Financial problems are everyday occurrences that we encounter. There is not a day, week, or month that passes by without financial problems. This financial problem might be; payment of expired house rent, school fees, home care, health challenges, shopping necessity, bill payments, subscriptions etc.
Also, financial problems can be; Lack of income/job loss, unexpected expenses, too much debt, a need for financial independence, overspending or lack of budget, bad credit, and lack of savings. Whichever you might be facing, worry no more because in this article you will be enlightened. You will be happy you came across this article.
Don’t be in a rush to pick the main points, rather read gradually and you will get more insights than you least expected.
What is a financial problem?
Financial problem simply means the inability to repay debts in the short or long term. It is the inability to meet up with your financial needs. Debt makes financial management more difficult and limits purchasing power.
Financial problems cause worry until all debts are paid off. A solution must be created in order to repay debts. Now the big question is how can I solve my financial problems?
In this post, I will give you tips (with instances) on how to solve your financial problems. These tips will not only help solve your financial problems, but they will also as well be an eye-opener to those looking for means on earning money online.
First, let’s consider a generic problem-solving technique that may be applied to any scenario, including that of financial problems.
Identify the problem: This is the first step in solving any problem, be it financial or otherwise. This simply implies knowing what exactly you need to overcome?
Make a plan: This means planning ahead. At this stage, one needs to ask “What are the steps you need to take in order to overcome the problem”
Implement the plan: This stage really executes the plan you created. While it may appear to be the simplest step, it is generally the most challenging.
Evaluate the plan: The evaluation plan clarifies how you will describe the “What,” the “How,” and the “Why It Matters” for your problem-solving. Despite the fact that it is described last, this step may take place concurrently with plan implementation. Because things happen and conditions change, you may need to rethink your strategy as they unfold.
How to solve your financial problems in just 2 days
In economics, there is what we call the “Scale of Preference”. A scale of preference is a prioritized list of goods and services (for example, shoes, socks, books, haircuts, and so on). It is a ranking of all individual desires based on their relevance in one’s estimation and the means to acquire or obtain them.
So why did I bring this up? The reason is that most people who encounter financial problems fail to adapt to the scale of preference.
Take for instance: Jane is a student and she has three financial challenges; one is to buy textbooks, another to make her hair, and the third is to buy foodstuff. Now it happens that her brother sent her 20,000. As someone that really needs to solve her financial problems, she needed to use the scale of preference but instead, she goes to the saloon, buys the most expensive weavon worth 12k, leaving her with a balance of 8k. She still went further to fix nails worth 2k. Now Jane has 6,000; out of the 6,000, she uses 5k to fix the weavon on her hair and then used the balance of 1k to eat shawarma.
WOOP! What a waste! Jane is still in same financial problem. How will she pay for her textbooks, how will she buy foodstuffs? She only solved one problem but had it been she adopted the trick of scale of preference, all her financial problems would have been solved in a twinkle of an eye.
If I were Jane, I will solve the three financial problems as thus:
Let’s say the textbook cost 8,000. I will pay for the textbooks. With the balance of 12,000, I will buy foodstuffs worth 8,000 and then use the remaining 4,000 to make the less expensive hair.
WOW! I just solved all three financial problems.
If everyone would be doing things according to the scale of preference, most especially when it comes to financial aspects; I bet you will not be having financial problems compiled.
How to solve your financial problems in just 2 days? The trick is to do things according to the scale of preference.
Other ways one can solve his/her financial problems include:
- Prioritize what you can control.
- Find ways to earn more money.
- Pay essential bills.
- Save money (if you can)
- Track your money-saving progress.
- Talk to your lenders.
- Consult with financial professionals.
Financial difficulties frequently seem overwhelming and unsolvable. They frequently put people in a lot of financial difficulties. We hope that this lesson offers you the self-assurance to approach your issue step-by-step, enabling you to get past your anxiety and proceed.
Ensure you do things according to the scale of preference, especially when it involves money.