18 steps towards financial stability

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Make sure you have financial habits that will help you increase your savings and prevent your wallet from being empty.

1. You have deposits

Under the mattress or in your savings account you have the amount of your three-month income. This money will help you in situations where you may lose a permanent source of income due to layoffs, injuries and other unpleasant situations at work. With the money in your reserve for three months, you will be able to pay for utilities, rent, buy products and generally live as usual.

2. You collect a portion of each salary

If you replenish your reserves from each salary, it is a sign of two good things at once. The first is that you don't live in threes and have the opportunity to save a portion of your income. Second: the size of your fund is growing every month.

3. Record each cost

The phrase "money likes the bill" is not in vain, money does not like to be wasted. You keep track of all your expenses, even if they show you mistakes in budgeting. This will help you analyze which of the expenses to avoid and edit the expenses at the end of the month.

4. You have several “wallets”

You don’t act on financial issues based on memory and circumstances. Therefore, the money for daily needs is on the card, the money for force majeure - on account of the savings fund, the money allocated for large purchases, such as the purchase of an apartment, car and vacation - on deposit.

In general, the funds may be deposited in paper envelopes. The important thing is that there is no threat of unexpected spending of funds raised for other purposes.

5. You know how to save

You know many ways to save money on daily expenses. For example, you choose large packages to keep the price of a product cheap for you, you don't go to the supermarket on an empty stomach, and you are aware of the "hooks" of merchandisers that encourage you to buy fast.

6. "Avoid" unprofitable purchases

There are a few simple ways to waste money: it’s easy to avoid expenses like packages at supermarket checkouts, buying coffee from coffee shops.

7. Create a shopping list

An easy way to avoid overspending is to consciously understand in advance what to buy.

8. You plan a budget for a month and a year

A personal financial plan makes the relationship with money easy and understandable. You know what expenses can't be avoided, how much money is left for fun, and you start predicting big expenses and allocating money for them in advance. This allows you to eliminate the "rope" situation, such as when the wallet is full or dry, and provide yourself with everything you need.

9. Two days before the salary, you do not look for small money in your pocket

You don’t even have a case where you don’t even have money to buy bread and milk two days before your paycheck. There are two possible reasons: either you plan your budget wisely, or you earn more than you spend.

10. You pay utility bills, taxes and fines on time

Debt settlement (penalty) is an unpleasant financial penalty for forgetfulness and lack of discipline. If payments are made on time, they can be easily bypassed. You know this and you will not make a mistake.

11. You have financial goals and a plan to achieve them

You save money on a vacation, a car, or a controlling stake in an oil and gas company. You know exactly how much money you need, taking into account inflation, you set a clear deadline to achieve the goal, and you save money every month according to the savings schedule. This approach will make all your dreams come true.

12. You know the prices

You know how much the usual products, household goods, etc. will cost you. That's why you don't "run" in the direction of canned food. You know they are twice as cheap as the regular price at the next supermarket. This will help you to choose from the useful offers of the stores and not to spend too much money.

13. You use apps that help you save

It is foolish to "turn a blind eye" to modern developments that can help alleviate financial problems. There are various telegram channels and social media groups that compare prices in different stores and track promotions. And you don’t even have to get up from the couch for such a financial analysis.

14. You do not borrow from friends, relatives and acquaintances

Living within the limits of the available amount of money is one of the basic principles of proper communication with money. Of course, if you don't have enough income and you have to ask someone to be financially involved in your life, something is wrong with your financial plan.

15. You can't get consumer loans for things you can buy with savings

Even if a loan with a very low interest rate is promised, it is likely that it will be "attached" to insurance, additional services or something that will force you to pay more. Many purchases, such as a new phone or game console, are not vital, but you can be a little more patient and save.

16. You know how to count

A school algebra course may never have worked, but the knowledge gained in math classes is needed every day. Simple calculations help to understand which method is more profitable to buy the product - by card or in stock, and do not exceed the benefits of travel expenses discounts.

17. You have a plan to increase your income

Even if you have an income level that allows you to live without saving, it is not effective to limit yourself to this alone. That's why you're looking for ways to become a high-paying professional: you're constantly studying, making useful connections, and participating in promising projects. You can also see where you need to grow to increase your income.

18. You are interested in investing

Even if you don't have the money to invest, you're still interested in deposits, stocks, investments, and other ways to make money. This is the right approach, and it will help you not to lose at least part of your savings due to inflation.