Personal financial problems can take away your of sense of security and well-being. If you want to save years of financial misery later on, why not learn about these problems today? It’s your life - why not enjoy it? Get into the driver’s seat by learning and applying these lessons today. Finance Problem #1. Not Knowing Your Spending Limits

If you were in business, you would not last long financially, if you spent without regard to your income. Finding your personal spending limits is not difficult to calculate. Just answer these next four easy questions:

Question #1. What is my income, less taxes, each payday?

Question #2. What does it cost me to live comfortably?

Question #3. Is there any money left once I take my spending away from my income?

Question #4. Is the unspent money left over from my income sufficient to mange my future financial needs?

Finance Problem #2. Not Setting Your Savings Targets

You may think that spending all your available income is fine, but have you stopped to think about how will pay for emergencies? Emergencies, such as a broken electrical appliance, house repairs, car breakdown costs? Other emergencies that could severely impact your budget, could be temporary loss of income or hospitalization of a family member. How would you survive financially, in any of these situations?

Why not start to save today? It’s easy. Just go without your bought coffee each workday? That could save you $1,000 per year on $5/day. Just this amount alone can mean a holiday for you, the beginnings of a savings plan, or an emergency buffer.

If you set a target of saving 10%, of your take-home pay each payday would be a great start. If you think creatively, and set your mind to it, you will think of innovative ways to achieve this. Think of the peace of mind and happiness that this would bring.

Financial Problem #3. Not Knowing How to Save

You can save money, yet still spend on those items you really want. Some of these ways are listed below:

1. Prior to every purchase, ask yourself, 2 or 3 times, “Do I REALLY need this?” If you cannot answer with an emphatic “YES “, let it go.

2. Just because things are on sale doesn’t mean you have to buy them. Only buy things you need. If you do need them, could you maybe hold off purchasing for a few weeks and wait for the price to fall even further?

3. Don’t get caught having to buy items that are at the height of the fashion or the fad. Just wait a while if you can. The prices usually reduce once the demand slows.

4. Don’t look at others and wish you had what they have. They may have committed these financial mistakes to buy them. Is it really worth it?

5. Commit to a savings target each payday. Put these funds aside before you do anything else with the money.

Financial Problem #4. Not Feeling Satisfied With Your Purchases

If you purchase on an impulse, it sometimes leaves you feeling pretty shallow once you get the item home, doesn’t it. What a waste! If you had planned and saved for it and bought it at the cheapest possible price, how much better would you have felt?

Knowing these four things will help you feel good about each purchase:

1. I have provided funds for this item in my personal budget.

2. I already have the cash saved up for this item. (I may still use my credit card for the transaction knowing full well that I will pay it off in full when it appears on the credit card statement.)

3. This purchase is really necessary and it will be used wisely.

4. I have waited until I could purchase the item at the best possible price.

Financial Problem #5. Not Caring About Your Financial Future

How can you be really happy if your financial future is a worry to you. Are you concerned about how you would survive in a financial emergency? Are you worried about how well you will live in your retirement. If these worries are constantly lurking in your mind, how can you be happy? Why not start putting some savings away to day?

Did you realize that $5 saved every day would grow into $1,867 in just 12 months at 5% interest. It then grows into a whopping $10,343 in just 5 years? If you don’t start to invest in your future who else will?

Make the commitment to overcome your personal finance problems today. Looking back, you’ll be so glad you did!

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