Common Financial Problems that Adults Face

As an adult, there are many expenses that you need to worry about. Unfortunately, sometimes these expenses can become overwhelming and can lead to financial problems. Although this is very common for many adults, having financial problems can lead to bad money habits. To avoid this, there are some solutions for these financial problems, which can help you control them.

Health Bills

The older you get, the more you will be spending on health bills. This can include births, medication prescriptions, or other reasons. Unfortunately, health bills are payments that cannot be avoided and need to be paid. This can be difficult for many adults, especially as they need to deal with numerous other costs.

Solution: Although you cannot escape paying for health bills, there are various options that you do have. In Canada, the healthcare system luckily covers most of your expenses for an operation or medication. For the rest, if you have an emergency savings account, it will be perfect for a situation where you need to pay quickly. 

Not Budgeting

This is a mistake that many adults can easily make. Many adults overlook budgeting and figure that they can spend without a budget. They may believe that a budget is just another way of staying organized. With this thinking in mind, you can quickly accumulate debt or other financial problems. 

Solution: Every adult should have a budget in place. The thought of a budget can overwhelm you, yet a budget is going to make your life much more straightforward. You can make a budget on a tracking sheet or through a tracking app. First, input your income, expenses, and financial goals. Then, when you visualize the numbers and see what you need to improve on, it can help you focus on adjusting your spending and saving. 

Family Costs

Having a family can undoubtedly cost a lot of money. It will quickly add up from house bills, food, and necessary items for your family. Dealing with these costs can engulf someone and take a lot of your income. Whether or not this leads to debt, you can undoubtedly can struggle with other aspects in your life.

Solution: Sit down with your family and go over what are necessities. If you notice that there are things outside of the necessity category, try cutting them out. Of course, it is essential to spend money on yourself, yet balance it. So if you and your family enjoy eating out, do not eliminate it, yet make sure that it is a treat every so often.

Mortgage Payments

Many adults have mortgages and are making regular payments. These periodic payments can either be smaller or larger depending on the mortgage. Regardless, these payments can be taking a lot of your income. Although you may be paying off your mortgage regularly, yet you may barely be getting by with other expenses in your life.

Solution: If you notice that you are struggling with your mortgage payments, it may be best to consider getting a refinance. A refinance can help you to change your mortgage terms and payments. In addition, by having a smaller payment amount every pay period, you can focus on the other aspects of your life without suffering financially. 

Unexpected Occurrences

In life, unexpected things happen, which unfortunately cannot be avoided. Such things could include a car accident or house damage from a storm. When something happens immediately, you may not be able to know how to proceed. You could easily get loans for these issues to get a quick fix, yet you actually are setting yourself up future financial problems.

Solution: Always ensure that you have an emergency savings account. You can add a small amount of money to this account monthly. Then, if something ever comes up or happens unexpectedly, you will be ready. In addition, you will have the funds ready to use upfront and will not have to worry about going into debt.

Credit Card Usage

Millions of adults worldwide, unfortunately, have credit card problems. It is straightforward to use a credit card, as well as to get into credit card debt. Many use credit cards for expensive things, such as trips or shopping. Many do not realize how much they have spent until their monthly bill comes in. Although you can attain debt quickly, it can take someone years to pay it off.

Solution: To avoid falling into this financial trap, ensure that you use your credit cards carefully. Always analyze what you are purchasing and keep track of it with a tracking sheet. You can write down everything you have bought in the month and how much it was. This will help you to avoid making large purchases that are not necessities. 

Overall, adults certainly have to deal with many financial problems. However, although they can become overwhelming, there are solutions to overcoming these issues.

If you have any questions about adults’ common financial problems, please reach out to us!


-Solve Your Debts (2021). 5 Leading Causes of Financial Problems (and What to Do About Them). Retrieved from