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Confused How to Deal with Financial Problems? Here's the Solution!

Admin BFI
29 August 2022
Confused How to Deal with Financial Problems? Here's the Solution!

Financial problems can happen to anyone. When this problem is present, there are times when we feel confused to deal with it. Even so, we need to remember that every problem that exists is already packaged with a solution.

Well, if you are in this position, the following method can be a way out of your financial problems. How to? Let's see the description below!


The Most Frequent Financial Problems

1. Don't Have an Emergency Fund

The first financial problem is the absence of an emergency fund. An emergency fund is one of the most crucial funds for everyone. The reason is, with this emergency, we will be better prepared to face various problems that could happen in the future.

Solution: Prepare Emergency Fund As Early As Possible

If you experience this problem, the solution you can is to start saving for an emergency fund. Ideally, the emergency funds that we have amounted to 3X our needs for 1 month.

2. Difficult to Resist Temptation, Tends to be Impulsive and Consumptive

The difficulty of controlling the ego and not being aware of the impulsive nature is one of the next financial problems that most often occurs in many people.

This is due to the difficulty in distinguishing between wants and needs. As a result, when we see something interesting and eye-catching, we tend to spend some money and be wasteful.

No doubt, some people have to be trapped in online loans or moneylenders which cause them to be often chased by debt collectors.

Solution: Change Your Lifestyle, Frugal Living

If you are experiencing this financial problem, the thing you can do is control yourself to be able to distinguish between needs and desires. Also, avoid buying something on credit.

Overcoming the consumptive nature is quite easy. First, prepare a list of what you need for a month. Make a breakdown of the funds and allocate the existing funds into several posts so that everything you need has been measured in such a way.

When you first apply this method, of course, you will find it difficult to resist various temptations such as discounts, best deals, and the like. However, if you have a strong determination and a great desire to change an extravagant lifestyle, gradually this will become a part of your habit. Always prioritize saving.

3. It's hard to buy a house

House prices are increasing from year to year. Many people with sufficient income and steady jobs also find it difficult to buy a house.

Solution: Apply for a mortgage with a down payment or down payment of 15-30% of the total house price

To overcome this financial problem, you can prepare a number of funds to make a house down payment of 15-30% of the price of the house you choose.

4. Difficulty in Funding Children's Education

Having problems or difficulties in financing their children's education is a financial problem that many parents experience.

The reason is, that the cost of children's education each year has increased significantly. Not to mention, the need for education is not only school fees but also other things that must be prepared to support the needs of children and prepare for a bright future.

Solution: Preparing Children's Education Fund Early

In order to achieve your main goal related to children's education, you can prepare ahead of time. Some of the ways you can try include the following.

1. Planning for Children's Education Level

2. Looking for Information on the School to Choose

3. Calculating Children's Education Fund

4. Planning Children's Education Fund Savings

5. Become an Education Insurance Customer

6. Invest

7. Financial Evaluation

8. Active on Social Media To Find Information About Costs and Tips for Managing Finances for Children's Education Fund

Strategies to Overcome Financial Problems

As mentioned earlier, everyone can experience financial problems. To minimize the unexpected and disrupt your monthly cash flow, the following strategy can be a reference for you.

Masalah Keuangan

Image Source: Pexels/Karolina Grabowska

Find Out the Source of the Problem

To be able to deal with financial problems properly, you must first analyze the root of the problem by recalling expense transactions and noting what financial dependents there are.

Try to remember when you feel that the expenses are enough to bother you. Is there an urgent need, a decrease in income, or something else.

By finding out the source of the problem, you can avoid digging a hole where you keep borrowing in order to meet your monthly needs and cover previous debts that have not been paid or failed to pay.

Record All Incomings and Expenses

By doing this one way you can know the exact income and expenses that exist. It's also important to put the brakes on unnecessary expenses in the following month. In other words, the existence of this record can be an evaluation material to achieve a secure financial condition.

Looking for Additional Income

If you feel that the main income is not enough to cover all your needs every month, you can start looking for additional income.

In this case, what you can do is open a freelance service, look for a side job or side hustle outside of working hours or open a business.

On the other hand, having this side job can add to your savings and expand your connections.

Selling or Pawning Assets

We certainly don't want assets that have been collected for a long time to be sold off. However, if the situation is very urgent, you can sell or pawn it as an alternative to getting quick funds. For example, pawn your vehicle to a finance company.

The types of items that can be pawned include the following.

1. Motorcycle or Car BPKB

2. Land or House Certificate

3. Gold

4. Electronic Items

Collecting Receivables

Try to remember if there has ever been someone or a close relative who borrowed your money. If so, this is a good time to ask for the money back.

To make it easier for these receivables to be paid off immediately, you can tell clearly about the financial problems you are facing. Never feel embarrassed or uncomfortable claiming what is rightfully yours.

Don't Forget to Save and Prepare an Emergency Fund

Emergency funds and savings are very influential on financial stability. Because the presence of both can save the existing cash flow without disturbing other financial posts. You also won't be afraid to look for a loan if you suddenly experience certain incidents that cost a lot of money.

The advantage of having an emergency fund is that it can cover the costs needed if you suddenly fall ill, have an accident, or get laid off. So you don't have to rack your brain to find ways to get a loan.

In addition to saving, you can also learn about investments and choose instruments that can benefit you with a low level of risk. Don't forget not to FOMO (Fear of Missing Out) when you plan to invest.

Making Financial Planning

Making financial planning is very important and useful for you in the future. This will keep you from bad possibilities such as being broke at a young date or getting into debt. You will also more quickly achieve the expected goals such as buying an item or financial independence that you dream of.

A solution to Your Financial Problems

Need a quick loan for various needs? Apply for a loan at BFI Finance!

BFI Finance is licensed and supervised by the Financial Services Authority (OJK). BFI Finance offers various benefits for the products it offers. Further information regarding loans and other offers can be accessed via the link below.

Submission Information Car BPKB Guarantee Loan

Submission Information BPKB Motor Guarantee Loan

Submission Information Home Certificate Guarantee Loan

Sobat BFI, that's the information about Confused How to Deal with Financial Problems? Here's the Solution! The hope is that this article can help all readers to be better prepared to deal with existing financial problems.

Make sure to always make careful financial planning and press a simple lifestyle in order to minimize unexpected expenses.

Find other interesting and useful articles on the BFI Blog. Updates every Monday-Friday!

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