How do you know if you have a financial problem?
Posted: Wed Jan 08, 2025 3:22 am
Your spending habits can cause you some difficulties every month. Make a budget and forget about negative numbers.
Sometimes we manage our personal finances without worrying about how we will make it to the next month. Even if everything seems to be in order at first glance, take a few minutes to evaluate your spending habits.
The international portal Finanzaspersonales.com made a list of some symptoms that can lead to a family financial crisis:
1. Paying with late fees and penalties. Late payments are an indicator that your income is not sufficient to cover your expenses. Late payments can even damage your credit score.
2. Cancel the minimum amount of anhui number screening the card. If you leave your large payment commitments for the following month, the only thing you will do is reduce your savings capacity.
3. If you are rejected for a loan. You are very likely to represent a credit risk for a bank or financial institution if you have been rejected for a credit card or personal loan.
4. Payday Loan. Another financial red flag is using your monthly paycheck as collateral for a personal loan. The process will only double your debt.
5. Emergency savings. The general rule is that you should save between three to six months of your income to cover any emergency. Otherwise, you remain on financial alert.
Juan Carlos Ocampo, an expert in personal finances, warns that if a person cannot save a minimum percentage of their income, it can turn their personal finances into a nightmare.
Ocampo says that if a debt triples your monthly salary, then it is time to adjust financially to know where you would start to "cut" some of your expenses.
Sometimes we manage our personal finances without worrying about how we will make it to the next month. Even if everything seems to be in order at first glance, take a few minutes to evaluate your spending habits.
The international portal Finanzaspersonales.com made a list of some symptoms that can lead to a family financial crisis:
1. Paying with late fees and penalties. Late payments are an indicator that your income is not sufficient to cover your expenses. Late payments can even damage your credit score.
2. Cancel the minimum amount of anhui number screening the card. If you leave your large payment commitments for the following month, the only thing you will do is reduce your savings capacity.
3. If you are rejected for a loan. You are very likely to represent a credit risk for a bank or financial institution if you have been rejected for a credit card or personal loan.
4. Payday Loan. Another financial red flag is using your monthly paycheck as collateral for a personal loan. The process will only double your debt.
5. Emergency savings. The general rule is that you should save between three to six months of your income to cover any emergency. Otherwise, you remain on financial alert.
Juan Carlos Ocampo, an expert in personal finances, warns that if a person cannot save a minimum percentage of their income, it can turn their personal finances into a nightmare.
Ocampo says that if a debt triples your monthly salary, then it is time to adjust financially to know where you would start to "cut" some of your expenses.