As the world gets scarier, the desire to become more financially independent grows stronger. These are uncertain times we are living in and it seems the old school of rinse and repeat (boom, bust, boom) is not certain. Wages are stagnant and have been for quite some time. The cost of living keeps rising, yet the wages barely record an upward tick. Is it any wonder that many are working two, or even more jobs just trying to make ends meet? If you are on a financial path to increase wealth, here are five simple fixes for a better financial picture.
5 Simple Fixes For Rosier Financial Health:
Start an emergency fund:
This is something l have talked about previously. It is important to have some backup savings in case of an emergency. Life is unpredictable. Things can, and will often go wrong. With an emergency fund, you can sail through with less stress and without getting into further debt. You can start an emergency fund simply by putting any spare money in a jar, or in a piggy bank. One of the best ways is to have some money automatically deducted from your checking and transferred to your savings account. It doesn’t have to be a big amount either. At the end of the year, you would be surprised at how much you manage to accumulate without much effort.
Stop making emotional, impulsive decisions:
When it comes to your financial health, you must keep your emotions in check. You have to separate your wants from your needs and think carefully before making financial money draining decisions. Spending your funds on something that is momentarily gratifying but ultimately useless in the grand scheme of things is not the way to go, like that expensive vacation for instance. This only leads to more debt and stress. Think before you leap.
Stop getting tempted by easy credit:
At every turn, you are being bombarded by offers for new credit cards with zero percent interest. Auto dealers offering you a snazzy new car for just $199 per month, furniture companies urging you to get the sofa at zero percent. The big awesome 4k smart TV also at zero percent. It’s enough to sway and convince you that you really need all that stuff. Nothing comes free and easy. the time will come when you have to start paying for all those shiny new toys that brought you fleeting joy. The ads forget to mention that by the time you finish paying off the debt with interest, you are so much worse off, mentally as well as monetarily. That is not their job. Their sole job is to hook you and let you suffer the consequences.
Simplify your life:
This sounds simple enough doesn’t it? A simple life means something different to people. For you, it might be foregoing traditional television (in keeping with the above point and reducing temptation) and instead subscribing to Hulu or Netflix where you are not bombarded with consumerism. For me, it means watching less television and going back to reading more. Find what works for you and make it happen.
To me, this is one of the hardest things to do. There is such a thing as lifestyle fatigue. If you are on a financial path to grow wealth, chances are you are being thrifty, watching where your money goes. After a while, you might become jaded and feel like rebelling. I think it’s only human to want to chuck it all in and go crazy every once in a while. It’s important to celebrate small wins. When you fall off the thrifty frugal wagon, don’t be too harsh on yourself. The most important part is to dust yourself off, and keep your focus on the big picture. Stay disciplined to achieve your goal.
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How is your financial journey going? Do you have any other simple fixes for better financial health advice?