Financial problems I face personally and as a household
A. Emergency cases not budgeted for
B. Problem in managing my account
C. Having not cleared two loans with a high annual percentage rate
D. Lack of adequate money to purchase my dream vacation home
E. Lack of a trustworthy financial planer
F. Lack of a rainy day fund
G. Requiring to rise in rank in the military to enjoy an enhanced pay
These problems are aggravated by my delay in implementing my budget, making me appear as I operate without one, eventually making the consequences painful. It hasn’t been possible to achieve my personal goals due to a lack of a plan of attack. Still, I realized it hasn’t been easy tracking my expenses, hence even harder to identify when my spending is drifting off my course.
Personal Goals
One of my goals when I receive a monthly check is to at least save 20% of my salary. Also, having to manage time better and learn new skills (Chatterjee et al., 2017). With my associate's degree in business and bachelor's degree in multidisciplinary studies (currently underway), I hope to become an excellent financial manager. That way, I can pay off my student and personal loans to get my credit to where it needs to be. Also, it is my goal to buy healthy food and check on wellness in general. My long and intermediate-term is opening a horse therapy business for disabled veterans and special needs children. In addition, I want to purchase extra life insurance so that my family is cushioned financially in case I am not there anymore.
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I purpose to use the Snowball method to get me out of debt. I usually start from the smallest to the largest debt regardless of their interest rates. Being aware that my biggest obstacle is making a save to get me started, I have customized my plan and presently experiment with saving different amounts to be financially fit.
Practical solutions to help solve the financial problems and reach the financial goals identified above
a. Create a budget
b. Determined financial priorities
c. Identify small steps that I can take to address the problem
d. Review how things are going
e. Open up a horse therapy business
f. Become very successfully
In the operation of my finances, I thus aim at making a saving from my monthly income. Failure to document my total monthly expenses makes it difficult for me to save money and has been a bad way of operating my financial life. Budgeting is what will create a boundary within my financial life, allowing me to spend realistically. The budget will help me categorize my priorities and help in reviewing how my financial life is going as well as navigating unexpected expenses. Budgeting will also make it clear that debt is harmful to my financial life (Ramsey, 2013). I am very committed to increasing my net worth so that I never miss my bill payments, go into debt, or not be able to make ends meet. It is also a goal never to get financial contentment, a poor financial behavior that may make me compare myself to others or even try to keep up with their lifestyles. Most importantly, solving my financial problems will help me avoid stress, which is an overarching consequence of financial insanity (Peppercorn, 2017). The six solutions will thus lead me to my financial goals and a fulfilled financial life.
References
Chatterjee, S., Fan, L., Jacobs, B., & Haas, R. (2017). Risk tolerance and goals-based savings behavior of households: The role of financial literacy. Journal of Personal Finance, Forthcoming .
Peppercorn, J. (2017). Financial toxicity and societal costs of cancer care: distinct problems require distinct solutions. The oncologist , 22 (2), 123.
Ramsey, D. (2013). The total money makeover: A proven plan for financial fitness
