Financial problems can happen to anyone. When this problem exists, sometimes we feel confused to deal with it. However, we must remember that there is already a packaged solution for every existing problem.
Although worrying doesn’t solve much, having a plan for dealing with financial challenges can help relieve stress. Well, if you are in this position, in this article we will take you through the best financial problems solution.
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Common Financial Problems
1. No Emergency Fund
The first financial problem is not having an emergency fund. An emergency fund is one of the most important funds for everyone. The reason is that with this crisis, we are better prepared to deal with various problems that may arise in the future.
Solution: Build an emergency fund as early as possible. When you face this problem, you can start saving for an emergency fund. Ideally, the emergency fund must have an amount which is 3 times the needs for 1 month.
2. Difficulty resisting temptation, tendency to be impulsive and wasteful
Difficulty controlling the ego and being aware of the impulsive nature is one of the following financial problems that most often occur in many people.
The reason for this is the difficulty of distinguishing between wants and needs. Therefore, when we see something interesting and attention-grabbing, we tend to spend and waste money.
Undoubtedly, some people fall into the trap of online loans or money lenders, which often leads them to debts.
Solution: Change your lifestyle. If you are experiencing financial problem, the thing you can do is control yourself to be able to distinguish between needs and desires. Also avoid buying anything on credit.
Overcoming prodigality is quite easy. First, make a list of what you need for the month. Make a distribution of funds and divide the available funds into several positions so that everything needed is measured in this way.
When you use this method for the first time, you will naturally find it difficult to resist various temptations such as discounts, best offers, etc. However, if you have a strong determination and a strong desire to change the luxurious lifestyle, it will gradually become part of your habit. Saving money is always a priority.
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3. Buying an apartment is difficult
Apartment prices are rising every year. Many people with sufficient income and regular employment also find it difficult to afford a home.
Solution: Apply for a mortgage with a down payment or down payment of 15-30% of the total price of the house. To solve this financial problem, you can prepare several funds to pay a down payment of 15-30% the price of the house of your choice.
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4. Difficulties in the financial education of children
Problems or difficulties in the financial education of children are a financial problem that many parents face.
The reason is that children’s education costs have increased significantly every year. Not to mention that the need for education is not only school fees, but also other things that must be prepared to support the needs of the children and prepare for a bright future.
Solution: Early preparation of a child’s education fund.
Financial Problems Solutions
As mentioned earlier, everyone can experience financial problems. But here we are going to discuss the solution of these financial problems.
Identify the source of the problem
The first solution to your financial problem is that you must analyze the root of the problem. Try to remember when you feel that spending is bothering you, whether it is an urgent need, a decrease in income or something else.
By identifying the cause of the problem, you can avoid digging yourself a hole where you continue to borrow to meet your monthly needs and cover past due or unpaid debts.
Financial planning
Financial planning is very important and useful for you in the future. This will prevent you from bad choices like finishing your salary early or getting into debt. You will also achieve expected goals faster, such as buying items of your choice or the financial independence you dream of.
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Record all income and expenses
That way you will know exactly what income and expenses you have. It is also important to limit unnecessary expenses next month. In other words, the existence of this record can be used as an assessment material to achieve a secure financial situation.
Look for extra income
If you feel that your basic income is not enough to cover all your needs every month, you can start looking for extra income. In this case, you can look for a side job or side business after your working hours.
Money Club is the best option if you want to earn some extra money sitting at home. Money Club is a peer to peer savings and lending platform. It is the first ever social network dedicated to helping members earn money, save money and support one another financially.
You can earn extra money just by sharing the love for financial wellness with your friends and family. Our community has a referral program that rewards you for every person you invite to join us. It’s our way of saying thank you for spreading the word and helping others improve their financial lives.
Refer The Money Club App And Earn Money Sitting At Home.
Save and build an emergency fund
Emergency funds and savings have a big impact on financial stability. Because having both can save existing cash flow without impeding other finances. The advantage of the emergency fund is that it can cover expenses due to unexpected illness, accident or loss of job. So you don’t have to worry about getting a loan.
In addition to saving, you can also learn how to invest and choose instruments that can be useful with a low level of risk.
So whether you want to earn money, save money, borrow money in times of need, or invest money Money Club has all the options. It is the first ever platform where you can fulfill all these needs. It is an initiative whereby a group of people come together to save and take small loans from those savings. The purpose of this platform is to provide simple savings and loan facilities for community members who do not have easy access to formal financial services.
Read: How Saving Money Becomes Easy With The Help of Community?
Benefits Of Joining Money Club
- It is the best platform for middle-class families who cannot obtain loans in an emergency and must rely on high-interest money lenders. You can quickly receive a lump sum in an emergency if you regularly save small amounts on this platform.
- You join a group of verified friends and pool money with them.
- You can borrow a sum several times greater than the amount you have invested.
- When you need money, you just have to bid, and the money is in your bank account in six to eight hours.
- All transactions are encrypted and digital in every way. Only members of the club can deposit funds into your bank account directly.
- You can earn money from home. If you sign up to be a Money Club agent and recommend to 20 of your friends and family, you could win Rs 20,000.
- You can earn 10% to 15% interest on your investment, whereas FDs and RDs in banks may only offer 4% to 6% interest.
Download the ‘Money Club App’ NOW to achieve all your financial goals.
Read: Know Your Money Club platform Journey On The Money Club App
