Financial management is very important in everyday living and must be given a great attention to, the society and individual need to take this aspect very serious. When it gets to deal with financial income and spending it is necessary to determine the stability of your financial capacity. One thing is to make income and another thing is to stabilize the financial flow as well, therefore in this blog I will be discussing about some strategies one need to use two maintain financial stability because one Without strategies in maintaining financial stability will definitely go broke even though he or she is rich. I will be discussing with things I feel they are right to consider or use a strategy.
One on my list is, making a budget. When you make budget especially being able to differentiate your need from your wants, you will be able to manage your finance. For example, you earn like 60,000 naira monthly on average and you need to get food stuff's, now you have to list out things you need and things you want as well, now check your average income and make budget because I believe that your budget will not be outside what you earn. Therefore looking a budget before spending is very necessary and important strategy of maintaining financial stability.
Another's "putting your eggs in many basket" simply means Get many source of income, it is important to generate many source of income for this will make you not to focus on one source of income. For example one can be working offline and as well work online with all depends on an individual and time management.
Having some savings is very important will make you to have extra spare of money that you can use for emergency expenses. Many people these days don't have saving strategy because maybe they don't know about it or don't want. After reading this blog you will be able to detect or realize the need of saving or starting saving because there are expenses which you don't plan for, but you need to attend to them.
Another strategy to maintain financial stability is self-investments when you are able to invest in things that will definitely give you returns you will be able to manage your financial status, just like making about 1 million naira on Hive in a year, and using the money for an offline business and see maintain your engagement and participation on hive. You will see that you have started self investment even as your work online.
However, giving concern to flow of cash is also an important strategy to consider in maintaining financial stability, yes! When you are able to determine the amount of money that goes out and the amount of money that comes to simply "your income and your expenditure" he will be able to strategize on how to maintain your financial stability.
In conclusion, individual who have a standard financial stability or followed strategies on how to maintain the financial stability will always be comfortable may not really be rich but will be okay as individual who earn and spend.
This post is a response to #Hive #Reachout Initiative 30, and I'm inviting @kc6729 @offia66 and @vickoly check it out, you can see the prompt Here
Thanks for stopping by and reading my blog
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Your strategies are really inspiring and insightful.
Hope it inspires many to become financially stable.
You have really laid down good strategies,I love the part of having many ways to make income.
I love the way you break down the possible ways to be financially stable with references. Thank you so much for sharing with us @mayor-001
Thank you sir.
I appreciate for your time.
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