Many people struggle financially. In order to cope up, some may have to delay their college education and career and have to live in a strict budget, cutting corners where they could. The lack of money kills ambition and creativity. If you are struggling financially, here are some ways to overcome this struggle.

1. Don’t panic. No one knows what your financial circumstances may be except you. The moment you panic, feel desperate or worry about the things you cannot change immediately is the moment people will begin to realize it and it will be the start where they lose faith in themselves. These will lead them to start doing things not in their favor. They start doing things not beneficial to them and their family. Just be confident and express yourself freely. . Don’t let yourself be affected on how much money you have. People will not judge you base on your wealth. They will judge you on what you perceive you can be.
2. Review your finances. This is an easy step to skip. The moment you look into your bank account is sometimes hard to deal with and it may make us feel embarrass. Face your fears. Do whatever that needs to be done to overcome your financial struggles. If you have debt, then deal with it. If you have been over spending, then correct it. Become more responsible and face reality. It is important to check your financial statement often. Make sure that every single expenditure is helping you live life to the fullest.
3. Deal with your debt. Do not ignore your debts. If you continue to do this, it’s going to affect your credit standing and the way you think. This will continuously bother you until such time that you cannot deal with it anymore which can lead to an emotional breakdown. Deal with your debtors assertively. Renegotiate terms with them if possible. There’s always a way to deal with debts. Be strategic and brace before taking any action.
4. Seek financial help. Put your pride aside and confront your ego. Seek some advice. Remember there are many people who are willing to help. Reach out to them and ask straight questions that can help you become more financially stable. Surround yourself with people who can be of help.
5. Start over. Once you’ve done the above steps, it’s time to start from scratch. Start doing things the way you’ve never done before to avoid these struggles. You are the master of your own money. Your money can never master you so take control of your finances now.

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Can we measure financial security? This varies from person to person. What is security to one person in terms of amount won’t be for another.

Financial security matters to all but how do we measure it? Here are ways to do it:

• Net Worth. These are our assets minus our liabilities. In the early stages of life, this may be negative because you are paying loads of loans and bills. But as you move forward with life, this may be more positive. It should increase overtime or get less negative. So regularly check the amount and how much it has grown.
• Debt to Income. This is the monthly debt repayments as a percentage of income, the lower the better. This can influence the ability to borrow and negotiate a decent rate.
• Rainy day cover. This is a fund of 3-6 months of spending is what we tend to set aside, in cash, as a reserve. A scenario is, if you lost your job today, how long will you keep going until you need to find another one. This is separate from your lifetime savings. Another important questions to ask is, do I have a crisis insurance?
• Independence ratio. What percentage of your cost of living could you cover from income generated by your assets? The higher it is, the better. The calculation is usually just an estimate.
• Financial stress level. How often do you worry about your financial situation? Is the frequency rising or falling? What are the solutions to change your financial strategy and manage your stress levels?

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For most people, the pressure of time to save for the future can be a lot to handle, whether its for a down payment on a house, vehicle or retirement.  Many would suggests tips on how to be able to do this but there is no one simple answer to solve this. This can be hard to navigate, but there are steps you can take to plan for the future. When it comes to loans, you need to know how much debt you have, what your interest rates are and how many loans you have. These are questions other people cannot answer except you.

Knowing what you owe is the first step to paying off your debt. Then you can set goals and plan out how you are going to pay it off instead of just reacting passively. Be active in paying down your debt. If you can afford to make more than the minimum payment, do it! You will be much closer to being debt-free. This is also applicable to credit cards. If you know how much you can afford to put toward your debt, you can figure out how much you can allot towards your savings. This gives you a clearer path to saving. This would definitely work for short and long term saving goals. Remember, that there is no one right answer, but examining what you owe will put you on the right track.

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Our current financial state is related in ways we think about money. Having financial resources provides everyone the freedom to have a wide array of experiences such as travel and eating out. It gives us the freedom to choose the work we’d like to do and the people who we would like to associate with. But many people around the world belongs to the low income earner. Many work in a daily contract that only earns the minimum wage. Many of whom to not have the chance to save or do not have savings at all. The common reason you will hear from them is because they are not a big income earner and they only have enough money to sustain their daily lives.

If you have the knowledge on how to manage your money even if it small, you are able to save money for your future. Here is the list of very easy ways that will be an absolute help in changing not only yourself but your family’s future.

1. Learn how to budget your monthly expenses.
2. Practice delayed gratification.
3. Stay out of debt.
4. Live within your means.
5. Start building your emergency fund.
6. Learn financial literacy

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There is a saying that when you clinch to everything, that’s what you’ll ever have.

Our current financial state is related in ways we think about money. Having financial resources provides everyone the freedom to have a wide array of experiences such as travel and eating out. It gives us the freedom to choose the work I’d like to do and the people who we would like to associate with. What most people need right now is money.

Consider the following to gain financial security:

1. Increase cash flow
2. Manage Debt
3. Have an emergency fund
4. Proper protection
5. Create long-term savings account
6. Preserve your assets and preserve your estate.

When working to gaining financial security we must believe in ourselves. There is something inside everyone greater than any obstacle in life.

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Many don’t realize the importance of savings. They may not have the thought of saving at the moment however saving can help save your future. Many have learned the hard way. Especially for most of us, this pandemic caught as unguarded. Many have been financially hard-up during these uncertain times because they did not have any financial savings. They were not financially secured when this pandemic started. Changing your spending and saving habits can work miracles for a person. It can save your future.

Most people have realized that it is helpful to live a simple life instead of a luxurious one. Many have decided to remain simple in their lifestyle. When you are financially secured you may experience having more passive income rather than having more expenses and debts. For some people, they find it difficult to change. But because they refuse to change, they become trapped in hardship and debt. Change your mindset and learn to save!

More millennials report struggling financially amid COVID-19 and little or no savings for retirement

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Here’s how to determine if you’ll be financially secured in the future. We all know that our net worth is our assets minus our liabilities. But do you know how that figure compares with your s=expected net worth, based on your age and income? Thomas H. Stanley and Dr. William Danko authors of the Millionaire Next Door, recommended a formula to determine whether you are accumulating wealth at the rate you should be. Multiply your annual income(pretax) by your age, then divide by 10 to get your expected net worth. For example if you are 43 years old man’s gross salary and investment (but not inheritance money) income is $180,000, his expected net worth would be $774,000 (43×180,000 /10 = $774,000) If your actual net worth is greater than your expected newt worth, you’re headed towards a comfortable retirement. I just hope this formula works for all.

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One significant step to be financially secured is to land on a stable and good-paying job. But this is not always the case. Investing in a business can also be a way to be financially secured. Consider investing in a home business. A home business is usually close to the heart. Having a home business means one must learn the core and technicalities of the business. We have to learn how to be able to have an edge with competitors and for research purposes and especially for conceptualizing new products and designs. Even if the business is located at your own home, we have to make this legal by acquiring all the legal papers needed in running a business. It is significant to run a legitimate business to avoid any hassle in the future.

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One of the top goals of people is to be financially secured. Remember that when achieving this we need to consider many factors. This goal can e achieved differently by people depending on their status in life, lifestyle, financial status, and the person’s goals. This pandemic has also affected each person’s goal of achieving financial security. This pandemic was unexpected and many were not prepared especially financially. For many, their emergency fund has been completely depleted because of unemployment and recessions. They’ve exhausted all their funds to cover bills and to meet the daily living expenses. This pandemic has affected the way people spend and save their finances.

Being financially secured means having a stable income that is able to cover daily expenses,  being able to meet financial emergencies and others. Regardless of age and income being financially secured also means having the ability to support one’s standard of living in the present and the future. When one is financially stable, he or she shouldn’t be stressed because of any monetary problem.

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