Financial Friday- Being Money Smart

The following is a guest post by Jason Holmes-Thanks Jason!

Being money smart ? Balancing your financial and personal stability

Being money wise can actually help you maintain lots of things in life. It can not only help you with attaining success in life, but also to maintain financial stability in life. Therefore, it is important for you to be financially literate, and wise as to how you are using your money. There are various strategies and different tactics which you may have to follow, in order to be able to maintain all of these at the same time. In addition, you will also have to start thinking about your retired years, so that you can enjoy a debt free and financially stable life then too.

Habits that can help

In order to remain financially fit, it is extremely important for you to develop some good habits. This is not only going to help you with maintaining a good financial stability but also personal stability as well. If you do not get to give much time to your finances throughout the week, try to organize it even before the weekend starts. So, make it a habit to organize the finances within the Friday night, even before you start spending for the weekend merriments.

1. Buy only when required thereby control your impulses ? It is wise of you to buy the items as per your requirement, rather than buying those on impulse. For, when you buy items on impulse, these in general turn out to be the items which you do not actually require. Therefore, this simply is wastage of money. If you stop spending money on impulse buys, you will get to save more and thus also use it towards debt pay off.
2. Evaluate the expenses made so that you live frugally ? It is important for you to evaluate all of the expenses made, so that you can keep track of the same. This is going to help you in lowering your expenses and to live a frugal life, where you may be able to save more than what you do, on an usual basis.
3. Set proper and savings goal for now & after & start saving ? In order to maintain a debt free and financially stable life in order to be able to save for your future, for a stable retired life, it is important for you set a proper goal. Now, rather than settling only a long term goal, you can also set a short range one. If you try achieving the short range one as of now, you may be able to gain confidence over the same with time. This therefore, is going to help you set and attain the long term goal too.
4. Eat healthy & exercise to stay fit & avoid medical bills ? If you eat healthy and if you exercise, you will not only be able to stay fit and fine, you will also be able to save money on the medical bills. For, if you can maintain your health, it may help you to lower the medical expenses. The medical bills contribute a lot towards incurring higher and unmanageable debts for you.
5. Work on eliminating debts & so try out the management options ? It would be wise of you to try out the different finance and debt management options. These can not only help you do away with the existent debts, but also to manage the finances easily too, so that you do not incur large debts in the future. You can try out the debt avalanche or the debt snowball method or may be the debt snowflake method. These options can help you in paying down the debts fast enough. If you can pay down your debts, this is going to help you with improving your financial standing in the long run.
6. Start learning management skills & about investments ? Other than starting to work on the investments and debt management too, it is equally important for you to attain some knowledge on the same. This is going to help you in planning debt management more easily than before. In addition, you may also be able to choose the right investment option, which ultimately is going to help you in growing money, and therefore secure your future too. Financial literacy is an extremely important step towards gaining financial stability.

So, this is how you can stay money wise, and also may be able to stay financially fit, not only as of now, but in the future too, after you retire.?

Jason Holmes is a professional financial writer. Mostly he is a freelancer, working for various finance community including ?debt consolidation care who are interested about good writing. He is quite knowledgeable of various financial matters like credit card issues,saving planing and frugal living. Follow Us on :?https://www.facebook.com/debtconsolidationcare

Source: http://www.agoddessoffrugality.com/2012/12/financial-friday-being-money-smart/

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