One of the chief financial problems that are facing me is the current debt on the car loan. I earn a little income from my job, and I do not have savings. I currently owe the bank $ 22000, and the car payments are $ 500 monthly. I do not have savings because I usually live from pay check to pay check because I spend a lot of money despite the fact that I have no savings. I often earn about 350—500 weekly. I have been changing jobs frequently. Currently, I am an interpreter. I make about $25 - $30 per hour. I only receive a call when there is a job appointment. Previously, I was a customer service representative.
I have come up with various goals to address my financial problems. The short-term goals will be to get out of the debts that I currently have because it will free my mind from the stress and worries. It will also offer better chances of increasing my savings and investments. My intermediate goals will be setting up an emergency fund and having multiple income sources. The emergency fund will allow me to be relaxed because I will have a reserve if I find myself in tight spots ( Hilgert, Hogarth, & Beverly, 2013) . The additional multiple income sources will increase my monthly income, help me pay off my debts, most my savings and future investments. I also plan to live less than my monthly income to ensure that have reserve money for savings and investments. My long term will be to make sure that I have enough insurance that my loved ones will have better lives when I die.
Delegate your assignment to our experts and they will do the rest.
For me to achieve my financial goals, I need to come up with adequate solutions ( Hilgert, Hogarth, & Beverly, 2013) . The first step will be identifying the sources of the financial constraints. I will analyze all my activities to find out the source of the problems. The second phase will be creating a budget that will allow me to account for all the money that I will be spending and plan for the future. I also need to identify my financial priorities that will control my spending choices such as paying off the credit cards or lifestyle goals. The next step will be coming up with long-term financial goals and how to attain them. After I have made plans, I require reviewing how the plans I had made are progressing. I will be analyzing the progress weekly. The other step will be allocating a portion of my income for emergency financial challenges.
Reference
Hilgert, M. A., Hogarth, J. M., Beverly, S. G. (2013). Household financial management: The connection between knowledge and behavior: Fed. Res. Bull. , 89 , 309
