Becoming financially stable is something that is truly a part of the American Dream. Everyone wants to have the ability to provide for their family, enjoy a few splurges here and there, and ultimately not be drowning in debt. It's a worthy goal that isn't as hard to attain as you may believe. We have some great tips and ideas to help you become financially stable no matter what your situation may be.
In today's economy, everyone wants to save money & find new ways to do so. Here are 10 ways to become financially stable, regardless of how much money you make or how far in debt you are.
10 Way To Become Financially Stable
- Cut out the money wasters. Things like grabbing a specialty coffee on the way to work, buying anything food or medicine from a gas station, or the take out on a busy afternoon can add up fast. These things can really dig into your budget and become splurges that you aren't even thinking about. While they may only be $3-$5 each at the time of purchase, they quickly add up to hundreds of dollars spent each month that could be prevented.
- Reduce or eliminate fees. There are tons of things you can do like using cash instead of a card, getting a free checking account, or getting rid of useless fees on bills. Contact all of your regular services like your cellular phone or television services and ask about each fee and part of your bill in detail. There are many monthly fees you may be paying that are totally unnecessary.
- Earn money for the things you already buy. We love Ebates.com, Swagbucks.com, Mypoints.com, and Upromise.com for earning rewards for online purchases. Using these sites will help you become financially stable by becoming a rebate system of sorts. They help make purchases more affordable up front, and in the long run when you receive cash back or rewards on your purchase.
- Track your expenses. One of the easiest ways to do this is to save EVERY receipt for 3 months to see what you really spend. Add an envelope to your purse or counter at home to keep these receipts in. At the end of the 3 months, pull them out and separate by what is a need (paying bills or even groceries), and what happened to be wants, like a new pair of shoes or that meal out instead of a brown bag lunch. You'll find those hidden expenses easily when you do this.
- Create a budget that you can live with. Cutting out all fun money will result in a binge shopping trip or night out. Make a functional budget that allows for a reasonable amount of miscellaneous splurges. This actually helps you become financially stable because you are accounting for the spending rather than overlooking it.
- Start small. Focus on one habit at a time instead of a major lifestyle upheaval. Start with just one meal out per week instead of daily. Maybe it could be cutting back one spending habit instead of all. Slow and steady wins the financial race.
- Set up a payment arrangement on 1 debt at a time. This is similar to the snowball effect as it helps you to focus on one at a time and pay them off as fast as possible. Even if you mail them $5 a week if that's all you can afford it will make a huge difference.
- Use Netflix instead of Redbox or pay-per-view.
- Meal Plan. Plan your meals out for 1 week or 1 month, whatever works for you & your family.
- Set up an automatic transfer to a savings or investment account. $5 per week makes a huge difference when you forget it is there. Many employers will even direct deposit part of your paycheck directly into your savings accounts for you.
These realistic tips really can help you become financially stable. Combining these tip with other great frugal living tips can make a huge difference in your overall ability to get out of debt and become financially free.