How to avoid personal financial crisis

How to avoid personal financial crisis

by JieYing Peng






Admitting that there is a financial problem is usually considered a good first step. Then, you can ask for help because you are probably not the only one facing this situation. Find out your immediate needs, concerns, dues and crisis. Consult a professional financial planner who could assist you through your financial problems. They could do a financial analysis of your situation, assemble facts and information, and come up with solutions, suggestions, and alternatives. You could also set up a personal and household budget, income, expense statements, asset-liability summaries, expense categories, line items, amounts, estimates and more.


Take responsibility and have realistic expectations with a positive attitude. Take some risks when require and be pro-active by explore your options. The best way to avoid a financial crisis is to spend less than you earn. You could save money for unexpected expenses or life-changing events that might significantly reduce your income or increase your expenses. These unexpected expenses are more liked to be caused by loss of a job, divorce, unexpected health or medical expenses, and unexpected home or car expenses. You can avoid a financial crisis by purchasing insurance.

Sources:

http://family-budgeting.blogspot.com/2006/10/avoiding-personal-financial-crisis.html

http://www.mastercard.com/us/personal/en/learningcenter/debtknowhow/debtwarningsigns/financialcrisis.html

http://www.tridentpress.com.au/prod138.htm