Common Money Issues Americans Face and How to Help Them

Americans have many problems that they face financially. However, there are ways to combat these common issues.

1. What to do if you don’t make enough money?

This is a huge problem for people because this means that the cost of their living exceeds the amount you are bringing home every month. A great way to start with this problem is not by making more money at first (although that’s never a bad thing) but instead seeing where you can cut costs. If you eat out every day, then you will want to cut that down by going out maybe once a week at most. If you have memberships that you aren’t using right now like a gym membership, then you should cancel it and workout at home. If you have a cable subscription, then switch to streaming services. However, if you cut costs and you still aren’t in the position you want to be in, then you should look into an additional source of income. If you can get a side job for a delivery service or even doing small odd jobs like selling baked goods or writing resumes, then you can boost your income a bit. If you do both of these methods of cutting costs while getting a secondary income, then you should see yourself in a livable wage. However, if you don’t want to work two jobs then you can see if you can get a higher paying primary job.

2. What if you are in too much debt?

If you are facing a lot of debt, there are ways you can start paying it down. Every month after all of your expenses are paid off, you should have a leftover amount of money. For example, if your bills are $600 a month and then you bring home $1,400 a month, you will have $800 that can go towards savings, or paying off debt. You can take that money you have leftover and split it between savings and paying off bigger portions of your debt so you are still working on your savings cushion while making progress.

3. What about high healthcare costs?

If your monthly payment towards healthcare (also known as a premium) is too high, then you can look into other healthcare plans. No matter the cost of healthcare you always want to be sure that you have healthcare though. Many people may feel tempted to skip this cost all together but if an unexpected accident or illness happens to you or your family, then you will be stuck with medical bills that far exceed the cost of your monthly premium. You can find other healthcare plans on the Health Place Market website to see what options are available or you can look at other options that are offered by your job.

4. Struggling to find a job?

The first step of job loss is knowing your plan. Do you have enough to sustain you? If so, how long can you last without a flow of income? If not, you need to get a plan together to figure it out as soon as possible. A good rule of thumb is to have a savings cushion of six months of all expenses from rent to bills to food. That gives you a good amount of time to find any source of income whether it be in your intended field or even at a fast food restaurant. If you are still struggling, you should make sure that you file for unemployment assistance. Now more than ever Americans are being helped by the government with unemployment benefits under the CARES act so if you qualify then you will get the assistance you need.

5- Issues with your partner about financial values?

Money can be a huge stressor in any relationship, especially a romantic one. It is extremely important to have open and honest communication about what you want, your expectations, and your goals for the future. You need to come to an understanding with your partner so both sides will need to compromise. If these at-home methods of communication are not working, then seeking professional help from a counselor may also be the route you need to go.