Oh, financial stability, how we crave you! Every single person out there earning money longs for financial security and stability. We all want to be secure with our money, but it’s not always possible to be. Half the time, people go through their lives without realizing anything is wrong with their finances, and yet can’t manage their money effectively.
If you are struggling with your finances or finding it hard to go through your money without wincing, then perhaps the time has come to face the fact that your finances aren’t as stable as you thought. You can always find help when it comes to things like your taxes, with CPA firms backing you up to prevent you from accidentally claiming more than you should. However, it would help if you recognize when your finances aren’t as grand as you think they are, and we’ve got six signs to help you see it.
- Retirement Savings – What Retirement Savings?
The future is far away, and you are living for now. The savings in your account are being built based on your next vacation and not on your future, which means that it’s time that you do something about it. If you’re managing to save for a vacation but you’re not prioritizing those years after you finish working, there’s a problem! A good accountant should be able to direct you toward the best retirement savings options to help.
- Fight For Your Money…Or About It..?
You and your partner may have very different ideas when it comes to managing your finances. If you’re fighting about money, it’s a sign that things aren’t as stable as you imagined they were. Always try to be open about money when it comes to your partner, as you need to be on the same page as much as possible.
- Debts Are Overtaking Your Income
No one likes to deal with debts, but they are often there to remind you that you aren’t a part of the rich and famous. When your credit cards are maxed out, and you’re only paying the minimums, you need to reassess whether you are managing your finances correctly.
- In And Out Of The Overdraft
If you are living in your overdraft, that’s a problem. It’s not your money: it’s the banks’ money, and you should speak to the bank to get out of this situation. You deserve to have your full wage every month, not part of it with a large slice handed over to the bank for interest.
- You’re Doing Debt Wrong
Burying your head in the sand about your student loans isn’t the way to go. There are good debts and bad debts, and you want to deal with your obligations while still managing financially. You want to rid yourself of debt while managing the big ones like the mortgage. Focus on paying your debts smallest to largest.
- Borrow From Peter…
…to pay Paul. There is nothing wrong with asking for help, but if you have your hand out and you are borrowing money from friends and family every month, there is a problem. Money management means managing what you have, not what you have plus what you can borrow.