Having a financial plan and sticking to your plan is the key to success. Plan before spending, you can’t buy everything you want, so it is important to plan and spend wisely.
What is Financial Stability?
Financial stability is effectively allocating resources, assessing, and managing financial risks. Where financial systems can support economic activities, manage risks, and absorb shocks. It allows systems to function in good and bad times and help resolve financial imbalances when they arise.
How can you obtain financial stability?
Create a doable and sustainable plan.
It is important to have a financial plan that you can do and maintain. When creating your plan make sure you evaluate what is your why, where are you currently and where to do you want to go?
It is also helpful to discover your money beliefs and understand what may be holding you back from creating your plan to begin with.
Having a doable and sustainable plan is an important key to success.
Tips to Creating Your Plan
- Avoid unwanted debt
As much as possible avoid going into debt. This may mean that you need to save up for a particular purchase instead of buying it on credit. Buying it on credit in the long run will cost you more in compounding interest.
Studies have found that those who use credit cards tend to spend more, so, if at all possible, avoid using them.
- Create a financial plan and stick to it
Make a list of all of your expenses, this can be done on paper, spreadsheet or in an app. There are many free apps available to help you see where your money is going.
Putting expenses in categories and then allocate funds to each expense. If you overspend in one category, you can take the money from another category, but overall staying within the total funds available.
For example, if you spend more on groceries than you planned, then take the money out of entertainment, for example. This may require you to have to cut back on other areas for that month, but it is a great practice to be in to avoid over spending and unwanted debt.
Be Aware of Your Mindset
As you create your plan and follow your plan you may realize that you are having some resistance to your plan or other emotions come up for you.
Take this time to evaluate and get curious with yourself.
Do a Thought Download: Get your thoughts out on paper and seeing what is really going on in your mind. What are our thoughts around money and then decide which ones are serving you or not.
When we look at our mindset around our money beliefs and becoming aware of our current beliefs, then we can begin to shift them to align with our goals.
What are your money beliefs?
Are your beliefs around money moving you in the direction you want to go?
Are they moving you towards your financial goals?
Do you have the courage to change?
Be Content
Be content with what you have. Some of the happiest people in the world live simply and don’t have the latest items and gadgets. They live simply and have satisfaction in what they do have as well as cherish the time with their friends and family instead of working extra to pay for the next thing or even to pay off debt.
When you focus on living withing your means you can escape so much of the stress and anxiety that millions of people suffer today.
Are you ready to experience Financial Freedom?
You can release the financial anxiety, the stress over your finances. When you do, you begin to build and create the life you want for yourself. You also have so much more to give to the world, because that one more layer of weight that is weighing you down, taxing you, taking your attention is removed. You then experience freedom and peace.
When we work together, we will create a personalized plan that fits your goals and life you want to live.
This involves helping you see what your money beliefs are, what your financial priorities are and to create a realistic plan to achieve your financial goals.
Schedule a free consultation call HERE.