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By Michelle Wanjiku
Financial stability is something every one of us wants to have. It doesn’t matter what you are earning now or what your financial situation is at the moment, you can actually achieve financial freedom; all you have to do is make good money choices.
In this article, see some of the best tokens of advice from financial experts on how to improve your finances and become financially stable.
1. Always know where you stand
Sadly very few people know exactly how much money they have and what they are worth. It’s very difficult to come up with a financial plan if you have no idea where you stand in terms of finances.
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You need to know your exact net worth to be able to come up with a good plan to improve your finances.
According to Stefanie O’Connell, a money expert; to know where you stand financially, you need to look at more than just what you earn every month, look at your savings, investments, things you own as well as how much debt you have.
This will give you a clearer picture of your net worth which will enable you to make informed financial decisions that will improve your situation.
2. Find out where your money is going
Another very critical aspect of attaining financial freedom is, actually knowing where all your money is going.
This means that you need to track how you are spending your money, which will force you to notice the bad financial habits that are keeping you from succeeding financially.
It is easier to cut down on unnecessary spending when you have a clear view of what you are spending money on that you shouldn’t.
3. Ask for more money
It goes without saying that the more money you make the easier it will be to achieve your financial goals.
With good financial planning and more money, financial freedom is something that you can actually achieve.
So don’t be afraid to ask your boss for an increase if you feel like you have earned it, negotiating for a higher salary during interviews or even asking for more money as a freelancer.
4. Look for ways to increase your income
Having a side hustle that gives you an extra source of income is a great way to improve your finances. Look for something you enjoy doing that can earn you a few extra shillings to supplement your salary.
Having multiple sources of income is great because not only do you have more money but you also don’t have to worry about not having any income if you happen to lose your job.
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5. Hide your money
According to money expert LaTisha Styles, you need to hide your money from yourself. You could be tempted to spend that bonus you were not expecting because you feel you have more than enough.
However, what you should do is save that money in an account you cannot access it or even go as far as ensuring you can’t see the exact amount of money you have saved.
6. Start saving for retirement
Something you might have overlooked is saving for retirement. This is something you should start doing as soon as possible because the earlier you start saving the more money you will have when you retire.
You don’t want to start depending on other people after your retire or change your lifestyle because you no longer have the money to sustain it.
Saving for retirement is good but you also have to invest and ensure that when you stop working, you still have a source of income.
In Conclusion,
When it comes to finances, making good decisions can be what determines whether you achieve financial freedom or not.
You need to ensure you are making the right money decisions that will help improve your financial situation.
Source: The Everygirl
The writer is a Communication Officer/Digital marketer at Career Point Kenya. Email: michelle@careerpointkenya.co.ke