REVEALED!! HOW TO BE FINANCIALLY SECURE
Financial security doesn't just come by wishing ,or because I am working or I have a good job, sometimes all of these don't guarantee financial security. There are lots of factors that must be considered and things to put in place that will give you financial security. Continue reading to find out what will guarantee your financial security in life.
What is financial security?
Financial security can be best defined as the kind of peace you have when you don't have to worry about how much money that comes into your hand be unable to meet your financial demands or expenses. Further more, you have enough money that is able to cater for any kind of emergency that may occur unexpectedly and even have enough money for the future financial goals (it could be investment )
THINGS TO DO TO BE FINANCIALLY SECURE
1) ALTITUDE TOWARDS YOUR NEEDS, WANTS AND SAVINGS
To start, before you can talk about financial security, you must first have a job that is bringing regular income to you ,after this you must have a budget for all you're spending, you don't just wake up one day and feel like buying something that your income for two months can not cater for. Budget must be done Base on your needs ,wants and savings.
The reasons for budgeting is to prevent unnecessary spending ,it helps you to spend within your plan and you won't run into bankruptcy at the end.
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What are your NEEDS?
These are essential things that you cannot do without, if you don't do them your life may be miserable and it can cause a lot of discomfort to you and your family. These are basic things of life which include shelter, foods and security.Hence, these things must be included in your budget and cut your cloth according to your size, don't do more than what you have not budgeted for, this is wisdom.
What are your WANTS?
These are completely different from your needs, they are things that you spend money on without any implications if you don't do them. These include clothes (latest in town), going to the best restaurants, lodging in a five star hotel, buying the latest car ,all these things don't have adverse effect on you if you don't do them.If you are working towards financial security in life ,you have to be careful in spending unnecessary on your wants.
What are your SAVINGS?
PAY - YOURSELF-FIRST ,this is very important, as your income is coming in, the first thing to do is to remove the stipulated amount you have budgeted for your savings, doing this will reduce the amount of money you have access to in spending on other things. You need to plan for your retirement, long term goals, emergency, all of these can be done through your savings,it's very important to be disciplined about your savings, let nothing affect what you have already budgeted for it.
If you know that it may be difficult for you to be disciplined about your savings, you can approach your financial institutions to help you deduct certain amount you have budgeted for savings each month as your salary is being paid before you even being notified that your salary has been paid the money has been deducted and transferred to your retirement savings or utility savings account. This will help you so much to save in away that will bring about financial security. You can now make budget on the remaining money for your spending.
2) CLEAR YOUR DEBTS
Sometimes debt becomes unavoidable in case of mortgage, education,health and many under basic needs that in incur debts . As long as these debts are there, you cannot be financially secured, hence find away to clear the debts and be calculative and prioritise how you pay off your debts.The truth is that most of the debts are with interests ,there for the calculative way of paying these debts include payment of the debts of the highest interest rate and gradually coming down to the one with the lowest interest rate until you finish paying all your debts.
As much as you can , be disciplined enough to avoid all avoidable debts ,debts accumulation is a sign of financial insecurity and this will never allow you to get to where you will be financially stable , secure and ultimately achieve your goals in life.
4) INVOLVE IN INSURANCE SCHEME
Insurance is one of key ways to be financially secure. There are basic things that you should insure which include health ,then you can insure your car(s) ,house and others ,some even insure their pets and then doing life insurance is also good.
Insurance of health can actually be done by yourself or through your employer, if your employer don't provide this scheme for you ,you go ahead and do it by yourself and for your family. You can actually look out for insurance companies around you or you search online to locate one for yourself . Other insurance mentioned above such ,car ,houses, pet etc mostly are done by individuals not by your employer.
What are the benefits of being financially secure?
- When you are financially secure ,you will be confident in setting out goals for yourself and family and achieving it
- There is a fullness of self actualization and self-esteem when you are financially secure ,that is when you can afford a meal and be satisfied, your bills you can confidently pay them anytime any day etc .
- No emergency can throw you off balance, you are always ready to meet up.
BE WARNED THESE THINGS CAN CAUSE FINANCIAL INSECURITY
* Bad habits such as smoking and drinking of alcohol, you can get addicted and all your life savings will be going into it
* Accidents such as fire or road accident; ensure you stick to road safety precautions if you own a car you can read this..CHECK THESE TIPS OUT FOR YOUR ROAD SAFETY..and for fire safety tips you can read this..FIRE SAFETY TIPS THAT WILL SAFE YOU AND YOUR FAMILY
* Lost of investment, be careful in investing ,make sure you do calculative investments,go for the investments of very low risk.
* Being defrauded ,ensure you know the people you want to do financial transactions with ,not people or on Internet that you are not sure of their credibility, you may be defrauded and your life savings gone.
* Robbery, ensure your house ,car and your properties are adequately secured, in case of car safety tips read this .HOW TO COMPLETELY SECURE YOUR CAR FROM THEFT ANYWHERE.and in case of your house safety you can invite anti theft security agencies to install anti-theft system in your house.Read HOME SECURITY !!! FOLLOW THESE STEPS AND STOP HOME BURGLARY
In conclusion, financial security is achievable, don't continue to live your life in financial insecurity, we have been able to reveal to you how this can be possible, why can't you begin the journey to your financial security today by taking these steps that have been highlighted for you.
Thank you for reading,we provide a place for comments below and you can also contribute to this article by writing your thought at the comment section,doing this you may be helping somebody.
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very informative blog on financial security.Keep Writing.
ReplyDeleteThanks so much
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