According to a research carried out in 2016, it was discovered that about 46% of Americans did not have enough money to cater for a $400 emergency issue like hospital bill or vehicle repair. This indicates that many people are finding it increasingly difficult to maintain financial stability. If you are surviving from paycheck to paycheck or struggling with financial issues, you need to find a way out and be financially secure.

Being financially secure before retirement should be one of your fundamental goals in life. There are many factors militating against saving for the future such as the pressure of purchasing a house, starting a family and buying a vehicle. The fact that you need to be financially stable doesn’t mean that you should deprive yourself of life’s good things. Being financially stable has a lot of benefits because financial insecurity can cause a lot of heartache. It can lead to psychological and emotional trauma. You need to develop positive financial habits and inculcate a certain degree of discipline to attain financial stability. Financial stability can be attained by following these steps.

1. Ensure you have a control over your monthly budget

You need to always have a budget in other to know how you spend your money monthly. You especially need a budget if you discover that you are always running out of cash or you are always hit with financial mishaps. If you don’t have time to create a budget, you can use a budget-tracking tool. There are various budget-tracking applications on your smartphone that can help you monitor your spending. If this doesn’t work for you, you can use the old-fashioned method of writing your expenses on a paper. If you have a control over your income and expenses, you will attain a certain degree of financial stability.

2. Endeavour to be more of a planner than a saver

According to financial experts, people who plan for the future end up being more financially stable than individuals who do not. They are more goal-oriented as they tend to set goals and work towards achieving them. For instance, if you set a goal to pay off your student loans , you will have a better chance at paying off the loan if you set a realistic timeline. It is easier to achieve laid down goals if you put them in writing. Following your plan and being goal oriented means taking control of your financial status. You can also save your plans digitally but you should you have a memory card recovery software on your smartphone to ensure they are safeguarded. This is imperative towards your financial security.

3. Health is Wealth

In either to be financially stable, you need to be responsible. You cannot accomplish much if you are always down with ill health. Medication and medical examination is also quite expensive and tends to create a dent in your finances. Financial stable individuals give their health full priority and living a healthy lifestyle. Unforeseen conditions can come up but we should always try to be in control of our health.

By AWISE

© 2019 Copyright AWISE - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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