Last Updated on Apr 14, 2020 by James W

Given the current state of the economy, many people are struggling. Whether it’s due to inflation or the lack of well-paying jobs, you might be failing to manage your money effectively. Of course, not everything is out of your control. Whilst you might have been dealt a bad hand, you can improve your financial situation simply by organizing your money and making sensible spending decisions. Lots of people end up in debt because they don’t know when to stop spending.

Turning your money problems around is all about learning to keep track of your money, as we’ll discuss in this article. Even people who earn respectable salaries can find themselves in a dire financial situation because they don’t know how to spend or save their money appropriately. You need to learn how to plan for the future as well as the present. You’ve got to protect your money for retirement; you might have children who’ll need financial support too. Let’s talk about bad financial situations and the ways in which you can turn them around.

Your expenses are all over the place.

This is a common problem for people of all backgrounds. We’re all brought up on the principle that you have to work hard to get a steady job and earn a lot of money. We’re then told that we have the freedom to spend that money however we want because we’ve earned it. Financial freedom is a good thing, of course, but you need to master fiscal responsibility at the same time. This is where many people slip up. Your expenses might be all over the place, so you struggle to keep track of bills or debts that you have or haven’t paid. You need to get yourself organized.

Calculate the cost of all the essentials you need every month: your phone plan, internet service provider, utilities, rent payment, gas, groceries, are all unavoidable costs in the modern world. Figure out how much money you need to set aside for those things, and you’ll know how much income you have remaining for other expenses. It’s important to spend less than you earn. That might sound like obvious advice, but millions of people still end up in debt because they have to borrow money to make ends meet.

Your income is insufficient.

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You might still struggle to cover the cost of necessities if your income is insufficient. Minimum wage really isn’t a lot of money when you consider all the necessary purchases you need to make on a weekly or even daily basis. It might be time to consider other options. You could find ways to make money outside of work, even if you already have a full-time job.

There are lots of ways to earn additional income online, for example. You might want to try out freelancing sites such as Fiverr. You don’t have to be a professional with a million-dollar business model to make money on these sites – people sell all sorts of services. You could get paid to do everything from writing marketing copy to simply chatting with somebody online for five minutes. There are so many ways to make money through the internet.

Of course, other issues can lead to low-income job roles. Perhaps the problem is that you’ve recently found yourself out of employment or stuck with a low-paying job as the result of a physical condition. Many people struggle to find sufficient employment to support them financially as the result of physical restrictions.

Perhaps you were injured recently and you’re only temporarily out of work, but the fact remains that it’s left you in a bad financial situation. You might want to check out this law firm if you were injured as the result of an accident at work that wasn’t your fault. You could be due workers’ compensation if you’ve found yourself unemployed as the result of an employer’s negligence. Some injuries can affect a person’s future career (on a physical or psychological level), so you really need to seek help if you’ve found yourself unemployed through no fault of your own.

You have no self-discipline.

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Perhaps you earn enough money to cover your necessary costs and treat yourself to luxury expenses, but the problem is that you don’t know when to stop. You’re perfectly comfortable in the present, but you’ve started to realize that you have no financial plan for the future. Nobody works forever, and you might find yourself in a tricky situation if you haven’t prepared any savings for the day you retire.

Of course, it’s not just about retirement. Whilst you might have your life planned out so that you always cover the costs of living, you might not be prepared for unexpected costs. Life isn’t always predictable. You could end up facing a hefty legal or medical bill out of the blue and not have the sufficient funds saved up to pay for it. You need to learn to save money on a regular basis for rainy days. Always pay yourself first and you’ll never have a problem; make sure you transfer a portion of your earnings to your savings account every payday.

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Founder and chief editor of Blogger, Affiliate Marketer, Tech and SEO geek. Started this blog in 2011 to help others learn how to work from home, make money online or anything related to business and finances. You can contact me at

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