Being broke seems to be the natural state for some folks in their 30s. A survey shows that most millennials feel financial stress on a daily basis. The idea that you could be stressed about money every day sounds incredible and heartbreaking, which is why many people are looking for a way out. Here are a few tips to help if you are tired of being broke.

Financial Literacy Works

Financial literacy isn’t taught in schools. Sometimes, it isn’t taught in households either. Many folks don’t know how money works and don’t start learning until they are much older, which slows down their financial development considerably. The lack of financial literacy leads young folks to make all sorts of mistakes that put them in deep financial troubles, like significant debt. The problem is getting out of debt requires knowledge. Learning how to become debt free starts with a firm understanding of how money works. This is the reason you should take a financial literacy class as soon as you can.

Work on a Budget

A chunk of the population has never created a budget, and that might be you. If you’ve never sat down to create a budget to analyze the way you spend money each month, then you need to start. Of course, being paid well is important, especially if the cost of living in your area keeps rising, but that may not be the only reason for financial difficulties. Sometimes, it happens because you’re not budgeting your money well, which is why creating a budget is vital. Most folks suggest that you spend 50 percent on necessities, like your rent. At least 20 percent of your monthly income should go to savings, leaving the rest for things you may want.

Dealing With Debt

Countless 30-year-olds are in deep debt with no end in sight. Sometimes, the debt is linked to student loans, but it could link to credit card debt or personal loan debt. Other times, it’s a mortgage or car loan. Whatever the reason for the debt, it’s there, and these young folks can’t get out of it. Being in debt ties you to your job. It robs you of the extra money you make each month. The bit of savings you could have each month ends up going to your debt, which can be frustrating and could leave you broke. If you don’t like this situation, you should work hard to pay your debt off to gain some freedom.

New Stream of Income

The average person has one stream of income. There’s no rule concerning how many income streams you could have, yet most people stick to the one. If that stream of income provides you with everything you need, that’s great, but sometimes, that isn’t enough. Most folks work in a place that doesn’t pay them enough to keep up with the cost of living. If this is you, you need to consider getting some extra money coming in. This doesn’t mean you have to play in the stock market. You can do all sorts of things, from delivering groceries to renting your car out from time to time. A new stream of income should free you up a bit and make you feel like you can spend more each month.

Simplify a bit

Some folks live on more than they need. You could be spending money without really needing to, especially if you’re broke. For example, people buy paper towels a few times a month when they don’t need to. People can use a few rags that can be cleaned and used again and again. Some soaps, especially natural ones, can be used to clean surfaces, your skin, and your hair. Think of all the products you could eliminate if you just use one product. Try to pay attention to everything you buy each month, and find out if you can find a reusable alternative. In essence, if it’s disposable, find out if there’s a reusable alternative.

There you have it. These are some things you can do to stop being so broke every month. Try to consider talking to a financial advisor to see if there’s anything else you can do to improve your financial situation.