Am glad to be here again to share some little ideas on the topic strategies for maintaining financial stability.
Maintaining Financial Stability is one of the toughest things to do especially now that there is an economic crisis all over the world. The little money you earn is mostly not even enough for you to settle your basic needs talk more of thinking about how to plan it for more returns.
But that is not a yardstick for anyone of us to stay without having a stable financial life. I have heard stories of people who were able to have a stable financial life from earning from their petty businesses. I have heard of students who graduated and used their National Youth Service Corp allowance to start up life and they are making it in life today.
I am not yet financially stable but I am working towards it everyday. From my little experience in life and with money. Here are some few ways of maintaining your financial stability.
1.Investment : many people don't take investment seriously and they wonder where the money they earn goes after a period of time.
Investment is another form of savings that brings double return at the end of the day, even though sometimes it fails. But when we invest, it helps us keep track of our money and by the end of the day, if luck shines in your path, you might end up making double of what you invested.
I live in a rural area, during harvest season my mother uses the little money she saves to buy farm produce and when they are scarce in the market she sells them at higher right. When we invest our money in the right things instead of wasting it, it will boost our financial life.
- create the habit of savings: if you want to always have money and not go broke, you must learn how to save. Don't just spend recklessly because you have money. The little you have, divide it some should go into your saving then what is left you should spend on your needs. From that savings you can start up a business that will help you.
3.spend wisely : to be financially stable you have to know what you spend on and how you spend it, you should spend when it is necessary for you to. Focus more on how to earn more and not on spending.
- Avoid debts : many people are poor not because they didn't have money before but lack of planning landed them into debt that destroyed their financial life. You can't be financially okay when you are paying debts. So, try your best to avoid debt by all means and if you have any debt, pay them off so that you can start planning your life.
5.make money from what you like : you convert your skills and hobbies into something that will fetch you money. I am a lady and and spend time on TikTok, I know how people are making cool cash from there. Instead of burning our data on watching them we can start up something similar too. With phones now, making money online is easy. My brother once told me how he made money by just chatting in a project on discord. The more we earn and invest, the more money stays in our hands.
Thank you.
