With Research Staff: Athena Geez Frann
Introduction
Here in this article, we will delve into the 5 Financial Tips & Redflags: Headed for your Financial Freedom.
Only the 38% of Americans are given deliberate calculations to be financially healthy whilst the 44% said their expenses exceeded their income in the last year “Center for Financial Services Innovation”. Only 10% believe they have saved enough for their retirement days.
On the average, people say there is a 45% chance that they will run out of money in retirement, while only 41% say they have taken any action. 38% of households have credit cards and debit averaging to US $16,000 (PhP800,000.00).
There are certain things you may be doing with your financial aspect that needs improvement and right management. You can learn about your financial strengths, financial tips and techniques, gain new money management skills and build knowledge to help you.
Table of Contents
Here are some efficient financial tips for you.
5 Financial Tips & Redflags: Headed for Financial Freedom
1. Avoid Excessive Borrowing Money Repeatedly
Shun away from excessive borrowing money time and again both from banks and from people. Keep away from lending or borrowing money at all unless it’s actually an unforeseen circumstance or emergency because in the long run it will unfortunately come to be a system of your unified equilibrium already. It will become your acquired habit and behavioral pattern because you were antecedently used to continuously borrowing money before your monthly payday.
Say adieu, farewell to debt. A periodical monthly payment, interest liabilities and charges will eat up an enormous chunk of your earnings if you tolerate them. So never barely create minimum payments on your credit cards or other debts. Rather, pay off as much as you can and get out of debt as soon as possible.
A promptness payment of your bills on credit will ensure you won’t have to pay additional fees on credit card. Help yourself fully grasps the nature of a credit. Credit can be a serviceable functional tool, yet it can also be adversely damaging to your pockets if not used responsibly. Save for the rainy days too.
Negate having to plunge into credit, rather buy cash whenever possible. If you are incontestably easily being swayed or inclined to be easily enticed with glittering objects, garments and shoes at the malls or online app store close your eyes and count into a hundred, better yet don’t watch online app store. Think first before buying.
2.Stop Impulse Buying
Refrain from keeping on impulse buying on sale items just for the meek reason it’s on sale. Nay, you can save but dont purchase merely for the sake of buying because it’s on sale. Yep, online app store constitutes less costly products– but take heed, be cautious of the shipping fee if it’s noticeably costly. Buy on sale in the malls if you unquestionably need it. Ask yourself first before buying if it’s actually a necessity.
Its utterly significant to ask yourself if you really need it immediately or later. If you’re gonna buy the items and yet just possibly put it on your sideboard and shelves for months and months without using it–then don’t purchase anything at all. Even if you have the monetary fund’s dont spend it just for the sake of buying on sale. More so– teach yourself to stop excessively buying online. Train yourself to not always look on your gadget’s online app store section. Plus, you can uninstall online shops in your gadgets.
A colleague recently returned her item home appliance needed for their upcoming family event which was bought on an online app store because it looks quite different online with the actual products and the item doesn’t work at all. It’s not even functioning when she tried it– which was explained to her as a factory defect.
I recently tried to place an order for a stand for my music instrument with an online app which I find very cheap or less expensive, saying to myself woow I’m so happy to finally see you here. And the chat reply from the online app store took some time. However, after finally placing the order the online app store surprisingly charge me a whopping 4x fee for the shipping cost. Of course with dumbfounded wide eyes staring at the smashing shipping fee, I have naturally cancelled the order right away– at that very instant.
Why on earth would I pay for that when I can always buy it at the shopping malls at a low price but with no high shipping fee? Why would I foolishly pay that 4x high shipping fee charges on an online app store??? Rather than buying at the online app store and be charge with that relatively blasted shipping fee I’d rather buy on nearby malls with no costly shipping fee.
Instead of paying high shipping fee I would rather buy it for one of my fave Estee lauder, Jessica Mc Clintock or the Burberry scents at the malls, sometimes it’s nice to pamper and reward yourself with your hard-earned money. My funds would not be wasted for that shipping charges as I can already buy my fave perfume with that. Be prudent in buying. Be a wise buyer, armored with keen discernment. What I did? Simple– I have removed and uninstalled all the online app store after that and decided to happily buy from the mall. Happy me.
PhP1,000.00 (US$20)- ordered 1 music stand
PhP3,900.00 (US$78)-shipping fee
PhP4,900.00 (US$98)-total bill from online app store
3.Restrain on Going with the Latest Trend in Town
This month a craze is out in the market, next 2 to 3 months a new chic trendy device is out again in the merchandise which is intended to strategically be mass-produced to be mass-purchased for a massive gain for the store and the supplier, Henceforth the tendency is for you and the populace to purposely buy it off-the-rack outrightly without any restrains. And you keep on purchasing more and more trendy items using your credit card. It becomes your mental make-up acquired fully by physiologic exposures that shows itself on increased facility of performance.
It’s a superfluous waste of funds to spend more than you can financially manage to bear the cost of. Don’t squander your money on non-essential things because you work hard for your money, you hard earned money. Don’t go with the tide to misspend– indiscriminately spending. Don’t go with the latest trend because your finances will be magnanimously feigned and affected.
Don’t be a spendthrift. Even if you have the monetary funds, refrain from keeping on purchasing unnecessary devises. Consisting with the countless left and right gadgets and items you keep on buying, you don’t even have the ample time to customary use it altogether anymore. Most of all, you lose a great opportune and the suitable moment with your family and kids as devices and gadgets are eating much of your time and less of quality family time. Get a life, a life with a balance in gadgets, family and a life with the LORD.
4. Vices and Friends
Enjoy now, have a good time, and cry later. Be self-disciplined. Set governing rules for yourself and have decisive determined influence over your mind. If you dont have a discipline resolute mind, you will end up impoverished, your finances will be damage irreparably.
Don’t excessively dine in across the brim pricey restaurants daily when you can do so in a less costly restaurants with the same food. Do not be lured when the enemy of God whispers and lure you to engage in excessive drinking, bar hopping, smoking, betting, gambling in casinos or cockpit as if there is no tomorrow because again you will end up broke. If you have these kinds of friends, you have two options– leave the group and covering them on your prayers OR bring them with you on your family’s regular Sunday service and group prayer meetings.
If it doesn’t work, if they won’t listen and go with you on Sunday service with the Christian pastors– Stay away from people or friends who have these vices otherwise you will have corrupt interference and less rewards for your efforts and hard work, you’ll end up broke.
Stay away from excessive incitement to some usually unpremeditated actions. It becomes an acquired mode of behavior that has become nearly or completely involuntary and not subject to control of your will and reflex. Fortune and fate have never been gained from betting and gambling– rather it is associated with diligence, persistence, resourcefulness, hard work and daily prayers. These are the efficient ways of doing things. Proverbs 10:4 A slack hand causes poverty, but the hand of the diligent makes rich.
5.Defeat Laziness and Headstart to Productivity
Excessive online games, extreme watching of tv and lavish social media, steep TikTok, overweening Netflix, K-dramas, overmuch movies is unhealthy as it can cause cognitive, health and even mental problems– it’s all overkill. Whilst staying socially active, playing musical instruments, reading, writing, outdoor physical activities, group discipleship, group bible study, are good for both your cognitive, health and mental health– boost your brainpower too. If you’re sick, you dont have capacity to earn, hence eating plant-based foods is vital for your health and energy. Don’t be lazy, don’t procrastinate. Time is of essence.
Don’t indulge too much in easy life, work smart. work-life-leisure balance. Unproductive” means not useful or not creating anything. It can also mean not giving good, steady, or useful results. Something that is unproductive is not worthwhile or beneficial and does not lead to practical or beneficial results. Unproductive efforts are useless, futile and don’t yield results and profits.
Create your plan of action, time and effort to meet your goals. Use your strengths, make tedious tasks fun by listening to a background music of Don Moen, it becomes your prevailing disposition or character of your thoughts and feelings. Aim for a work-life and family balance. Learn to adjust time and energy between your work and personal obligations with your kids, family and God. If your pay is just good enough for your family, kids and savings then that’s good, but if it is not enough for your big family then apply a simple equation–“increase your income.”
How? Either you can have an additional supplementary work or have passive income. Find other source of income… if you dont want to work too hard despite your parental obligations to your kids then find ways to earn passive income.
Rentals, blogging, writing, virtual assistant, create videos, upload photos on istock and many other online platforms, buy and sell websites 200k-500k to 1m price per websites and above, invest in stocks like real estate or stable food chain or google and microsoft, sell products online, do some consultancy pertaining to your profession, focus on your skills and hobbies, you can sell your homemade arts and crafts, have tutorials, tutor some students and a lot more of passive income.
Set out on creating more money using your existing money. Keep yourself healthy so that you will have the energy to earn more– it’s a health investment thing. Proverbs 10:4 A slack hand causes poverty, but the hand of the diligent makes rich.
How to Beat Laziness with Healthy Living
1.Processed foods full of preservatives, additives, trans fat and artificial ingredients slow you down. Whilst, eating plant-based foods and those rich in protein is good. Yogurt, fresh veggies, fruits like bananas or apples etc, nuts, fresh fish like tuna, salmon, fresh sardines, mackerel, herring, rainbow trout, perch white fish, cod white fish makes you less sluggish and lazy.
2. Avoid sugar and high fat which drain your energy because they’re perpetually slow to digest.
3. Regularly sleep and rest seven (7) to eight (8) hours at night to feel refresh and ready to tackle both the early morning and the rest of the day ahead.
4. Outdoor activities like swimming, tennis, basketball, soccer, biking, group Zumba, group aerobics, group dancing– improves moods and reduce stress and depression.
5. Water therapy is equally vital as staying hydrated all day long boost your energy and brain function.
Internal Links
1.7 Topnotch Ways to Invest Money
2.11 Best Self-Sustaining Business
3.3 Fundamentals of a Small Business Accounting
4. 7 Best Local Business with High Profits
5. Amazing 10 Small Business Start-ups
6.10 Helpful Management Tips
7. How to be a Self-nurturing Successful Entrepreneur and Successful in Life: 7 Ways
8.11 Best Systematic Strategies on How to Start a Small Business
9. Get A Life With 5 Exciting Stress Management Techniques
10. 7 Best Interest + Driven Strategies to Thrive in Freelancing
External Links
1.Surviving the Recession: Practical Tips for Weathering Economic Challenges.
