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10 Habits Financially
Stable People Have
Casey Imafidon
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 don’t
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 isn’t
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.
http://www.lifehack.org/articles/money/10-habits-financially-stable-people-have.html
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