When it comes to financial troubles, there’s a lot out there on the market that can seriously hurt you. The market itself is one of the biggest troubles you could come across alone, so there really is danger around every corner! And yet, a lot of people still have the ability to say call out that ‘money can’t buy happiness,’ despite you thinking money could only ever bring in happiness!
So if you’re finding yourself in this impossible situation, it’s time to put some steps in place to make sure you’re a little bit happier with your financial situation, as well as prepared for the danger lurking around every corner. Let’s explore some of the most common issues people in their 20s and early 30s are going to experience, and some ways to nip them in the bud. Financial independence might be closer than you think!
Sticking to a Budget
Budgets are usually quite difficult to implement considering the huge change in habits you’re going to have to come to terms with. And it’s this fact that immediately puts people off of using a budget, despite it being one of the most helpful financial structures you can get your hands on. Humans are creatures of habit after all, and at the end of a working week where you’ve done 40+ hours, you’re simply going to want to order in a pizza and put your feet up.
But this is a cost you haven’t factored into your budget, and can put you on the back foot as soon as you think about it. And now you’re tearing your hair out once again! With that in mind, it’s evident it needs to become easier to budget, and thankfully there’s some good ways to make sure that happens.
First of all, write down whatever is you buy each week, and then by the end of the week add up the total sum to see how much money you’re losing on these expenses. It takes a few minutes at the most, and can soon become a habit of its own once you’re keeping all of the receipts you get and writing down the sums after every transaction. Refine your budget around these amounts, and it’s going to be a lot easier to cut down on the pennies you waste!
Having to Move On Your Own
Moving on your own is a big step in life, and a lot of people well into their 30s aren’t ready for it yet. So even being able to consider it, even though you’re down on your luck when it comes to money, means you’re doing well in both your headspace and your ability to factor in the financial choices.
If you’re meaning to move, whether for your independence or because your current home isn’t big enough anymore etc., make sure you’re pulling some smart moves to get yourself onto the real estate market. Start off with renting. If your projected income means there’s no hope of you being considered for a mortgage. It means there’s a roof over your head, and there’s a lot more variety than you think when it comes to becoming a tenant.
Or you can find a roommate and pool your resources. This could be a friend who is also looking to move, or simply someone who needs your help to afford the place they’re currently in. You get a room, and it’s a lot easier to shoulder the burden of rent when there’s more than one of you, no matter where you are.
Unemployment, for Literally Any Reason
Being unemployed is a huge blow to both your finances and your self esteem. It’s so hard to find a good job you actually enjoy doing in our current economy, so even applying for the so called ‘entry level’ jobs can mean you’re immediately rejected. And that gets you down, and means your savings account decreases at a steady rate as well. However, if you’re unemployed for literally any reason, see if there’s compensation rights or benefits you’re entitled to to tide you over until you can get that job you need.
And these events can come from anywhere, with the most common thing stopping someone from working is a disability or an injury. If you do have an injury that stops you from working, first of all see if there’s any compensation you can receive because of the amount of loss you’re suffering. Contact a personal injury attorney to help with this; the cost is worth it because of your increased chance of getting those damages you deserve.
Having Relationship Troubles
Everybody has relationship troubles in their life, and a lot of them are of a romantic nature. If you’ve been in a long term relationship for a while now, and because of our relative lack of money you’re financially dependant on each other, the prospect of breaking up is simply one you can’t afford to consider. If you can’t work it out for each other, you’re going to want to leave, but is that really possible?
Let’s face facts here: this means you’re stuck in a relationship with someone you don’t love, all to keep a roof over your head. And that isn’t a desirable situation for anyone! So you need to have some backup. If you’ve recently moved out of a place, see if you can go back there alone, whether it was an old apartment/house or your parent’s place. Family are usually understanding in these situations, so you’re practically guaranteed to find something there for you.
At the same time, make sure you know the laws in your area and how they apply to a situation like yours: can you leave and not be held accountable for rent? Is there terms of tenancy you need to adhere to? Can you get advice from anyone working in a government position?
Money issues will crop up for everyone, but make sure you know how to handle the ones that come to you.