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7 Quick Solutions to Typical Family Money Problems

Roman Holovin | December 05, 2023

Seven could be your lucky number when you use these tips.

Summary: Knowing how to solve money problems is crucial if you want to have a good life. Using a budgeting app, investing in cryptocurrency, starting a side hustle, canceling your credit card, building an emergency fund, saving money for retirement, and getting on the same page as your partner are seven great ways to solve family money problems and find financial freedom.

Knowing how to manage money is a tough task, admit it. Living month to month is exhausting and escaping the rat race should be a number one priority if you want to live a good life and, more importantly, provide a good living standard to your family.

In this article, we explore seven money tips that you can incorporate with your family to change your lives—for the better. Here they are:

  1. Start using budgeting apps.
  2. Invest in cryptocurrency.
  3. Start a side hustle.
  4. Cancel your credit card.
  5. Build an emergency fund.
  6. Save money for retirement.
  7. Get on the same page as your partner.

Now, not all of these tips will work for everyone. That being said, these are tried and true tricks that have helped millions of people escape the chains of debt and enjoy financial flexibility and freedom.

Without further ado, here are seven solutions to typical family money problems.

1. Start using budgeting apps

Budgeting apps can help you manage your family budget and find "leaks" in your financial foundation. This way, you can optimize your expenses. There are a plethora of budgeting apps on the market, and it can be extremely hard to decide which one fits the bill for you. Here are a couple of quick tips on how to create a family budget with a budgeting app:

First, figure out what your family's financial goals are. Do you want to save for a specific purpose, such as a vacation or a new car? Or do you want to get a better handle on your spending to start saving more money? Once you know your targets, you can start looking for a budgeting app to help you achieve them.

Second, set up your budget according to your financial goals. Using an app can help you stay organized and accountable. Both you and your partner should use your budgeting app in harmony to make sure you stay within your financial means.

2. Invest in cryptocurrency

Cryptocurrency investing is one of the best ways to generate money. Many people buy Bitcoin to sell it for a profit later. But you can also "stake" your coins, so you can make an interest (it's called APY) of around 7-10% annually. All that without lifting your finger.

There are many new presales coins that can also increase in price upon the initial coin offering (ICO). Still, if you're new to the crypto world, you'd probably be better off with Bitcoin and Ethereum, the most famous names in the industry. Another good news is that experts predict the crypto market to jump in price now.

3. Start a side hustle

If you're finding it difficult to make ends meet, you might consider starting a side hustle. Freelancing can be a game-changer when it comes to earning extra money in your spare time.

Plenty of digital marketing jobs don't require much in the way of skills or experience but can nonetheless pay you well. So if you're chasing a way to boost your income, why not try freelancing? This way, you can pay the bills with your salary, and have "breathing" room from your side business.

4. Cancel your credit card

Although credit cards offer many benefits and can be a great tool for saving money, many people find themselves falling into the trap of spending beyond their means. This can lead to interest rates growing out of control, leaving you with a mountain of debt that is difficult to repay. In this situation, it is often best to cancel your credit card and focus on paying off the debt. That can let you get back on track financially and avoid further problems down the road.

If you have been sued for credit card debt, you need to respond to the lawsuit as quickly as possible to avoid further financial fiascos. Use SoloSuit to draft and file a written Answer to your credit card lawsuit and increase your chances of winning the case by 7x.

Check out this video to learn more about how to respond when you get sued for a credit card debt:

5. Build an emergency fund

It is essential to create an emergency fund that will cover at least 12 months of unemployment. Many people lose their jobs at least once in a lifetime and having this financial cushion helps to weather the storm.

You should start by setting aside a small amount each month and then increasing the amount as you are able. Once you have reached your goal, you can start to use the funds for other purposes, but it is important to have that safety net in place.

6. Save money for retirement

While it's all fun and games to play "Forever Young" in your 20s, most people don't take the time to prepare for their lives post-50s. And this is wrong. You can't be productive and living on the edge your whole life. This is why you need to start saving for retirement now.

It may not seem like much, but over time that money will compound and grow into a nice nest egg that you can use to support yourself in retirement. So don't wait until it's too late—start saving for retirement now!

There are two easy ways you can stash away money for retirement: First, open a Roth IRA and put $500/month into the account. Second, open a 401(k) account and determine what percentage of your monthly income you can invest into this account (even 1-3% can make a huge difference in the long run).

Both Roth IRAs and 401(k) Plans have tax benefits that will allow you to keep more of your invested money in the future, as opposed to stashing away cash.

7. Get on the same page with your partner

One of the most important things to remember when it comes to managing your finances is that you and your partner need to be on the same page. If one of you is a saver and the other is a spender, it can spell disaster for your financial stability and potentially your relationship.

You need to be able to communicate openly about your spending habits and agree on a budget that works for both of you. Otherwise, you'll find yourself constantly arguing about money and struggling to make ends meet.

Fight off debt and find financial freedom

Solving money problems is a top priority for you, as it can help your family live a better life. Money is often the root of many arguments within families, so by solving any financial issues, you can help to create a more harmonious home.

If you are already struggling with debt, you can fight off debt collectors by requesting that they validate each of your debts before further contact. Send a Debt Validation Letter to debt collectors to force them to prove the debt is yours or cease contact.

The video below explains how a Debt Validation Letter can help you fight off debt collectors and find financial freedom again:

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

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