money-problem1All of us encounter different problems in our lives, the most common is money problem. Here are some money problems that most of us were experiencing according to some experts.

* Your finances are out of control. You might be in a financial mess. You don’t know where your money goes, because sometimes or oftentimes you don’t pay attention to what you spend. To avoid this situation or just to eliminate it, try to start making a budget list. It’s so easy to do, write your monthly household expenses these may include your groceries, market, rent or mortgage, utilities, your monthly bills which includes your car payment, credit cards payment, tuition fees, water and electric bills, then tally up all of these costs. Compare your net income (salary less tax) to your total expenses. If your expenses are more than your net income you are truly facing a financial mess, so you must examine carefully your list and may cut down some unnecessary expenses.

* Savings. Do you have savings? Do you save regularly? You might be spending much more than you earn and may state that you can’t save because you don’t earn that much. According to experts which I do believe, that everybody can save. Regardless of how big or small your income is, you can really do save. The technique is to save first before you spend. The principle of Income-Savings=Expense. The ideal savings is 20% of your take home pay (salary net of tax ) You’ll only need to live on 80% of your income. Discipline is the most important trait that you must have in order to have savings. Saving is important and the best form of investment.

* Having so many debt? It’s okay to borrow some money because there were times when you’re really out of the budget and you really need to spend because of a ” need ” or for some emergencies, and you can’t avoid borrowing or lending or simply making a debt. But making a debt just to have your ” want ” is not healthy. Owning a credit card and using it just to buy a “want” and using it unwisely can make you drown in debt. A simple advice is to cut down using credit cards, if you can pay in cash, just simply do so, used your cards only on times of emergencies.

Financial problem is the easiest problem to solve if only you know what to do and how to properly handle your finances.