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Are you headed to financial disaster?

Are you aiming for financial freedom? Then you need to take note of these signs that serve as a warning that there are things in your life that are hindering you from achieving your goal.

If you fail to pay attention to these signs, and you don’t do anything to correct your wrong strategies and habits, you will likely end up in a big financial disaster.

One of the signs that can tell you if you are headed for financial disaster is that if you have…

NO EMERGENCY FUND
Many Filipinos suffer depression because whenever crises or emergency situations hit, they simply have nothing on them. They don’t have funds to get past the crisis.

This is why it’s advisable to have an emergency fund that is equivalent to 3-6 months of your salary.

If all you can afford is P250 per day, then that’s fine. It’s better to have something to spare each month rather than none at all.

Another sign that you’re headed for financial disaster is that you have a…

HABIT OF PAYING LATE
This is an indication that you either don’t know how to MANAGE your finances well, or you are SPENDING MORE than what you are earning.

What you can do is to SCHEDULE PAYMENTS and strictly follow it.

Following a payment schedule is also a good way to train yourself to be disciplined in order to help you achieve your goals.

Another sign is if you have…

STOPPED PAYING YOUR CREDIT CARD DEBT
Because you found it so useful and satisfying to use your credit card for every single purchase, you are now so deep in debt that you find it so hard to pay your credit card bill.

Maybe the money that you owe is already so huge that you have lost all hope that you will be able to pay for it. As a result, you just choose to not make any payments at all.

But I want to encourage you to still pay off your debt, even if it’s just in small amounts. It’s not the amount that’s important. What’s important is your willingness to pay.

Another sign is that even though you yourself don’t have a loan, you have…

CO-SIGNED A LOAN WITH SOMEONE
It’s very difficult if you don’t have the FULL DETAILS of the loan that you co-signed.

There are contracts that state that once a person is unable to pay the loan, or even if one single late payment is made, the co-signer will be the one to shoulder THE ENTIRE LOAN.

If you have co-signed a loan with someone, make sure that this person is a responsible borrower who will pay his or her debt on time. But as much as possible, avoid co-signing a loan.

Another sign is if you…

DON’T HAVE A BUDGET
If you don’t have any budget, then, No. 1, you don’t have a CLEAR PICTURE of how much money you have and don’t have; and No. 2, your expenses are all unplanned.

And because of this, it is likely that you will OVERSPEND, and consequently, get into debt. You will also have no savings, and no investment to make your financial goals a reality.

This is why I strongly recommend that you CREATE a budget because being guided in every spending decision is a big help, and one step towards financial success and freedom.

THINK. REFLECT. APPLY.

Do you see these signs in your life? Do you think that you’re headed for financial disaster? What are your plans so you won’t experience financial disaster? Will you act on it right away?

If you want to avoid financial disaster in the future and learn how to change your financial situation and be financially free, you are invited on November 30 to my last session of the year. Visit this site http://chinkeetan.com/moneywise and receive a P1,000 discount.

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