Money is a tough obstacle that governs our ability to expand or survive. Commonly there are systems that can lead one toward financial gain or ruin. Knowing what problems we share and where to start in evaluating your decisions with your money are crucial to making progress.


Despite the clear benefits of saving, many Americans struggle with it. There is a significant population that would not be able to cover a more expensive emergency with their savings. unexpected expenses like car repairs, medical emergencies, or job losses can occur at any time and would leave these individuals or families in a rough spot.

A lack of savings could lead to financial hardship in later years when income sources may be limited.

You should save your hard-earned dollars? The intention of saving and growing allows you to lay a solid financial foundation, improving your capacity to handle emergencies and invest in significant purchases careening into debt. It also brings you closer to your financial goals, whether it’s gaining assets, material goods, or saving up until you know what you need and desire for your financial future.

Credit Card Debt

While credit cards can be a convenient way to pay for purchases, they can also lead to significant debt if not used responsibly. Many report credit card debt as an item on their expenses every month. The variance in this debt is important to understand. A mountain of debt can damage trust with lenders and damper future investment or purchasing opportunities. A consistent debt that is paid off proves reliable to observers of your credit status.

Credit card debt can be particularly damaging to your financial health due to the high interest rates associated with most cards. If you only make the minimum payment on your credit card balance each month, it can take years or even decades to pay off your debt, and you may end up paying more in interest than the original amount you borrowed. Paying off the balance to avoid interest rate increases and late fees is your best bet.

Student Loan Debt

Student loan debt is a significant financial burden that can weigh down your future. Defaulting on a student loan can have serious financial consequences, including damage to your credit score, wage garnishment, and legal action. Not paying your loan can lead to a mountain that only grows every year.

However, there are steps you can take to avoid defaulting on your student loans. If you’re struggling to make your loan payments, contact your loan servicer as soon as possible to discuss your options. You may be able to switch to an income-driven repayment plan, which bases your monthly payments on your income and family size, or temporarily defer your loans if you’re facing financial hardship.

Retirement Savings

Many are not saving enough for retirement. A significant population have $0 saved for retirement, and many have less than $10,000. This lack of savings could lead to financial hardship in retirement as costs continue to rise and your savings stay stagnant.

It’s never too late to start and there’s never too little an investment to make. Even small increases in your retirement savings can add up over time.

The Importance of Budgeting

By creating a budget, you can track your income and expenses, identify areas where you can cut back, and set savings goals.

However, many people struggle with budgeting. A lack of budgeting can lead to overspending and difficulty saving for the future. Living paycheck to paycheck can lead to financial stress, as you may find yourself unable to handle unexpected expenses or achieve your financial objectives.

If you’re new to budgeting, start by tracking your income and expenses for a few months to get a sense of where your money is going. Once you have a clear picture of your financial situation, you can create a budget that fits your needs and timing.

The Importance of Financial Literacy

By learning about personal finance, you can make informed financial decisions and avoid common pitfalls. You can learn about personal finance through books, online courses, financial coaching, or financial training programs. While it may take some time and effort to increase your financial literacy, the payoff can be significant.

We all share in the two common stressors, time and money. The means to get by and the means to prosper are two different concepts. Planning and understanding the decisions one makes with their money always proves fruitful. The struggle to save alongside growing is well understood, but by chipping away at these common hurdles, one can potentially find themselves in the best position possible for their financial future.