Would you like to be financially stable?

[Tabiro303]

Everyone is the race to become financially stable but not many know how to.  Financially stable people spend less than they actually earn. Yes, it is  possible to spend less than your income only if you are self disciplined and with good financial habits. Some of these financial habits include making savings and eliminating unnecessary spending such as impulse buying. It might be difficult to adopt this culture but at least make sure you account for every single coin of your income. Be sure to avoid getting into bad debts by opening up an emergency account. Remember the key thing to achieve financial stability is to minimize your expenses. 

[Mellow]

This is currently a big goal of my husband and I. I feel like people don't understand this concept or it isn't common sense to the majority. Debt and consumerism/impulse buying, and keeping up with the Jones's  is the norm and it is hurting our society! 

I completly agree that it is just those few basic building blocks that will make you successful in this area. If you are on an average income and cannot stick to a budget, live below your means, and account for every penny then nothing will change when you have a higher income. Time and money are very similar in the sense that if you don't plan out where to spend it it will still be used up, you just won't know what happened and will always question what happened? 

So we plan ahead. We have a budget. We don't eat out. We paid all our debts. And now we are also working on other income streams since we have all the leaks taken care of. It's exciting to take back control. 

[NeverUsedBeforeThis]

I mean this seems like a really easy question but i sense some deep philosophical teaching to be hidden in the question somewhere. 

 

I think whoever said money doesn't buy happiness... Well, he obviously doesn't have a lot of money.

[Jemimah_Jedidiah]

I would say financial stability is relative. People often equate financial stability with having lots of money. However, it is not the case. You can have millions in the bank, yet if you have many debts, I wouldn't say you are financially stable. On the other hand, if you have little savings but are debt-free, you can be considered more financially stable than the first example. That being said, the tips given by the author are quite helpful.