Have you ever experienced a financial problem? Do you feel like finances are holding you back from reaching your goals? That’s why having a good understanding of personal finance and money management are valuable skills for each one of us to understand.
This lesson provides a brief overview of the general problem-solving process and its application to common financial problems.
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Join The First Ever Social Community That Is Committed To Help Others Improve Their Financial Lives
Problem Solving Process
Let’s first look at a general problem solving process that you can apply to any situation, not just financial.
Identify The Problem
The first step to solving a problem is to recognize it. What exactly do you have to gain? You must get to the root of the problem and understand what you need to overcome. Here is a list of the most common financial problems people face:
- Lack of income/job loss
- Unexpected expenses
- Too much debt
- Need for financial independence
- Overspending or lack of budget
- Bad credit
- Lack of savings
These common problems fall into one of three areas: you need more money, you need to reduce debt or change your spending habits.
Make A Plan
Once you’ve identified the problem you need to overcome, it’s time to make a plan. Not sure where to start? Don’t worry! We provide you with tips and places to start.
Problem 1: You need more money.
Whether you’ve lost your job, faced unexpected expenses or want to become more financially independent, some income is essential.
If you are looking for additional work you can join The Money Club. The Money Club is a financial community whereby a group of people come together to save and take small loans from those savings. The purpose is to provide simple savings and loan facilities for community members who do not have easy access to formal financial services. Not only you only gain access to a supportive network of like-minded individuals, but you’ll also have the opportunity to earn money by referring your friends and family to our community. For every referral you get Rs 200.
By sharing our community with those you care about, you’re making a difference in their lives and empowering them to achieve their goals. Join us now and start referring – download the ‘Money Club App’! Together, we can build a community of financial success and support.
Benefits of joining the Money Club
- You get a community of verified friends with whom you can pool money.
- You get into the habit of saving money.
- 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 the service to 20 of your friends and family, you could win Rs 20,000.
- You can earn 10% to 15% interest, whereas FDs and RDs in banks may only offer 4% to 6% interest.
Read: Know Your Money Club platform Journey On The Money Club App
How Does The Money Club Mobile App Work? – The Money Club
First Ever Social Network To Help Members Save Money And Support One Another Financially.
Problem 2: You must reduce your debt.
High interest rates or the need to live paycheck to paycheck, high debt can be exhausting. Sometimes it feels like climbing an endless mountain with an invisible peak. However, you can make your debt more manageable by prioritizing and negotiating.
Try to list all your debts and related interest. Focus on paying the highest interest rates first. The best solution to stay away from debt is to start keeping aside some amount of money in the form of savings. Initially, they call for a little bit of financial restraint in our spending in order to secure our tomorrow. But trust me, when the investments begin to bear fruit, it gives us immense financial security and stability.
Read:First Ever Social Community for Our Money Solutions
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Problem 3: You need to change your spending habits.
Moving from financial problems to financial health often requires organization and mindset. Avoiding overspending, accumulating savings and achieving financial independence can often be achieved through good spending habits.
The first thing you can try is budgeting. Sticking to it can be difficult, but just creating a budget can help you see where you should start spending less.
Create a savings plan outside of your budget. Start small. Even investing an extra Rs 100 can make a big difference. You can invest with the Money Club. Any time during the tenure, if you are faced with a financial emergency you can use the funds and keep repaying the amount in installments.
Read: Want to buy a bike? Personal loan, Bike Loan, Credit Card or Savings?
Implement The Plan
Overcoming financial obstacles may require a lifestyle change, and it doesn’t happen overnight. But just having a plan can give you the confidence and peace of mind that you can eventually overcome whatever comes your way.
Although this part is the easiest to explain, it is often the hardest part to implement. It requires self-discipline and determination. The most important part of this step is to know that if your plan doesn’t work or if you struggle to stick to it, all is not lost. If this happens, go to the next step, evaluate your plan and repeat the process.
Refer the Money Club App and start earning from home.
Evaluate the Plan
Although this step is listed last, it can actually occur simultaneously with the implementation of the plan. Things happen and circumstances change, so you may need to reevaluate your plans. As you implement the plan, you must constantly evaluate it. Maybe something comes up and your original plan needs to be changed. You may have learned more along the way and realized that your original plan was half-baked. Or maybe your first plan went as planned and succeeded. Regardless of the circumstances, it’s always a good idea to look back and reevaluate. Try to answer the following questions:
- Was your problem solved? Have a new problem?
- What went right?
- What went wrong?
- What conditions have changed?
- Was there anything you didn’t consider?
- What was easy to carry out your plan?
- What was difficult about implementing your plan?
This step actually fixes the plan you created. Although this sounds easy enough, it is usually the most difficult step.
Conclusion
In order to get a solution to all your financial problems download the Money Club today and enjoy the benefit of earning money, saving money and borrowing money.
So, don’t let financial struggles bring you down anymore. Join us now and find the motivation and guidance you need to overcome any obstacle.
You can also join its social community Financial Saathi which is the first ever social network dedicated to helping members earn money, save money and support one another financially. Click on the link below to join Financial Saathi https://www.facebook.com/groups/financialsaathi
Read: Need Money Urgently? 10 Ways to Get Instant Cash for Emergencies
