Struggling with Your Finances? Ten Signs You Might Need a Financial Manager
Most of us want to prove that we can be financially independent and can successfully manage our finances. However, some of us struggle to manage our money wisely that there are times that no matter what we do, we seem to fail financially. Managing one’s finances is never easy.
Check out these following signs to know if you are struggling with your finances. If you are, you can ask for help from a financial manager to help you get a better handle on your finances.
Failing to Stick to a Budget
Let’s face it, not having or sticking to a budget can be disastrous to your finances. Without a proper budget, you will not be able to know the ins and out of your money. It is also impossible to trace the appropriate expenditure, which is essential unless, of course, you are a high earner that doesn’t have to take account of every single penny.
Having Zero Savings
You are very aware of the importance of saving, but no matter how hard you try, it just seems impossible for you to save. When was the last time you deposited into your savings account? Saving can be a struggle, especially if you live paycheck to paycheck, but you can always start small.
Abusing Your Credit Card
A credit card is a great help. It will allow you to go cashless and even purchase anything ahead of time in case your intended cash is not yet there. But having a credit card can become negative if you are guilty of regularly going beyond your credit card limit or worse, maxing it out. To make things worse, you cannot afford to pay for the whole amount. Yes, you are paying the minimum amount for each month, but it’s not helping you but instead burying you into a deep hole of debt.
Neglecting An Overdraft
Banks can offer you an extended loan when your account reaches zero. The bank allows you to borrow an amount of money with interest plus a fee that can cost at least $30 to $35 per month. However, you might have neglected paying it, making it accumulate an interest, amounting to a considerable amount that increases every month.
Habitually Borrowing Money
When you are in your thirties, you expected to be financially stable. But when you catch yourself repeatedly borrowing money from your friends, the same way you did when you were in your twenties and without a job, that isn’t good at all.
Succumbing To Excessive Shopping
You know yourself too well. When you are happy, you shop. When you are sad, you shop. Even if you are broke, you shop (you have a credit card, though). You’re a millionaire today. You become a beggar the next day. Shopping can be a fun experience, but only if it doesn’t give you a headache later!
Following the Buy-Now-Pay-Later Scheme
How can you afford a brand new 51-inch TV? Buy Now-Pay Later Deal is the answer. You are happy with the deal, which makes you own the TV and pays the amount at a later date. But you are short of your budget next month. Now that’s the sad part. You are not able to pay the entire amount, which gives you a penalty or an interest. Again, another way you are leading yourself to the hole of debt.
When you are in the real debt and have no savings to use, you will end up selling all your assets to make ends meet. When you reach this point, and not just once but many times in a row, you need to consider professional help.
Moving Back in with your Parents
Your freedom when you are living alone will have to be disrupted this time, why? When you are in debt, the only way is to claw back to your parents because of your dire financial situation.
This can lower one’s self-confidence. If you find yourself guilty of always having to ask help from your family when it comes to your finances, then you have a problem.
Being On the Brink of Bankruptcy
This is maybe the most significant sign that will flash in your face that you need a financial manager. Imagine if you lose everything, how will you recover? This is going to be your worst nightmare. Seeking help from a finance manager can help you manage your finances better and avoid bankruptcy. It will also help you to prevent things from getting worse. After reading through the signs, how are you doing financially? Are you doing fine, or do you need a financial manager?
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