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Are you having financial problems? Feeling stressed and worried? Yes, indeed this financial problems can be experienced by anyone without exception. Not infrequently makes anyone who is confused about how to overcome financial problems.
Experiencing this financial problems should not be taken lightly, because it will have a serious effect on those who experience it. Many things cause this condition to appear. Not only because you are not good at managing finances, it can be because of unexpected needs, and the lack of income received compared to the funds spent.
Want to Know How to Solve Financial Problems? Here’s How!
If you feel that your financial condition is not doing well, you must be sensitive and try to find a solution to stabilize your finances again. The methods below can be practiced to overcome a problematic financial condition.
1. Analyze the source of the problems
The main way you can do it should be to analyze where the source of the financial problems arises from. Because every problem must have an underlying source. Try flashbacking back some time back where finances started to falter.
Has the income decreased some time? As a result of what? The effect of reducing honors during the pandemic or even are you currently unemployed? This condition is usually the main factor in the economy becoming unstable.
2. Make a record of expenses and income
Taking these notes is an important strategy that must be applied. By making notes or budgets, you can estimate the income you have and the expenses you will spend. Also provide posts for emergency funds that can be used for the long term.
This note will be very useful because it serves as a guide to see how financial fluctuations are. You can compare between the current month and the previous month, whether there are more funds that can be saved or not, so that you can be more careful in making a decision.
3. Looking for additional income
If you are still experiencing a lack of funds, look for other jobs that can provide additional income. In addition to the main job, odd jobs also have a big role in improving finances.
If you are in urgent need, don’t be too picky about work. Engage and pursue other jobs that are also in accordance with abilities. Nowadays, there are so many who are looking for freelance services that you can do anywhere without disturbing the main job, or maybe you can do direct work such as selling after you go home to do the main job.
If from the office asked for overtime, accept it while you can do it. Usually the office will provide overtime pay that is at least enough for you to make additional income. Consider overtime pay of Rp 50.000,/hour. You overtime for just 2 hours, not bad enough, isn’t it enough to buy food or additional electricity costs?
4. Prepare an emergency fund and savings account
The importance of emergency funds and savings has a big influence on financial stability, one of which is to be an impromptu solution if needed. You can use these funds if unexpected things happen such as medical funds, natural disasters, and others.
Well, this emergency fund and savings can also be used for the long term. If between your income and expenses there are more funds, start setting aside money even if it is small. No matter how much funds are set aside, if they are collected later, they will still be useful to overcome impromptu needs.
At a minimum, it will not interfere with the funds that have been allocated to other posts. In addition to savings and emergency funds, you can also start a small investment. But before starting an investment, you must pay attention to whether the investment can provide guarantees for financial improvement or even make things worse. Choose a profitable investment instrument.
5. Selling or Pawning Assets
This method can be an alternative if you need cash quickly. The valuable assets you have can be used by selling or being used as collateral at a pawnshop. An impromptu initiative that is fairly safe you can choose, because this will not interfere with other funds that you have allocated for other activities.
The assets you can use can be gold, land or house certificates, electronic items, or even vehicle papers. There is no need to be embarrassed, doubtful, or affectionate to release valuable assets. If you have to deal with loan sharks, it is better to give up assets and start collecting them again after the savings are collected again.
6. Utilize government assistance (Financial Problems)
Since the pandemic, the government has launched assistance aimed at the community to help the economy of its citizens. The assistance that has been available so far is in the form of basic food assistance, direct cash assistance, internet quota for students/ students, assistance for MSMEs, electricity subsidy assistance, pre-employment cards, to tax exemptions.
There is nothing wrong with this help you take advantage of. Like MSME assistance, you can register by starting a small business at home as a registration requirement. You can use electricity subsidy assistance to reduce electricity costs that you usually allocate.
Signing up for basic food assistance to the local environment can also ease you to buy the cost of basic necessities such as oil, rice, sugar, etc. You can also use the cash assistance provided to meet other needs. By utilizing this assistance, you can save a little more and divert the cost to other purposes.
7. Collecting receivables
Keep in mind, have you ever lent money to someone? If ever, then this thing can be a lifesaver. You can meet the person you have given a loan to, explain your condition that you are currently in need of money back. If it can’t be fully restored, at least some of it is also not bad enough to help finances.
Don’t have a bad taste when you charge it, because you are entitled to what you have lent. Granted you can’t expect to fully return, but there’s nothing wrong with trying, right?
8. Avoid Loans (Financial Problems)
Finding a loan quickly can indeed be one way to save a moment. But remember, you should never try it. If borrowing from someone you know, it may not be too much of a problem, but what if you decide to borrow from a fast loan provider? Instead of saving, what is there will make the condition worse.
With high interest, a fast payback deadline will make you more comfortable in meeting your needs afterwards. The money you have will only run out to pay the loan along with the interest that must be paid. The risk is also great if one day you can’t pay, you will also be embarrassed if one day it is billed by the billing party who comes to the house.
9. Do not forget to give alms
Keep in mind, in the possessions we have to the rights of others that we are obliged to expend. We are also encouraged to share with each other and help people in need. Don’t be afraid that wealth will be reduced by frequent almsgiving, because the life we live will later feel enough if we are willing to help others.
Almsgiving has many benefits, in addition to the rewards obtained, blessings will also always come to us. God will give multiple rewards, if not in the same form of money, we may get other unexpected sustenance that can make our own conditions and lives gradually improve.
From now on, if you have not regularly given alms start to set aside some of the property you have to help others, sincerely intend to help, and feel the change in circumstances from the benefits of almsgiving.
Read more financial Advisor:
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10. Make a long-term plan (Financial Problems)
The plan referred to here is a plan for life in the next few years. When you still have current income, you can still manage your finances according to the real conditions you face.
However, what if you later don’t have a job? You should also think about it. You can start allocating funds for education savings to old age savings, so that you can overcome your financial condition if you later start to be unstable.
Well, from these few steps you can apply to face financial difficulties, you can also use some features to help you if there are sudden expenses, because with that feature you can access the salary early. This can minimize the economic difficulties that will be faced. You will be calm because you have a clear financial planning.