Keeping your financial life
stable requires some discipline and development of good financial
habits. We all do not want to be in a financial hole that leaves us
emotionally and psychologically devastated. It is better to protect our
finances when we can, before situations cause our money to slip away
from our fingers. That is why it is important to learn a thing or two
from the financially stable.
1. They dont spend impulsively
Money has a way of engaging
us. This apparently happens to a big problem for us all as we want to
take advantage of the easier life. Impulse spending means eating out and
shopping extensively until we drain our finances. Financial stability
can only be attained when we control and monitor our impulse spending.
2. They save money
Financially stable people
spend less than they earn. You may not have abundant capital but you can
indulge in the right and important things and not overspend. This
affords you the opportunity to save money. So learn to negotiate phone,
cable and utility bills. Or simply reduce how much you spend on grocery,
restaurants and clothing.
3. They track their spending
They monitor their spending.
This can be done occasionally. Perhaps once a month you can write how
much you have spent, and see what areas you are running deficient. When
this is done one can understand how efficient he is using up his
finances.
4. They invest
Financial stable people do
well to secure their future. Even when retirement isnt lurking nearby
you can start setting some money outside in deposits for investments
5. They eliminate and prevent debts
All debts are not the same. A
loan that builds with high interest is not the same as low interest
loans such as mortgage and student loans. Debt has a psychological
effect that works against the debtor, so it is better to eliminate or
prevent debts. Know how much you owe now, whether it is a car loan or
credit card debt.
6. They budget
Financially stable people
budget their income. By using a budget they are able to ascertain where
their money is going to and seeing that it goes to where they actually
want it to go to. With apps like Mint and You need a budget you can take
charge of your budget and start becoming accountable for it.
7. They respond automatically
Yes they do not procrastinate
with their finance. They do not delay in the paying of their bills. By
doing this there is no room for debt growth and affords you the
opportunity to know what money can be used for personal expenses.
8. They give up bad habits
This takes some discipline.
But financially stable people understand that bad habits have a way of
eating into their income and robbing them off their future joys. Things
that truly make you happy are inexpensive and do not leave you swimming
in financial wreckage.
9. They plan
There are special things or
activities that you would want to reward yourself with. It could be
buying a house, buying a car, going on vacation. This could be long term
goals that require you to efficiently plan and achieve them. Instead of
simply procrastinating, put numbers and dates on those goals. By doing
this you can be consistent and see them to fruition.
10. They take care of their health
Financial stability requires
some responsibility. You cannot accomplish nor do much without
protecting your vehicle to success, besides medicine is expensive, from
medication, examination to treatment. Financially stable people protect
their finances by also protecting their health and ascertaining a
healthy lifestyle. We all do know unforeseen occurrences can happen but
please there are things one can manage and are still in your control.
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