go thru. l just got rid of my credit cards, but now l have to sign up for one to keep my credit score high. You can't out spend what you don't earn. You need to save a little out of your paycheck ti start an emergency savings, maybe 2,000 for now. Then you can find a safe mutual fund, and maybe you could contribute 50 dollars at least every other month. Just doing this will help you feel better about your future. Maybe think about applying for any free training programs that will train you for a better paying job?