How To Become Financially Stable In 9 Steps | Clever Girl Finance #Finance

so have you ever met someone who never seems to worry about money they always have the cash to buy the things that they want they’re able to pay their bills in full and they’re even able to cover the unexpected expenses life throws at them well that person is likely financially

stable and you too can Achieve Financial stability with a plan and we’re going to talk about that in this CashNews.co so do you consider yourself financially stable share in the comments hey everyone my name is Bola shokumbi I’m the founder and CEO of clever girl

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance I’m also the author of The clever girl Finance book series and my latest

book choosing to prosper welcome to clevergirl Finance TV so in today’s CashNews.co I’m going to go over nine steps as to how you can become financially stable

but first of all let’s talk about what Financial stability actually means so being financially stable basically means that you are comfortable in your financial situation and this can be different for everyone right you may feel a sense of financial stability stability if you’re able to

pay off your Debt if you are able to build a large emergency Savings if you’re able to stop living paycheck to paycheck right those are scenarios in which you might feel financially stable you may have a significant amount of Savings or you

may have reached a certain Savings goal and in your mind you have that sense of confidence and peace about your Finances and in that sense you would be

financially stable so it really depends on different people’s situations and what their comfort and confidence levels are when it comes to how much money they have available to them to access this so what causes Financial instability well it can come from an event or a habit or a series of

circumstances that causes someone to become overextended financially and unable to meet their financial obligations so Financial instability could result from a job loss uh the loss of the household Income earner in your in your family it could come from taking on massive amounts

of Debt uh an emergency situation a divorce for example so there are different scenarios as to what can cause someone to become financially unstable and you know sometimes it’s out of people’s control right so if you have a dual Income household and you

lose part of your household Income or you lose you know someone in your family it can be difficult to recover financially and it also could occur from overspending or poor financial habits so there’s a variety of reasons that can lead to financial instability that said

let’s discuss how to get yourself on the path to financial stability because as I mentioned earlier it is possible with a plan so number one to pursue Financial stability the first thing you need to do is get to know your Current financial situation where do you currently stand with your

Finances what is your Income every month what are your expenses that you have to pay what are your core Essentials how and where are you spending your money

these are all things you need to take into consideration to understand where you stand where what Debts do you have to pay what Financial Obligations do you have every month in terms of the bills that you have to pay are there any other people depending on your

Income that you have to pay expenses for and if you’re not clear on your Current financial situation a couple ways to do this are number one pull statements from your bank account from your Credit card and just see where your money has been going the last few

months and then also pull a copy of your Credit report you can get this at annualCreditreport.com for free and just see where you stand in terms of your obligations and this is the foundational aspect of getting on the journey to financial stability once you

understand where you are with your Finances where your money is going you can restructure your spending to prioritize your core Essentials so your food housing Transportation

your core utilities any medicines that your household might need and prioritize putting your money towards paying those obligations and then determining what are the opportunities for you to save cut back on expenses and even earn more number two you want to then set goals towards becoming

financially stable so you know where you are right now you’ve prioritized your core expenses your core Essentials the next thing you want to do is set goals where do you see yourself or where do you want to see yourself in the next three months in the next six months in the next 12 months you

want to set these goals around how much you want to save around maybe getting a better paying job how much you want to earn around how how much Debt you want to pay down once you structure your goals and then you break those goals into smaller chunks that you can pursue every week

every two weeks every month then you have a focus plan to work towards becoming financially stable number three adopt a Frugal lifestyle so when you are on this journey to becoming financially stable you’re going to have to make certain sacrifices so that you can achieve your goal of having

peace of mind around your Finances right so adopting a Frugal lifestyle and living below your means can be very helpful this way you stay focused on saving money on not

spending as much so you can put the money you’ve saved towards your goals like investing saving or paying down Debt keep in mind that adopting a Frugal lifestyle is not a punishment it’s not a bad thing instead it allows you to focus on your bigger goals right and if

you there are certain things that you like to do you can still build them into your budget right at within reason while you adopt a Frugal lifestyle so for example maybe one of the things that you enjoy doing is going going out to eat with friends and family so maybe as opposed to doing this every

single week or multiple times a week you build it into your budget into your Frugal plan that you will do this once a month this way you can still maintain that social enjoyment that you you you like but at the same time still work on pursuing your goals and sticking to that Frugal lifestyle while

you pursue your goals and get to being financially stable I hope you guys are enjoying this CashNews.co so far if you are please hit the like button below subscribe to this channel tell your best girlfriends about clever girl color: #1a73e8; text-decoration: none;">Finance and then stop by our website at clevergirlFinance.com we have over 30 plus completely free courses on a variety

of different topics from personal Finance saving Budgeting investing to business and career and more and we also have an awesome podcast called the clever

girls know podcast that you can find everywhere you listen to your podcast episodes okay let’s get back to the CashNews.co number four when you get on this journey to achieving or reaching Financial stability you want to avoid unnecessary Debt so getting a mortgage lets you

own your own home however there’s some kind of Debt that you just want to avoid because they will not help you reach Financial stability for example opening a store card to buy a dress um spending money on a Credit card on things that are non-essential these

are all things that you want to avoid right you want to be able to focus on achieving your goal of saving paying down Debt getting to that financially stable point and then building money into your butt into your budget to spend on the things that you want your non-essentials but

right now you really want to focus on avoiding any unnecessary Debt that can distract you or derail you from getting to that point of financial stability number five prioritize building emergency Savings so on your journey to financial stability it’s

important that you have a buffer in place that you have Savings in place in the event that life happens right a flat tire your water heater breaks you need to buy an emergency a plane ticket or even a worst case scenario you lose your job so it’s really important that you

start building uh your emergency Savings and this means building saving for emergencies as a line item into your budget that way if life happens you have this buffer that you can fall back on without having to rely on Debts and once you use your emergency

Savings which is what it’s what it’s there for that’s it’s intended purpose then you can start to replenish it but it’s really important that you have emergency Savings so you don’t have to rely on Debt because

having that Savings in place is foundational to financial stability number six pay yourself first so a great way to achieving Financial stability is having money in the bank having Investments in place that will ultimately allow you to achieve your long-term goals

for example you may want to buy a house you may want to be planning for retirement or want to retire early you may want to move to another country or city or pay for your child’s education whatever your long-term goals are you want to to pay yourself first so you’re able to achieve

those goals and this means before you touch any of your paycheck right a certain percentage based on your budget goes towards saving for your future self if you have an employer sponsored plan this is an easy one to set up because you can just have money directly set into your 401k plan or a 403b

plan and if you don’t have one of those Plans offered to you you can set up your own investment accounts your own Savings accounts and then have your payroll automatically send X amount of money based on your budget to worth saving for your future self but having that money

being put aside for your future self gives you that peace of mind gives you that Financial confidence and in turn leads to financial stability number seven improve your financial literacy so one key aspect of financial stability is understanding how money works and a lot of times when people are

struggling with their Finances they feel overwhelmed by what they don’t know so start by improving your financial literacy understand how to budget understand how

investing Works under stand how to structure your goals and your safe your Savings plans Etc and one great place to start is on the clever girl Finance platform we have all

of these great books that you can purchase or have your local library order for you the cleveral Finance book series or you can visit our blog it gets updated every single

day and we have over 30 plus completely free courses on all these different topics around personal Finance saving investing Budgeting paying off

Debt Etc and we also have over 40 plus completely free worksheets that you can download and use to start structuring your plan to achieving Financial stability number eight you want to make financially stable career or business moves so it’s very likely that your career or

your business is where the bulk of your Income comes from that’s what it is for most people so start thinking how can you start making strategic moves to help you earn more money at your career in your business so at your job maybe it’s asking for a raise or finding a

better paying job or having a conversation with your boss to determine what efforts you need to put in place to get the highest level um bonus for example right in your business it could be learning new skills to help your business grow for example marketing or even increasing the prices for your

products and services so that you can make more of a Profit so start thinking about what strategic moves can you make in your career or in your business to help you get closer to achieving Financial stability one key word of caution when it comes to earning more money in your

career or in your business is that you want to avoid lifestyle creep and this is very common essentially where people earn more money and all the extra money they earn somehow gets spent because they want to upgrade their car they want to upgrade their housing they want to upgrade their clothing be

very mindful especially on your journey to financial stability if you’re getting extra money you want to give that money a purpose that aligns with your goals of saving paying off Debt investing and Etc and number nine make room for fun it can be really difficult if you are

focused on achieving Financial stability focus on paying off that saving on your big financial goals and all you’re doing is paying bills and saving for many people this can just be demotivating because you don’t get a chance to do the things that you truly love right you may love to

travel you may love to spend time dining out with friends and family those are the type of things that you want to build room for in your budget while you’re on the journey to financial stability you may not be able to just spend money that freely because you’re focused on your goals

but still build in some room for fun within reason without derailing yourself from your goal so that you don’t feel like depressed or uninspired or demotivated because all you’re doing is focusing on achieving financial goals right there’s more to life than money and so you want

to build fun into your budget as well reaching Financial stability takes dedication it takes focus and it takes time and so you want to empower yourself with the right structure right you want to build out your goals you want to create your plans you want to set reminders on your calendar you want

to keep yourself accountable or even share your goal of financial ability with other people so that they can check in with you and keep you accountable and when I say other people I mean the right type of people who have achieved what you’re trying to achieve or are on the same Journey with

you and are serious and focused about their financial well-being so with that said know that with this plan by creating this plan by leveraging the tips in this CashNews.co you too can achieve your own Financial stability you just want to give yourself time stay focused and be patient so when it

comes to your own Financial stability what which of the tips in this CashNews.co have you been able to leverage or which of the tips do you plan to start putting into place I would love to know and your comments could Inspire and motivate someone else as well so share in the comments below thank

you so much for tuning in to this CashNews.co I hope you have enjoyed it and don’t forget to hit the like button subscribe to this channel tell all your best girlfriends about clever girl none;">Finance stop by the website clevergirlFinance.com check out our 30 plus free courses follow us on Instagram covergirl

style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance and tune in to the clever girls know podcast everywhere you listen to your podcast episodes I’ll talk to you next time