What would you do if an enormous financial dilemma landed at your feet right now? Would you know what to do? A financial crisis can happen at any time, and you’d better be prepared to cope. In the interest of standing up to money disasters with grace, we are pleased to present a few tricks and tips about how to meet your biggest financial challenges.
Biggest money hurdles families face
A recent Gallup report explains that a lack of money is the biggest challenge most families face. These days, and in these uncertain financial times, many American families live beyond their means and carry the debt load to prove it. Granted, there is no instant-fix solution to money woes, but you have to start somewhere, advise money experts at SheKnows magazine.
Build a budget and do not deviate from it. Simplify your lifestyle and learn to do well with less. Pay down debt as soon as you can, mind your monthly bills, and don’t add to your debt load. If bill collectors are dunning you, visit this page to identify their number.
Your new budget applies, whether you are the ‘spender’ or the saver in the family. Money differences can cause trouble, but they don’t have to if you agree to stick to a budget that is beneficial to the whole family. Meeting in the middle and setting realistic expectations is a good way to avoid arguments that add stress to an already dodgy situation.
Overspending is another way financial disaster can wreak havoc on your serenity. In a recessive economy, spending too much is asking for trouble, especially if your income is sketchy. Have a heart-to-heart talk with your partner, if you have one, and identify your monthly must-haves vs. luxuries that can wait. Writing this information on paper may make it easier to maintain your new budget.
Parents, you want your kids to avoid the financial dilemmas that plague you, right? Help them be better money managers when you give them a checking account in high school. Open the account with limited funds, and your child will learn the penalties for making overdrafts. This simple lesson in overspending may spare your kid a lot of financial woes when they are older, advises Bank Rate.
What about grown kids who move back home? Many American families face this financial dilemma today. So-called ‘boomerang’ kids may return to the family nest, but the rules are different now. Adult kids probably shouldn’t expect a free ride, especially if they are able to earn an income and contribute to household expenses. By paying for their own rent, groceries, internet service, car insurance, and other monthly bills, adult kids have a great chance to actually be ‘adult’.
In uncertain financial times, sticking to a budget, living within your means, paying down debt, and supporting adult children can be a challenge. Don’t let money dilemmas daunt you. Face money smartly, and you up your odds of living happily.