When it comes to money, most of us feel like we don’t have enough. Even if your earnings are bigger, your outgoings are usually more too meaning that most of us can and do feel the pinch- even those with ‘good’ jobs, nice houses and who seem on the surface to have financial freedom. Money can be tricky to manage and it’s something that just about all of us struggle with at one time or another. Here are a few of the financial issues you might have to overcome at one time or another.
Losing your job can be completely lifechanging. We all rely on our salary to be able to pay for our home and our bills, and support our family. If you have young children at home, your partner might not be in work where they’re raising the kids and so your income might be all your family has to live on. The company you work for might make cuts or even close down completely, or you might lose your job due to something that you did. Either way, it’s a worrying position to be in. Your first step would be to start looking for work as quickly as possible. Spend a day re-writing your CV and sending it off to relevant job vacancies. You could sign up to an employment agency too, these are often able to find you work quickly meaning you could do something temporary while you wait for employers to get back to you. That way you’re not going for weeks without any earnings. Depending on where you live and your situation, if you’re unable to find work right away then you could be entitled to some help from the government. Do your research and make an appointment to speak to someone who’s able to point you in the right direction.
The thing about debt is that it starts off small and manageable. Then it spirals, bit by bit more interest is added and the balances get bigger. Eventually, you can reach as stage where the payments you’re making are only covering the interest, and not the debt itself. You could have debt due to a failed business venture or something else entirely, either way it’s a difficult position to be in. Your first step would be to admit there’s a problem, many people spend months or years ‘treading water’ where they’re getting by with great difficulty but not ready to make a change. Forget the stigma, debt can (and does) happen to anyone regardless of social class, job, gender or anything else. Use this as a way to better yourself, to learn from your mistakes and be a more financially savvy person in future. Speak to your partner and lay all cards on the table so you both know what you’re dealing with. You might be able to come up with a plan where you use savings or sell assets to be able to cover the debts. This is worthwhile as you can always save or buy things again in future, and the quicker you pay them off the less interest you pay overall. If you’re not in a position to pay things up, then speak to a debt management agency. These can negotiate reduced or frozen interest rates with creditors and get you onto a monthly plan that’s manageable for you. That way you’re paying less which can make things easier, but each payment is reducing the balance rather than just getting sucked up by the interest.
There are lots of reasons why the average Joe, law abiding citizen could end up in trouble. A night of too much drink could have all kinds of consequences and mean you do things that you never usually would. Maybe it’s a celebration that’s gone too far or maybe a difficult situation has lead to you to drink- either way, none of us are perfect and sometimes these things can happen. If you’ve wound up with something like a drink driving charge then it’s important to get the right legal representation, a DWI lawyer will fight your case and might even be able to secure you an acquittal rather than huge fines or a prison sentence. Again, use these kinds of experiences to make you a better person; live, learn and don’t make the same mistakes again.
There’s nothing quite as dreadful as a large, unexpected bill or expense cropping up. It could be a broken down car or kitchen appliance, or a large heating bill after a particularly cold winter. It could be a fine, or home repair costs. Either way, when you need to fork out hundreds or even thousands and you simply don’t have it it can have you wondering what to do. In some cases, taking out a loan could be the way to go but be sure to check the interest rates and don’t add fuel to the fire if you’re already in debt. In other cases, you might be able to negotiate a payment plan with the person who issued the bill. It’s always worth having some emergency savings, and also investing in things like insurances for the future to ensure that when these things happen, you’re not left out of pocket.
Special occasions like kids birthdays, Christmas and weddings are lots of fun- a chance to get loved ones together and make memories. However these kinds of occasions can also be incredibly expensive. Your best bet is to start early, take Christmas for example. If you know you struggle when it comes to November or December, why not buy something small each month throughout the year to spread the cost? Write a list and tick things off as you go so you don’t forget and end up buying twice. Gifts, non-perishable or long life items such as alcohol, cards, wrapping and decorations are all things you could pick up bit by bit. It might seem a bit strange but come December you’ll be so glad you started early, plus these kinds of things will be way cheaper out of season too!