Money, money, money… Everyone has it in life, and unfortunately the world won’t go around without it. Money and finance isn’t the most exciting topic in the world to talk about however it is integral to the way we live our lives. When you reach teenage and adulthood, money will start to become a large part of your life and eventually it will be common place to worry about your savings and bills. Here are some of the most common issues that everyone faces with money during their lives, and don’t worry because you are not alone with money troubles in life!
Getting into credit card debt
One of the things which will surprise you as you get older is the fact that it can actually be beneficial to have a credit card or take out short term loans for yourself now and again. Our credit history is built upon the credit cards and loans we take out and pay back, and by taking out loans and paying them back in time you can actually build up a decent credit score for your future mortgage or car. The issue that comes with a credit card is the temptation to spend beyond our means, and so many of us overestimate how much we can afford to use and this can cause us to end up getting into debt.
After reaching college and potentially going off for university or an online degree, one of the main things you will suffer with is student debt. Student loans are often the only way you will be able to afford to study at university and it is this which can be an inescapable trap for many young people in this day and age. The good news is that you only have to start paying back your student loan once you earn a certain wage so you can spend some years saving up a small sum for when that day finally does arrive.
Struggling to save
Saving is the ultimate buzzword when it comes to finance as you grow into adulthood, and we spend our whole lives trying to save up money for one thing or another. To start off with it is usually a car or a house, then it could be a wedding, and then it could be children.. but no matter what, saving up can be hard. The key to saving successfully is to create a standing order which comes out of your account every time you get paid and goes straight to your savings account, this way you can’t spend the money you should be saving up.
Low wages for your lifestyle
Everyone wants to live a life of luxury, adventure and fun, but there are so many of us nowadays who struggle to do what they want to do with their lives. Living a fun lifestyle can be expensive and we often don’t have the money to go out and enjoyhe things we want to. The key is to remember that life’s what you make of it and you can have fun without spending a pretty penny. As long as you are surrounded by people you love, you can do anything and have a great life.