Financial concerns are never out of present for any one of us, especially in the modern era when you have to pay for myriad things to live on. Money problems plague all, but in fact, we self impose them without being aware. Here I will show you a handful of the most common financial problems people might face as well as the best techniques to overcome them all. Pay attention to the final method: the 6 Jars System! You’ll know why soon!
Most Common Money Stress You Would Face
Having money problems prevent you from achieving your dreams and enjoying a satisfying life. Here are three of the most frequent money difficulties that we will experience at some time in our lives.
Money Problem 1: Eating
The biggest money problem that everyone would notice is food. This is a necessity for human living, however, it could also be a troublesome matter when you don’t afford the meals you take.
You may tend to think: “I really just wish food wasn’t so expensive. It’s probably my biggest expense after housing, and I feel like I don’t really get my money’s worth on this one.”
That’s really desperate, but no longer if you use the 6JMM App!
Money Problem 2: Buying a House
Buying a house is generally the next noticeable financial difficulty that most individuals face. How is this a financial issue? Isn’t it true that a house and real estate are typically excellent investments? That is not always the case… Just ask anyone who has purchased a home in the previous 5 years.
You will have to maintain your home in addition to paying your mortgage, insurance, utilities, and potentially association dues. This is when serious money issues might develop. Even doing simple maintenance around the house, like maintaining the yard, can cost you several hundred dollars a month. Then, if something actually needs to be fixed, it can cost a whole lot more than that!
That’s a lot of money to spend! But you will soon not have to worry about this anymore.
Money Problem 3: Having a Kid
The next money problem on the list is having a kid. People will face this matter sooner or later.
Kids are expensive, and they can cause a lot of money problems for young families especially. Just look at the statistics from the US Department of Agriculture, which highlight that raising a child can easily cost in excess of $200,000! That’s a big money problem for me!
Talk about putting a stumbling block in your retirement plans!
The 6 Jars System: How to Tackle Those Problems
Having a plan to try to manage financial challenges can help ease some of that stress. Here are three helpful suggestions for how to help reduce your money stress and get motivated to take control of your finances:
1. Identify what needs the most attention
Write down your three biggest money challenges so you know what you’re up against. Whether it’s making your monthly bill payments, reducing credit card debt, or saving for retirement, it’s important to focus on the main sources of your financial anxiety. (Keeping the list short can help you feel less overwhelmed.)
2. Be Realistic
Determine what you can reasonably achieve and then dedicate yourself to following through each and every month. Make yourself a promise: “Each month I will spend less and put the difference toward my debt so my balance declines by at least $100.” Just like a crash diet or intense new workout routine can lead to burnout, you don’t want to set overly ambitious financial goals that you may abandon in a few weeks or months.
3. Apply the 6 Jars System
Controlling your finances can be a lengthy process requiring quite a bit of stubbornness. But in fact, money management doesn’t have to be such a troublesome task if you have the method of the 6 Jars System. The concept comes from the book “Secrets of the millionaire mind” by T Harv Eker, and its idea is really simple to understand. Basically, you just have to split all of your earnings into 6 separate jars, each of which will have a distinct function and serve a different purpose in your way to financial independence.
The Amazing 6 Jars Money Management App (6JMM)
This is the best budgeting app overall, which is appropriate for everyone. The 6JMM is investigated and built up by Alan Al Voice Lab. It bases on the 6 Jars Method by T.Have Eker, dividing your money into 6 different jars: Necessities, Financial Freedom, Long-term saving for spending, Education, Play and Give accounts.
The application will calculate your spending by day, week, month and extract the report to excel. Then it will suggest the ideal spending model for users to adjust.