Tips For Solving Financial Difficulties

Finances, Finance—Tax Credits (Flickr.com)
Finances, Finance—Tax Credits (Flickr.com) | Source

Solving financial difficulties is a position none of us thought we would be in when we were young, but it is all too common a situation so many of us find ourselves in today.

Knowing how to handle your personal finances is one of the most important skills in life. Although there are a few parents, and even schools, that teach a few basic money management skills, most do not. Even with some basic skills, managing your money is only the tip of understanding personal finances.


Doing a bit of research online can help you find information to start learning more about personal finances. Many bank websites have articles to explain the benefits of saving, and the different programs available to you to set goals, manage, and reach your goals. You can even find tools that can help you manage your budget, plan your savings, and create a plan for the future. By doing this you will be able to choose how to spend your money now wisely.


It is never too late, or to early, to start learning more about your personal finances. If you are currently struggling with making your current income work for you, keep reading for some basic tips for solving financial difficulties.


Finance Tip

If you stop at Starbucks for your morning coffee each day, it can really add up. Get yourself a reusable coffee travel mug, and fill it up at home. Even investing in a particular flavoring syrup, or flavored creamer, you will still reduce your daily coffee expenditure by quite a bit.


Managing Food Money

Food is necessary. There is just no way around it. Did you realize that how you manage your food can help you in solving financial difficulties? The type of food you buy, where you buy it, and how you buy it is a simple change that can help tremendously during financial crises. You may not want to always change to these habits, but knowing them when money is tight can often be just the thing to get you through a short crisis financially.


1. Make a list! If you spend a few minutes planning what you are going to make for dinner each day, what lunch will be, and what you want for breakfast, you can easily create a list to make sure that every thing is on hand. Only buy the items on your list, and check them off as you put them in your cart. Make sure that you include the little extras you like. If your evening dish of ice cream is not on your list, you will be tempted to add it and other things to your grocery cart!


2. Looking through the weeks grocery ads can be an easy way to plan meals around items that are on sale, and save you more money! Most food stores have their weekly ads available on their website, if they are not delivered weekly to your mailbox. If a regular item you buy is on sale, pick up a few extra! this can help you save a few extra dollars in coming weeks.


3. Shopping at a warehouse club can be a great way to save money on your food, as well as other household items. The annual fee is easily recovered in the savings you get by buying in bulk. In addition, you will find savings on your paper goods, clothing, electronics, and more. You may even find that the warehouse stores hold sales, or give you coupons, where you can save even more.


Future Financial Planning

Personal finances are about more than the money in your pocket now. Planning for the future is imperative, and the sooner you start the better. None of us wants to work past retirement just to pay the bills. When it comes to solving financial difficulties, younger is better!


Know what you are worth! keep an eye on what people with your skills are getting paid. Working at a job where you are neither appreciated or paid what you are worth can be detrimental to both your self confidence and you future lifestyle.


Save now, so you can enjoy retirement later. Your bank can often help you decide the best way to set up a plan to save for your retirement. You can also find resources online to answer questions, get ideas, and track what you are saving. Set a goal, and stick to it. Remember, you are saving money to give to yourself!


Ask your employer about a 401(k) plan. this can be a simple way to start a savings for your retirement. An IRA is another option you can set up at your bank.


Planning Ahead

Do you have a retirement savings plan?

  • I have a 401(k) through my employer.
  • I set aside a percentage of every paycheck.
  • I put my change in a piggy bank. Does that count?
  • I haven't started saving yet.
See results without voting
Personal finances, Personal finance—Alan Cleaver (Flickr.com)
Personal finances, Personal finance—Alan Cleaver (Flickr.com) | Source

Solving Financial Difficulties Long Term

Although it is possible to cut your expenses to free up more money to deal with a financial problem, as a long term solution that can be very depressing. Finding options to earn money is really the best option.

Keeping a positive attitude always help in coping with problems, and this is no less true with finances. Also, ask for help. It is amazing how often we let pride get in the way, and don't ask for help when we really needed. Whether that help is emotional support, financial help, or simply advice.

Lastly, focus on solutions. The more you focus on the problem, the bigger it grows. Turn your attention to what possible solutions there are instead. The more you look for solutions, the more will turn up.

Hopefully, you have gained some new insight, and picked up a few tips for solving financial difficulties. Perhaps you have even been inspired to learn more about your personal finances. Knowledge is only the first step though. Using what you have learned, and applying it to your life is how actual changes occur. Start using your new found knowledge now!


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Leave a Note 4 comments

girishpuri profile image

girishpuri 4 years ago from NCR , INDIA

very useful hub and a real help for personal finance management, voted up


eHealer profile image

eHealer 4 years ago from Las Vegas

Hello Sparkle, it's so true, when I left home I didn't know what rent was, and finances were never discussed in my house. I never had a class in school that taught finances, or savings, or anything like that. I had to learn on my own but it would've been nice for a heads up. Thanks for the great info and well written hub. Voted interesting and useful.


Sparkle Chi profile image

Sparkle Chi 4 years ago from Chandler, AZ Author

I am so glad you think so girishpuri! Thanks you so much for coming to read this hub, and voting it up!


Sparkle Chi profile image

Sparkle Chi 4 years ago from Chandler, AZ Author

Thank you ehealer! I feel fortunate that my mother taught me how to handle the bills when I was in high school. I was also able to get a checking account at that point, and learn how to keep it balanced while mom was right there to answer questions.

Sharing that simple knowledge is a great way to help other people out, especially since it is something we all need to know!

Thanks for your kind words and voting this hub up!

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