How to Combat Money Issues Americans Face

So, I know what you're probably thinking after you read “The List of 5 Common Money Issues Americans Face”. You may have thought to yourself, "I have all of these worries as well, what can I do to be proactive?" Well you are at the right place to find that information. This article highlights proactive actions a person can do to ease their money fears.

1- How do you combat not making enough money?

If you're living a life that exceeds the amount of income you are receiving, then unfortunately it is time to either cut yours costs of living and/or increase your monthly income. In order to cut out unnecessary expenses of life you can: not eat out at all or as much, cancel miscellaneous memberships like the gym (workout at home/outside instead), or a cable plan (get live-streaming at a lower cost), etc. If after cutting these expenses down you still are not making ends meet, then maybe looking into secondary income would be a path that you need to pursue. Whether a second part time job or utilizing services such as Lyft or Uber to drive and earn extra income, doing this while cutting down expenses should allow you to make a livable wage.

2- What to do if you owe too much money?

Every month after you have paid all your bills, you have a leftover amount of money that can either be used towards savings, paying off debt, or used as spending cash. In order to handle credit debt, the first and most crucial part of the paying off process is to stop using the cards that gained a lot of debt. After you have stopped using these cards, you must look at your monthly budget and see what the maximum amount of money is that you can put towards that bill each month. Some months you may have to skip out on luxuries like getting your nails done, hair done, eating out, buying unnecessary knick-knacks, etc. It will take time but eventually you will get your credit utilization down to 20-30% and you should keep it in that range. In order to pay off other debts like student loan, mortgage, medical bills, etc. then utilizing payment plans will help. You can also look into refinancing your loans as well. This can be done after a certain amount of time (6 months to a year) and you can renew at a lower interest rate to avoid spending as much money as possible.

3- How to battle high premiums of healthcare?

You must take the time to research and see what health insurance would be best for you and your family situation. While the idea of going without health insurance is tempting due to the high costs, avoiding health insurance will hurt you if anything happens. Even if multiple minor doctor visits happen, those add up without insurance, and often times people cannot get the specialists they need if they qualify for government insurance. You can browse the Health Place Market to see what plans would be best for you.

4- Having issues finding a job or having a lack of job security?

Do you know what you would do if you lost your job? If you don't know or are uncertain then the first place to start is with coming up with a plan on what to do if you lose your job. Look at your savings, look at backup opportunities, and make a plan for yourself to make sure you are in the best position possible. It is good to note that you should aim to have a 6-month period of savings for all bills so that you can live with everything paid while securing another stable source of income. Ensuring that you have a good savings foundation and good plan will take the stress off of that possibility. If you are currently unemployed and struggling to find work, then make sure to file for unemployment. More Americans than ever are applying for this government assistance and it can prevent you from falling deeper into debt while you find another job.

5- Arguments about financial values that don't align?

When dealing with money while in a relationship, it is no different than any other disagreement. Open communication with your partner is crucial to ensure a happy relationship and an outcome that everyone approves of without hurting anyone's feelings. You must talk through these issues and be open to compromise or explain your point and make sure you feel heard. When open communication is there then you can create a budget that suits everyone in the household. If your partner is disrespectful towards your views, or is controlling of your money then these may be red flags that the relationship is not going to work out without professional help.

While these fixes may not seem crucial, they are. Although they don't involve some one step quick fix, it's all about changing habits and making yourself better in the situation overall. If you utilize these tips, then these money fears will never be something you have to actively worry about, and you can prepare for life accordingly!