Don’t you just hate money problems? They can really cause some stress and affect everything in your life. There are certain money problems that happen more often than not, and they do have ways to solve them. Here are the biggest ones you’re more likely to suffer from and steps to take to stop them and prevent them in the future.
A Lack of Raise
You’ve been in your job for years but you’ve not had a rate since you joined, except for any minimum wage requirements. This can be a big problem.
The cost of living continues to rise, so you’re likely earning less in realistic terms than you did when you first got your job. You’re having to make cuts in places to make sure you can afford everything.
Creating Your Own Raise
There are a few options here, and looking at your budget is the first one for the short term. You culd also cut a few things out of your budget to avoid overspending.
However, you need to do something for the long term. It may be worth talking to your boss about the possibility of a raise somewhere. Another option is to start looking for a new job with a wage rise.
The Car Breaks Down or Needs Work
Car troubles are a problem for many. You could breakdown while on a journey or it may need work the next time you take it to the garage for a check.
These all cut into your savings and could even put you in debt.
Have a Plan for Car Repairs
In the short term, you could look at how you’re going to pay back the repairs. It may mean not having takeaway one night or cutting down on the luxuries for the month.
However, in the long term you need to create a plan for your repair costs. Have an emergency savings budget that is there just for these types of problems.
One of You Loses Their Job
In a household with two earners, one of you losing their job can be a major financial hit. It is a stressful time, especially when you don’t know if there is going to be new job prospects.
The other person needs to be supportive but it can cause stress between you.
Get Searching and Track Expenses
You need to talk about this, but it may not be suitable together. Find someone you can trust to talk about the situation and discuss your feelings.
In the long term, you need to track your expenses and change your budget to suit your new financial situation. It can take time for the household to be a two income one again, so plan ahead for the future.
Cut out any unnecessary purchases and see where you can lower the necessary ones. You may need to use your savings temporarily, but try not to dip into them too much. If you have a budget in place and know you won’t overspend, you can focus on de-stressing.