Millions of families face the struggles of financial challenges daily. Regardless of your financial status, there is no immunity to fighting financial challenges. These struggles however comes in different forms and the constant management of your finances can be an exhausting task. Other areas of your life can be affected by this struggle and cause a lot of damage.

You do not need to allow monetary issues consume your entire world. As much as life has its ups and downs, there are methods you can adopt to prevent you from falling into economic pitfalls. Your finances should be faced head on and commit to practicing better habits starting today. You will be placed in a better position when it comes to tackling whatever curveballs life throws your way when you have developed a good relationship with money overtime. Some practical solutions to some of the most common money issues families face today are listed below.

Unable to Make Ends Meet

One of the absolute obstacles in a family is the struggle of making ends meet. The cost of living has become really expensive and most Americans feel like there is not enough money to last them until their next paycheck. For an average family, about 62% of their income is spent on household expenditures on just 3 things namely housing, transportation and food annually. What this means is that most of our funds are allotted for mortgage/rent, utilities and groceries with little, if any, left for emergency savings which is equally important. You can take the steps below so as to be able to balance this.


First make it a priority to create a working budget that fits your real life and actively manage that budget. Be sure to allocate money towards your goals. If you feel you’re money situation spinning out of control or you are struggling to make ends meet, take advantage of these educational resources that will be useful for a lifetime.

Consider taking up a second job. With a rise in part-time and remote work opportunities, lucrative side gigs like these to supplement yearly incomes are becoming more and more popular. Earning an extra income can make a real difference in your financial capabilities. In addition, these supplemental funds can help families prepare for future expenses and pay off debts sooner rather than later.

There are assistance programs that can help lower your bills that you can seek. Some of these programs are government and nonprofit agencies organized that aim to provide low-income families with support to obtain basic necessities and help families achieve economic security and stability by using so many means. You can also check out the Top Federal Food Assistance Programs. 

Buried Under a mountain of Debt

As much as many people’s goal is to build a mountain of wealth, some people eventually find themselves swimming in an ocean of debt. This can be related to the first thing discussed above. We all rely on credit cards and loans to pay for things just to make ends meet. The average American household owes $6,375 in credit card debt based on statistics. This kind of debt can be overwhelming and as the bills keep piling up, figuring out what steps to take in order to get back on track can be a bit difficult. Staying hopeful is important because there are several things you can lay your hands on to make you stable financially.


With a budget in place (see # 1) create a plan to tackle your outstanding debt and once it’s gone, vow not to rack up anymore. Use these simple steps to free yourself from financial burden and organize your outstanding debt. Then you can come up with a payment plan that works toward paying the higher interest cards first and maintaining minimum payments on your other accounts.

Explore government debt relief programs that can provide assistance with housing, utility bills, daily expenses, and medical bills. Federal and non-federal debt relief grants can help alleviate the financial burden of debt and pull families out of their economic crisis.

It is important to stay on top of your credit score. You can review your credit by requesting for a free copy of your credit report regularly for any errors or inaccuracies. The impact of these errors are always negative which makes it best for you to monitor your credit score and report and dispute them with the credit bureau as soon as possible. As much as possible, try to maintain the best credit score possible so as to prevent your interest rests from increasing, which can make it more difficult to get out of debt.

Not Thinking About Your Future

Putting away for tomorrow when you are having trouble making ends meet today is very difficult and even close to impossible. Many individuals face the difficulty of planning for tomorrow when their present finances is not enough to cater for today. A new survey shows that 20% of Americans don’t save any of their annual income at all. Make sure you save for your retirement to prevent any form of regret. There are steps you can take to secure your financial future.


The sooner you start saving for retirement the longer your money has to grow. If your employer offers a 401(k) with a match on your contributions, that’s the first place to start. You’ll get an instant 100% return on part of the money you invest in your 401(k). Your money will automatically be taken from your paycheck, so you don’t even have to think about saving. Plus, it’s deducted prior to being taxed so more of it can go to your retirement instead of the government. If you don’t have a 401(k) option at work, a Roth IRA may be a good fit for you. Many professionals even recommend having both investment accounts as they complement each other.

Life insurance is an essential part of your personal finances and holding a policy can provide tremendous benefits. Many experts recommend life insurance as an investment strategy and considering it costs less than your daily coffee, it’s worth every penny. Some life insurance policies accumulate a cash value and a portion of your paid premium can be invested in the market or set aside to accumulate interest. The cash value of your policy can be used as collateral and be borrowed against or kept as an end-of-life payout. Equip yourself with essential knowledge and determine if Life Insurance is the right move for you and your family. Find out 4 Reasons Why You Need Life Insurance & How To Buy It.

Finding employment is not easy in today’s economy. You must posse more than just experience and skill so as to get ahead of the competition and reach your earning potential. A well-rounded education is also an important key to pursue the career of your dreams. It’s important for all to know that the government provides free money education grants to help individuals pay for college. For many, a government grant for school can make the difference between living paycheck to paycheck struggling to make ends meet and being able to provide a stable and financially secure life for their family.

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