Financially Prepared: Six Common Financial Struggles You May Face

Tuesday, February 9, 2016, 6:00 AM | Leave Comment

After entering adulthood and adjusting to life in the real world, many people don’t expect to face financial difficulty. Unfortunately, there are a number of circumstances that can occur that can make it difficult to remain financially stable in difficult times.

To be prepared for the unexpected, it’s important to know the financial struggles that are common among adults.

6 Common Financial Struggles You May Face

  1. Unexpected Medical Bills

    Many people who have good health don’t expect to need medical services, but it’s common for a disease or illness to suddenly develop. You may also need medical care following an accident.

    Obtaining an insurance plan that has proper coverage will prevent you from paying more out of pocket to ensure that it doesn’t cause financial strain.

  2. Birth of a Baby

    Many people struggle to make ends meet after having their first child, especially for single parents.

    It’s important to downsize with expenses and work towards a higher salary by furthering your education.

    Set a budget and save for extra unexpected bills that can arise with the child.

  3. Divorce

    Although no one assumes that divorce is in their future when they get married, the event is common and can take a toll on your personal finances.

    It could even impact your taxes. It’s important to prepare by hiring a divorce attorney who can help you navigate the process and protect your assets.

    For more information, take a look at the tax guide from The Peck Law Firm.

  4. Job Loss

    From layoffs to getting fired, job loss is often experienced at least once for most adults.

    Even with years of experience in a specific field, it can be easy to lose your job from time to time. This makes it important to save ahead of time and have three to six months of your salary saved.

  5. Debt

    Most adults have acquired debt due to student loans, auto loans, mortgages, and credit card debt. This can become a problem when it’s caused the individual to live paycheck to paycheck and threatens their financial future.

    Financial experts recommend seeking help from a debt counseling agency, which will create a plan to tackle the debt and will present you with the different options that are available.

  6. Death of a Spouse

    When a spouse dies, it can mean losing a portion of the income for the household, which can make it difficult to survive.

    Plan ahead by obtaining life insurance to prepare for the worst and allow you to obtain money when it’s most needed to prevent bankruptcy.

By preparing financially for the future, it will prevent financial struggles from taking a toll on your household. You’ll be able to prepare for the worst and can feel more in control of the money in each season of life.

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