4 Common Money Challenges

While there are significantly more money challenges that you may face here are a select few that are common to many. They are usually intertwined and finding a solution that works for you for one may very well assist with a solving another of your money challenges.

1. I'm in debt and can't seem to get out of it (or stay out of it)...

You just paid off your credit card and ‘boom’ your car breaks down! You need your car for your job so the repair bill goes on your credit card! High interest rates keep you from paying it down quickly and you are back to square one.

2. Not Knowing Where Money is Going

This is usually a precursor to the first and third money challenge – many people struggle with the basic challenge of having an income that doesn't cover their expenses, or spending your income without awareness of where it is all going….

3. Lack of Savings

Many people lack minimum savings to cover an emergency or job loss let alone saving for retirement, planning a baby, going back to school or much deserved holiday or home deposit.

4. Financial Knowledge

I don't know anything about the household finances - "my partner does it all" .

Personal finance is a complex subject, but it has implications that will affect you the rest of your life. If your partner is the one that ‘manages’ all the finances it’s important that you start becoming involved as one day you may have to do it, whether it be a separation, death or simply developing your understanding of you current position so you can make informed financial decisions (that affect both of you) together.

Many of us face the same struggles and challenges when it comes to building financial security, saving money and adjusting to major life events.

If you're feeling overwhelmed or confused by your own financial situation, it is worth seeking assistance so that you don’t have to go it alone!

Where will you be in 12 months’ time?

Click here to set up a a free Q&A to see how Financial Coaching can help you overcome your money challenges.

What are you common money challenges?

I’d love to hear your experiences of how you overcame your money challenges?

- Coach Rach