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Human Nature Vs. Money: Financial Fixes Everyone Can Use

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Everyone hits hard financial times. From unemployment to overspending, here are ways to keep these things from happening to you or how to minimize the negative effects.

Save More Now

If you’re not saving at least 20 per cent of your income, start doing that right now. Does that seem impossible? It is if you’re in debt. Work on paying off your debts and start saving more. You don’t have to live like a monk to make it happen, but you do have to watch what you spend and prioritise your values in life.

Why save so much? Because, if you lose your job, or an unexpected expense arises, then you will need money to pay for it. Where will you get that money? Your savings, of course.

Put the money in a savings account, or somewhere where you know it will be safe. Don’t be afraid to spend it on things you really want, but always commit to putting it back with additional money on top of it. Pretend you’re borrowing money from the account. What happens when you borrow money from a bank? You pay it back, with interest.

When you put savings into a savings account, and you take some out to buy something, draw up a loan schedule and repay it with interest. This will do two things: it will ensure an ever-growing pot of money and it will teach you financial responsibility, stewardship, and the time-value of money.

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Stay Fit

One of the best ways to avoid time away from work is to make sure you’re fit. That means switching up to a healthy diet, working out, and getting enough sleep to recover. Don’t be afraid to take a holiday just to sleep. It might seem like a waste of a perfectly good holiday, but it’s not.

Laying on the beach, relaxing, or even just literally napping can help you stay healthy, reduce stress levels, and that means you’re missing less work and making more money.

Stay Out Of Debt

If you want to avoid debt, don’t take it on. Pay off existing debt as soon as you can, and try to stay out it. If you’re saving a good portion of your salary, you won’t have extra money to go into debt. But, the good news is, you won’t need to. When you need to buy something, you have savings.

Staying out of debt also reduces your monthly commitments. If you do get laid off, you’re not scrambling to try and make good on your debts. You don’t have to worry about such things.

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Make Sure You’re Getting Your Holiday Pay

It’s unfortunate, but some employers try to take advantage of employees by cheating them out of their holiday pay. If you suspect this has happened to you, speak with lawyers that deal with these issues. There’s no reason you should put up with it, and it could cause a financial strain one day – that could be the money you need to make it through a rough patch.

Talk About Money With Your Spouse

If more people would talk openly about money, the world would be a better place. Dont’ be shy about your finances. Don’t try to hide them. They’re not going away. Make sure you and your spouse are on the same page when it comes to money, that you have the same financial values, and that you’re moving toward the same financial goals.

Alex Reeves works in personal financial planning. He likes to share his insights with an online audience and has written for a number of money and finance related blogs.