We all wish to attain financial stability. That's why we work and strive as hard as we do in order that we can live comfortable, financially stable lives.
Growing up, I learned the importance of being financially prudent. From my parents and older siblings, I learned to manage my finances and make sensible financial choices and decisions.
Source
Below are some strategies I have learned about and which I am currently practicing to ensure that I attain stability in my finances.
Save
In the course of growing, I owned a number of safe boxes(also called piggy boxes/bank). During the time, I saved from every money I received and a percentage of the money I received when I started to work while waiting for admission into the university. Saving is helpful. My Naija people will say that "money saved will save you," and that's true. To be stable, it's important to set aside some percentage of earnings rather than spend it all. Planning and saving build income.
Investment
This is a proven way to grow income and be financially stable. There are low risks and high risks investment. There are also investments for whatever amount a person has. Rather than keep money lying in bank accounts, it's better to have them invested where one can receive interests. It's a sure way to build income. Personally, I invested in a fish farm, and I hope to grow to a larger scale soon. I work a stable job, but this suffices as another means of income - a side hustle. I know risks are involved, but we should study the investments to be sure we can take it up and manage it.
There's even the option of buying shares and stocks in banks and companies. Just do your research and have your money work for you
Have insurance and emergency fund.
I recently started looking into this one. Something happened to me a little while ago that had me at crossroads. I was confused and broke cause I had to spend what I never planned for, which let me in disarray cause I had in mind to use the said money for something else. However, that experience taught me to be very prudent and calculative. I always read and hear about setting aside money for insurance and for emergencies so as not to be caught off-guard. Now I know how essential it is.
Having emergency funds helps one stay in control of their monies and puts one at a better, more coordinated financial strata.
I believe that by doing this, one would gain mastery over their finances.
Thanks for stopping by.
SOKA 🖤
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