Friday, March 7, 2014, AM | 2 Comments
It seems as though having financial problems are becoming more and more common. From the average Joe to people all the way up in the United States Congress, it seems that no one is immune to financial issues. However, these problems don’t have to plague your entire life. Once you get in a hole, it’s very possible to get out of it.
Here are the top five financial struggles and what you can do about them.
Not Having a Proper Budget
A lot of people have a tendency to just spend their money however they see fit. This can cause a lot of problems when it comes to spending your money wisely.
If you’re having financial problems, setting up a budget is one of the best things you can possibly do.
Having a clear amount that is set aside for different expenses makes managing money a lot easier. It can also help many people be more aware of the expenses they do have and where their money is going on a monthly basis.
Many people have big ideas of what they want to accomplish with their money and finances, but think they aren’t making enough at the time to start achieving these goals.
But you should always be living within your means and it is a very manageable goal to set 10% of your income aside for savings.
Credit Card Debt
From the moment you turned 18, there were probably a lot of different credit card companies that were hounding you to get one.
It is for the best if you ignore most of these offers entirely. Getting yourself set up with one credit card is a great idea to start building yourself credit that you will need for purchasing property or a vehicle.
If you are having problems with credit debt and your credit score, the experts from CreditRepair.com can help by recommending how many credit cards you should have open and what types of purchases to make on each one. This can help you keep debts down to a minimum and your credit score up.
Spending As Soon As You Get It
People that don’t save their money will have a much harder time living comfortably than those that do. A lot of people have a misconception about saving money.
Saving money doesn’t equate to stashing a wad of cash in an air conditioning vent. Saving money is all about having some funds to use for later.
It’s important to work this out in your budget. However, instead of just blowing all your money after every paycheck, just set about $100 aside every month. This will add up quickly and allow you to do buy better things later.
Spending Too Much
Overspending is a problem that a lot of people seem to have. There are just so many nice things out there! It’s perfectly natural to want it all.
However, it is equally important that your spending remains as necessary as possible. Don’t buy that $400 video game console on a whim. That’s why your saving money, remember?
Not Getting Any Help
Your financial life is meant to be very private. There’s a reason why people don’t go shouting their financial problems from the rooftops. It gives people just a little bit too much insight into who you are.
With that being said, if you need help, you need help. Period. Hiring a professional financial planner or even just confiding in a trusted friends can help you get your financial situation back on track.
All in all, there are plenty of financial troubles that people can face. However, following these tips can ensure that you get out of the hole that you may have found yourself in.
Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn’t writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.