Having a hardtime due to financial difficulties is inevitable in our life. We still need to stay positive as Alhamdulillah there is always another way that can help us to get out of this situation. Today, we would like to share some of the key tips with you that are worth exploring and can help you to get out of any such difficulat situation:
1- You are Out of Work or Have a Low Income !
This is usually one of the main reasons for financial problems. However, it is possible to turn things around because you do have options. If you are out of work then applying for ANY job that becomes available will increase your chances to get back on track. Mind you, you can still come back to your career at a later stage. If you are in work but have a low income, then you too have options available to you. You can always seek another job with better salary and benefits or you can take on overtime to help boost your income.
2- You are Unwell or Have Been in An Accident
If you are unwell or have been in an accident, it can leave you unable to work and this can lead to financial difficulties especially when you are support your family and dependants. However, this does not mean that it is the end of the road for you because it is just a case of looking at things from a different perspective. You will need to ensure that you are receiving all of the help available from the available sources, friend and family, any agencies or local organizations that are working for such causes and take a look at any potential government supported agencies that are designed to assist you.
3- Having Your Own Place
If you have lived at home with your parents or in joint family for some time then you are going to know all about the luxuries that come with living with your joint family system. When you move into your own place at a later stage upon extending your family, you can find yourself spending money not just on bills but also on those luxuries that you once had. Therefore, what you need to do, is aim to live within your means. For example, always have a budget in place an so if you earn an average of PKR 50,000 per month then do not spend over that. Change your expectations and you will find that your finances improve with the passage of time.
4- The Expenses Related to Children
The price of everything is going higher and higher. The private schools and private medical treatments cost so much money. And if you have an extend family like 3-4 children, it is not easy to handle all of their expenses and doing the justice with all. One option could be using small elements such as having a family health insurance can cost you so much money every year. Go for travel without travel insurance may still have lots of risks involved. using a regular saving acount can help you to save for your children to handle any emergency expenses if needed.
Whilst living in a big city or urban area with family costs a lot of money and it can come as a shock once you start purchasing more food, nappies, health facilities, schools and the huge list of other supplies that all children need. To overcome the financial implications of having an extended family, manage your budget and change your lifestyle so that you can free up some extra money.
5- Splitting From Your Partner ( Husband / Wife)
Having a divorce is a unfortunate event in ones life which can create so many financial troubles of both husband or wife or the kids involved . Divorce can cost a lot of money, especially if you find that you have to cover the cost of the bills that come with living in the house alone without your partner (in case if both of husband and wife were on work when together). This will mean that your best option is to downsize to something more affordable including housing, car, other lifestyle related expenses, freeing up a significant amount of Rupees each month.
6- Retirement Eats into Your Cash
The idea of retirement pleases (becaue of the lumpsum amount as end of service award from your employer) many but you can soon find that you are eating into your savings, despite owning your own home and a number of other assets. Therefore, to deal with this problem, you could sell the property, move onto a smaller rental houses if you were renting a large accomodation earlier, find something that costs less and free up some of your money. You can then invest the extra cash you have or use it to top up your savings.
7- You Live a Life of Expensive Luxuries
If you find that you smoke a lot, change your cars, mobile, bicycle a lot or even spend money on a gym membership that you never use, try looking at how you can cut back. You can stop replacing things every few months as selling your old mobile phone will cost you. Stop smoking or find a cheaper gym to join to cutback your expenses. Travel by train to other cities than by flying. These are all luxuries that you enjoy but you can definitely live without them and that gives you the possibility to really cut back on your outgoings especially when you are having hard time.
A lot of people find themselves in financial difficulties and begin to panic about how they can prevent it or how they got there in the first place. Try and plan ahead and put a budget in place that you can stick to as this will make it possible for you to really make savings each month. Don’t live beyond your means but make small changes to see big rewards.
“Mawazna Karein Apne Liye, Apno key Liye”