Good day everyone.I welcome you to my blog,am quin.lizzy and in this reachout community this week I will be writing about the topic "how to maintain financial stability".Indeed being financially stable is a whole lot different from having the finance,but before I continue I would like to explain what it means to be financially stable.
This topic is a great one we can't do well without learning how to be financially stable,to be financially stable means to be able to manage your money in a way that you can pay your bills whenever need be.It's a way you can balance your financial life.It has to do with how well you can manage your finances (money).
To be able to manage your finances,I have some ways you can follow to be financially stable.
Firstly,Be accountable,you should be able to give account of what you are using your money for,you should have records of all your expenses and your income so that at the end of the day,month or year you can see true it a learn if you have been extravagant in order to adjust or you needed to save more and earn more.To be financially stable you would need even the slightest record cause financial transactions documentation is the key to being financially stable, it's a pity that we find it hard to write down things, putting things down will really aid stability.
Secondly, saving,you need to do a lot of saving,this is not just enough cause you can use the saved money to also make profit by saving you can make small interest from the money and in some cases you can invest.Most of the poor people around us not that the don't earn us just that the don't save, that's why most of the rich people around are almost always stable cause the have so many investments and savings, which has to do alot with mindset.
Thirdly, scale of preference,I was thought scale of preference in economics, it's the ranking of items according to the important to the less important,from the most needed to the wanted.You shouldn't spend all your income cause you want to buy everything at once,you should rank your needs and settle the most pressing issues then the rest can come anytime,this is key to manage finances.
In addition,Management:you can't be financially stable if you don't need to manage,and to manage you need the ability to be able to figure out that not everything is vital and some wants can wait,you can go for the less expensive items like clothes brand so that you cam have that stability and you should remember that not all things should be paid for,you can use how you relate to the people around you in exchange, just like the can gift you and that's for free,cause of the relationship.
Lastly,you should try to work hard to earn an income cause all this will not be possible if you don't have a job or a skill,let the hardwork,passion and dreams drive us,cause is eveyone dream to be financially well to do,am tagging newbies@royalite,
