financialtreat – will explain Information on How to Overcome Financial Problems in the Family which you will get in the following article. let’s look at this article carefully!
There is a lot we know in carrying out this life, of course, there are many unexpected things that happen, one of which is financial problems that are often experienced by many people. Talking about finances is a challenge in life. then there is nothing wrong with listening to How to Overcome Financial Problems in the Family so as not to be entangled in debt.
Many people who are entangled in debt I have encountered due to an excessive lifestyle so that they are unable to control their finances. Not to mention that there are some human needs that are getting higher such as installments and bills that must be paid.
How to Overcome Financial Problems in the Family In The Conducion To The Covid 19 Pandemic
Like the example above. If you are too extravagant and entangled in debt, then you can’t afford to pay for your child’s education. In fact, children’s education is very important for us to pay attention to, here’s how to overcome financial problems in the family so as not to be entangled by debts.
How to Overcome Financial Problems in the Family
In order not to be entangled in debt, you must manage your finances well. In financial management, then you must have a plan with clear goals, among which are:
1. Financial Problems in the Family: Make a List of Income and Expenses Every Month
One of the solutions to the right household financial problems is to compile a list of income and expenses every month. You can record all expenses, such as transportation, groceries, houses, and others.
The important thing to pay attention to is to know the amount of your expenses every month. Because, your expenses must be lower than the income earned. If the income is higher than the expenditure, then you will not be entangled in debt.
2. Have an Emergency Fund
You may experience unexpected events, one of which is losing your job. That way, you have to immediately look for a job application. If you experience this, don’t let you sell all the assets you have. Selling assets is not the main choice you should make, because it is supposed to prepare an emergency fund.
Not having an emergency fund is one of the current financial problems. With an emergency fund, you don’t need to sell all existing assets. So, you can prepare an emergency fund so that you don’t get entangled in debt.
3. Financial Problems in the Family: Develop a Long-Term Financial Plan
You have to draw up a financial plan for the long term, such as the child’s education, pension fund to inheritance. If drawing up a financial plan, then your life will be better and be on track.
In addition, you can also create a timeline and problems that will be encountered in the future. That way, you won’t have any financial problems.
4. Reduce a Consumptive Lifestyle
If you are an extravagant person, then immediately eliminate the habit. It is time for you to distinguish between wants and needs. Don’t let you spend a lot of money on unimportant things.
A consumptive lifestyle will have a huge impact on your financial and household problems. The solution is to refrain from buying goods that are not as needed.
5. Financial Problems in the Family: Invest
So that the money you have is not just wasted, you can try to invest. Currently, there are already many investment instruments with promising profits. For those of you who are still beginners, you can choose gold investment. This is because the value is stable, then the profit is also quite large. In fact, you can also invest in mutual funds starting from only IDR 100,000.
6. Reduce Credit Card Usage
The use of credit cards is the cause of financial problems that occur today. You can reduce your use of credit cards, as they can bring losses. If you want to shop or buy something, you can use cash or a debit card to limit the amount of expenses.
7. Looking for Additional Income Alternatives
The last way to overcome financial problems is to look for alternatives to additional income. You can take advantage of online shopping sites or e-Commerce to sell various products.
8. Create a realistic budget
Make sure your budget is realistic and well done. Don’t make too little budget so that you have to save so much and can’t enjoy life. Also, don’t set a budget that is too loose to make your life extravagant.
9. Set Aside Money for the Holidays
Leave a little money for entertainment or fun. Don’t do much so as not to be too extravagant. You can use the money to have dinner together, watch a movie, or buy something for the family. Let’s just say that this money is a reward for the hard work of you and your partner.
10. Financial meetings
Have a meeting or meetings with your partner to talk about financial issues. This can be done every week or month. Although the name is a meeting, but do it with a happy atmosphere. and don’t take it too seriously.
11. Work together to manage finances
Make sure you and your partner work together to manage your finances. Don’t be too domineering or even passive when it comes to expenses or financial arrangements. It may be awkward at first, but if you get used to it, you will get the benefits of managing finances as a team with your partner.
12. Save money in using electricity
In a house, the use of electricity greatly affects expenses. For that, try to always save money in using electricity. Apply several ways to save electricity.
Such as using enough lights and turning off electronic devices that are not used. This way of managing household finances will also help you to live a more minimalist life.
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13. Good at Sorting Between Wants and Needs
One way to manage household monthly finances is to be good at distinguishing between needs and wants. Of course every human being has a desire and desire to have something. But, if it is not so important, then it is better to hold it. For that, you have to know which ones are needs or just desires.
14. Making Insurance for the Whole Family
The next way to manage household finances is to make insurance for your family members. Indeed, everyone did not expect anything bad to happen. However, insurance will be very helpful for you later. For example, health insurance or car accident insurance.
Managing Finances during a Pandemic
The COVID-19 pandemic has disrupted economies around the world. Many people have lost their jobs and income, and then there are also those who have experienced pay cuts. Seeing this, of course, you have to manage your finances to remain stable. Here’s how to manage your finances in the midst of the COVID-19 pandemic:
1. Don’t Buy Goods with an Installment System
If you want to buy a new smartphone or laptop, then undo the intention first. Although there is an installment system, you should save money and save money for more important needs. You can postpone those wishes until the pandemic is over. In addition, save your credit card so that it is not used to shop for unimportant necessities.
2. Prioritize Life and Health Insurance
As is known, life insurance will save and cover family members if you pass away. Make sure you already have health insurance with a minimum coverage amount of IDR 100 million. If you get health insurance from the company, then it will not hurt to have other insurance.
3. Save money in using kuangan.
While working at home, of course, you still make transactions online. For example, shopping online, buying daily necessities, ordering food via online motorcycle taxis to paying internet bills.
The first thing to do to avoid finances is to be open. Whether a couple is both looking for money or just one of them is making money, there should be nothing to hide about spending. Always discuss all decisions related to finances, such as expenses, income, savings, and others.
5. Make a deal
Before spending your money, it is worthwhile to make mutually agreed rules. For example, determining what percentage should be saved, how much budget is used to pay bills, and others.
In fact, such transactions can cost you money. Because, you don’t manage it properly. Therefore, you must be wise when transacting, especially managing finances. For those of you who want their financial condition to be safe, you must manage it wisely. In addition, pay all bills and installments in a timely manner. It aims to avoid interest expense.
Thus the review of How to Overcome Financial Problems in the Family. For those of you who want the condition of the dinansial in your family to be safe, try from now on to be able to explain how to deal with it, and manage your finances properly.