One way how I can take my current economic and financial problems with me on a test is through my bank statement. It might not be obvious at first but this is a good way to begin to understand what you have done with your money in recent months. You should list all your debts, as well as those you owe to others. This will give you an insight into how much you owe, and what your monthly outgoings actually are.
There are two things you need to know about your bank statement. Firstly, this provides the details on your assets and liabilities – including mortgages and finance charges. This allows you to work out how much you can afford to spend, and at what interest rate. It can also give an indication of where you will be in the long term.
Secondly, this will list any bank accounts you have. If you don’t have a savings account, you may have some investment bonds or loans listed here. It is important to remember that if you take my current economic and financial problems into account, these types of assets will make a difference to your ratings. Your ratings will be lower if you have low rated investments and debts. You need to carefully consider whether any of your current economic and financial problems are going to have a detrimental effect on your ability to manage your finances.
Thirdly, your credit rating is basically an assessment of risk. The higher the rating, the less of a risk you are to lenders. However, it can also reflect the fact that you do pay your bills on time. If you take my current economic and financial problems into account, you may find your ratings falling because of late payments and debts.
Fourthly, you should look at your income and expenses. If there are any large gaps between your income and expenses, they could be an indication that you will not be able to take my current economic and financial problems into account. If you find yourself juggling between work and home life, or between paying bills and saving for an emergency, then you should consider changing these aspects of your life. If they are causing too many financial problems, you should probably think about getting another job.
Fifthly, consider your assets and liabilities. If you find that you have a large amount of debts then you will probably find it difficult to take my current economic and financial problems into account. However, you should also know that the smaller your debt, the easier it will be for you to manage your finances. If you have a large amount of secured debt, for example, this will be very difficult to reduce without outside help.
Sixthly, if you find that you have taken my current economic and financial problems into account, and found that you are struggling financially, then you should consider working out a budget. This will allow you to make sure that all areas of your spending are accounted for and that you know exactly where all of your money is going. This should help you to cut back on unnecessary spending and will also help you make sure that you tackle any debts that you have in a serious way.
