8 SIGNS YOU NEED HELP WITH MONEY
Managing your money is like caring for your health. Just as you schedule a visit with a doctor
when you are sick, it is very important you enlist the help of a professional when you need
financial guidance. Even if your money situation is under control, situations still arise that call
for a second opinion from a financial planner. There are certain signs to know you need help
with money. Read on to find out if any of these signs apply to you.
1) WHEN YOU WORRY THAT YOUR CARD WILL BE DECLINED
If you have stood at the line
in a supermarket mentally subtracting the cost of the items in your cart from your bank
balance, then you might just need help with your money. Worrying about being able to
pay for essentials could indicate that you don’t have control over your finances. But it is
a lot different when you use a money management app like Mint, it would help you to
stay on top of your transactions and bank balances. Your spending is updated in real
time and you can instantly see how much money you have available with just a quick
glance at your phone (Need help with money).
2) YOU TAP SAVINGS FOR DAILY EXPENSE
Even if you are dutifully saving money each
month, regularly drawing out of those funds to pay for daily expenses will slow your
savings growth. It could even cause you to slip backward financially. It is time to analyze
why you need to access your savings for non-emergencies. Are you trying to save too
much, which is leaving you short in other areas of your budget? In that case reduce how
much you save and then commit to not accessing those funds. Are you regularly getting
big bills for which you haven’t budgeted? Well, budgeting tools like YNAB
(You Need A Budget) will help you figure out how to avoid getting surprised by less
3) YOU ARE PLANNING YOUR RETIREMENT
Retirement is looming and you are dreaming
of European holidays, days spent with your grand kids and taking up just your hobbies .
one thing you most definitely don’t want to do is to reenter the work force due to
insufficient savings. If you are close to retirement, and you haven’t done so already,
ensure you sit down with a financial planner to ensure you are on track and socking
away enough money to retire comfortably. How you save and manage the money in the
10 years leading up to retirement can make the difference between taking exotic
cruises (Need help with money). A financial planner can help ensure that you are making the most of what are
often your highest earning years.
4) YOU ARE STRESSED ABOUT DEBT
Do you flinch or cringe in fear every time your phone
rings or avoid opening your mail because you assume it is another final notice or debt
collection effort? The life+ money survey in 2015 reported that 18 percent of
respondents were worried about carrying debt without ever being able to pay it off. And
stress about debt and other financial issues could have serious health implications. A
financial counselor will work with you to make a plan and not just that, but to also tackle
your debt, which will help you feel empowered about your financial situation.
5) YOU HAVE LOST TRACK OF INVESTMENT ACCOUNT
According to a recent Department
of Labor longitudinal study, the youngest of the baby boomers held on average 11.7 jobs
in their lifetime. And given Millennial’s penchant for job hopping, they will likely have
worked in far more roles by the time they are in their 50s. Frequent job hopping raises
the possibility that you might forget about your employer-sponsored retirement plans
or investment accounts. Even if you think it’s not worth chasing an account worth only a
few hundred dollars, consider that in 35 years, the earnings of those funds could be a
significant boost to your retirement savings (Need help with money).
6) YOU CARRY A CREDIT CARD BALANCE
Carrying big credit card debt is a sure sign that
you need help managing your money. A July 2015 survey commissioned by peer to peer
lending platform found that 37 percent of credit card holders pay their cards off each
month while another 16 percent pay only the minimum balance. If credit card debt is a
serious issue for you, then seek help from a financial counselor to figure out the best
way to pay off debt. Perhaps an adviser can help you (Need help with money) negotiate with your creditors to
reduce your interest rate.
7) YOU TAKE OUT PERSONAL LOANS TO MAKE PURCHASES
Have you been sucked into
those late night television commercials promising you cash for a tropical holiday at a low
rate? Personal loans are appropriate to consolidate credit card debts at a lower rate or
to pay medical bills or other expenses you couldn’t affords otherwise. But using it to
treat yourself to a new wardrobe or pay for cosmetic surgery is just another way to go
deeper into debt. Before you consider taking out a personal loan, chat with a financial
planner to see if there are better options available.
8) YOU SWITCH BETWEEN BUDGETTING STRATEGIES
If you are constantly pinning
budgeting tips on pinterest and creating a new budget, then you need help. Just like yo-
yo dieting tends to lead to weight gain, constantly switching between budgeting
methods could leave you with even bigger debt. If you are finding difficult to stick to a budget or budget plan, then you need to seek assistance from a professional who can
help you stay on track, be accountable and even grow your net worth.
9) YOU TRACK SPENDING BUT LACK GROWTH
Perhaps, you may be thinking that you are
staying on top of your finances because you track your spending. That’s actually a good
start but tracking your transactions or spending is not enough to make those positive
changes you need to your finances.
So instead of tracking your spending, make good use
of that information and make a smart decision and how you need help with money and about how you spend, where you can or
should cut down on your spending and how to improve your financial situation (Need help with money).