Greetings!
The subject of maintaining financial stability is something I’ve come to learn from harsh life experiences, particularly with how I used to see money vanish from my hands like air. I would get $20 today, and while calculating what to use it for, I’d find it reduced to just $2. Where did it go? It went to many places in seconds. Lol.
Maintaining financial stability is a call for everyone earning money, except for those who hold no value for it—like people born with a silver spoon and still being massively supported by rich family members. Oh yes, we have plenty of those people who don’t bother to sustain money because they don’t actually work for it. To them, money is endless due to their wealthy parents or family background.
How have I been maintaining financial stability?
Currently, I’m not earning much. I’m not listed among the wealthy. I’m just a young guy striving to be successful in life, and the following are ways I’ve been using to keep the money flowing in my life continuously, ensuring it never completely dries up:
- Say No to Debt or Pay Up as Soon as Possible
Sorry to say, but I’m one of those people scared of being in debt—whether by taking loans or through other means. I know it’s good to take loans to invest in businesses, but even then, let the loan be taken only when you’re sure there’s a way to pay it back. Personally, I’ve been trying as much as possible not to get into debt because I can’t imagine continuously paying interest. Imagine using the little money you earn to pay off the interest on a loan you took—it’s a sucker’s game. While most people may disagree with me on this, I stand by my perspective: stay away from debts, especially those that incur interest payments.
- Invest
Even before the digital age, there were numerous ways to invest money to earn profits or regular returns in small portions. The digital world has made investments even easier, allowing you to make them comfortably after thorough calculations. There are many options available today: investing in cryptos, shares, real estate, and other opportunities.
Currently, I don’t have much in terms of investments, but I have a few that bring me money in small, regular amounts. With this, it’s almost impossible to run completely dry of cash.
- Reduce Expenses
In today’s world, controlling the habit of spending is quite challenging, especially with everything seeming like a necessity. However, we can set standards and always prioritize using a scale of preference.
Buy quality items that will last long instead of wasting money on the same item repeatedly. Always haggle and negotiate prices to suit your budget before making a purchase. I’ve been doing this, and it’s been helpful. I don’t rush to buy things. I haggle prices even if it means getting called names. That’s not my business—it’s my money, and I worked for it!
- Make Savings
I always set aside a little money, especially for emergencies, to prevent myself from having to beg people or borrow money with interest. Additionally, I make fixed savings that cannot be accessed easily—a kind of future fund.
Thanks for reading!
This is my response to Hive-reachout prompt of the week.
Images used are mine
Posted Using INLEO
You have a nice idea for the pictures, cause finance has to do with money
Yeahh.
Thank you for stopping by ma
l tried as much as possible these days to reduce expenses too, it's just too much how money vanish once we buy something, be it little thing.
l wish it was possible to live without buying those things, but it is not, we need most of those items to survive.
Hahahah!
I wish it possible oooh! To just live without having to spend a dime. Maybe I should go back to my parents house. Lol😅
Thank you for stopping by
I think with the way things are getting more and more expensive adds to this money vanishing into thin air the moment you try to spend a penny from it.
I think I like the part about negotiating prices to suit your budget. It may sound and seem funny but I think it can a long way to help a person's financial life.