Financial Problems, Goals and Practical Solutions

16 Oct No Comments

Financial Problems, Goals and Practical Solutions

Name

Institution

Tutor

Course

Date

Financial problems

Low level jobs

Non-affordable housing

A lot of debt including student loan

Very little income

Very little savings

No permanent job

Health care costs

Generation poverty

Financial Goals

Short Term Goals

Pay debts and avoid future debts

Having debts is disturbing and it has to be paid eventually. It is always relieving to get rid of debts so that one is ready to start doing savings because without debts one has full control of the income and can plan it well. It also frees one from any worry that comes with having debts. Once settled, avoid taking any other unnecessary debts and plan good with the income that you get.

For every income, give yourself an amount to be kept as savings and stick to it for it to be effective. The savings is mostly determined by what you want to achieve after a given period of time. Some calculations are always involved to determine the least amount to be saved at the end of every month.

  • Increase amounts of savings

Appropriate income utilization

Sometimes we tend to buy things that are not of much importance instead of saving that money for the priority items. It is also advisable to get something to put the extra coins after every shopping and make use of them after sometime.

Intermediate Goals

Invest in education

Investing in education and acquiring knowledge and better skills gives one a good chance of getting a better paying job. This thus leads to better income and more savings and can even own a house.

Long Term Goals

Start a business

Engaging in business will ensure an increased monthly income as compared to just depending on one job. This could be something that one does during free hours or get someone to operate for

Own a house

After making the necessary savings, get your own house and avoid paying mortgage debts. One is able to progress well when they have their own houses they find peace and rid the worries that comes with living in the rental homes.

Reaching The Goals

Identify your Goals

It is a good practice to make a list of your goals. This enables one to prioritize them as long term or short-term goals depending on priority and the financial status. This is also where one filters some goals and focuses on the most important ones

Make a Plan

This is the plan that enables estimation of how much your goal will cost and how long it will take to save for it. This may include several calculations in which the saving cost is divided by the time duration to get the amount to be paid on daily basis.

Start Saving

Put the extra money in a savings account. Do everything possible to enable you reach the target savings. This is where one watches their day-to-day expenditure as well put the extra coins for future use.




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