Most people tend to think that working endlessly to achieve the standards, is the end of all struggles. But in reality, the key to understanding financial stability is maintaining balance in prospects of living that are other (and often more important) than earning.
Wanting to achieve financial goals forever? We have a recipe that will make you a tough cookie.
|Situation||Financially Stable Behavior||Broke Behavior|
|Want to have a vacation||
|Want to take a course||
|Want to Buy a Shirt||
In the life of a financially stable person, situations are not meant to alter the behavior. When we surveyed some situations in the life of financially stable people VS people who were not living with a plan, we found out major difference in the decision making behavior. For instance: when we asked them that how they would start planning a vacation, the finance conscious people made realistic statements like checking the budget and work schedule. On the other hand people with less care for money went straight for the exotic locations and were even ready to apply loan for the vacation.
Even with the smallest situations like buying a Shirt, the two groups behaved differently. Have you ever thought of your buying behavior? If you are handling your money, you are likely to research the latest trends, best prices and check online clothing coupons before hitting the buy button.
Life plans that seem to offer limitless growth, a small improvement or sometimes just much needed relaxations are small decisions with big impacts on life. What seems fun in the first may not always last in the same way. For a stable finance, building a behavior of realistic plan is substantially necessary.
|Budget Plans||Financially Stable Behavior||Broke Behavior|
|Life Improvement Stuff||
Budgeting is a primary part of money handling and when we examined the groups on this factor, we noticed favor for the budget in both groups. In our discussions about the saving on the daily grocery and personal need items, the people with money issues also said that they use coupons and follow the sale alerts too. We had to dig a little deeper to know why they were not saving as much as the saving pros and we found out the reason to be impulse purchases. Contrary to money savers, the other group was more in favor of buying heavy products when they are on sale even if the product was not on their list in the first place.
Budget making is never low standard for the people who can see their future regularly. Instead of stressing out about how to meet the standards. Budgeting is not just about checking prices and making lists, for dedicated and stable people it’s the beginning of new ideas and better living.
|Investment Opportunities||Financially Stable Behavior||Broke Behavior|
|New Business Plans||
The idea of financial support would seem like a good opportunity to anyone but not examining the whole deal drives problems. People with disturbed finances, explained events when they took a job that seemed like handsome extra income but it actually turned out to be stress on the schedule and ultimately budget. There was also major dispute in the dealings with retirement plans of the two groups. The financially stable people tend to plan their retirement savings in 20’s.
Its never too start your retirement fund and most successful people would certify to that. According to research published in BankRate, “If you begin saving for retirement at 25, putting away $2,000 a year for just 40 years may lead to a secure fund of $560,000”. For people with not big salary slips, the option of signing up with 401(k) of course, if available may help a lot for focusing.
Policy on Debt
|Dealing with Debts||Financially Stable Behavior||Broke Behavior|
|Decision to take Debts||
|Elimination of Debt||
As compared to the past years, people in US have strong realization about how debts slow up their overall stability. Though people have a clear understanding of what destroys the basis of their future security and progress, there are still people who would fall for a debt without a proper plan about how they will deal with the products. While financially stable people would deny luxuries instead of finding relaxation in the shopping tours, the people with broke behavior would believe that there must be another loan plan that may end all their problems.
Perhaps not even the most successful people can claim that they never took a debt in their life. The phase that matters is how they dealt with it after. Paying off debt early is solving or avoiding big finance problems. The statements might be scary but people who dare to stare at what they have spent and then take the responsibility to pay it off get to celebrate their life in long term, otherwise it’s all endless running.
Where Do You Stand?
Congrats, if you have taken the good financial advice and steps earlier and your general behavior belongs in the column of financial stability. If not, you can still admit and move in the direction of improving yourself-worth. Even, if you think it’s late there can be nothing earlier than now. Take these 5 handy tips for daily savings:
Make Coffee at Home
An average American spend up to $1000 a year for a single cup of coffee per day. A cup of coffee can cost $1 to $3, Do yourself a favor and try to make your coffee at home from now.
Don’t Dine Out:
Try to reduce the amount that you dine out. This alone can save you $100 per month or more.
Buy Groceries in Bulk:
Yes, Buy groceries in bulk at wholesale – and at once for a whole month at stores like CostCo. Try to skip the brand-name product, they aren’t different from unbranded.
Shop For Less:
Get yourself used to go for garage sales, thrift stores, eBay and Craigslist. And use coupon codes blog/websites to save when you shop at online stores.
Minimize Your Entertainment:
Do you really need 600 channels to entertain yourself? Minimize your internet and cable/satellite TV packages.
Move in Public Transport:
of burning $1950 per year at Fuel. Try to walk as much as you can for short distances and use public transport like local metro, buses which cost you less.
Think about it, maybe you can still start saving some dollars or go to a real debt solving institution to get rid of your student loan. Remember, “The road to success is always under construction.
Contributed by https://www.clothingric.com/