Hi friends, I am here again to share my idea on a topic I know you will love, (I hope you really love it), okay buddies, I will be writing about financial health today. When I write on this financial topics, I always say to myself, you know you are not there yet, yes, but because I am trying to learn and I am trying so hard to get to the point where I am writing about, it absolutely gives me hope that someday soon I will get to the point of what I write about. Today friends, I will be writing on the topic ''Financial Health''.
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Financial health is a measure of how sound your finance is as an individual, it is basically how forward or how backward you are financial, it could also be described as a measure of financial security. When trying to measure financial health, it is based on the different descriptions, we have; our income, savings, expenses, debts, investments, credit rating, and basically all-around financial planning. To say that is all to mention would be a big lie, we also have other factors to strongly consider, we have our standard of living, job security, and even inflation.
While we look out for our health, because I am certain no one wants to fall sick, we also need to look out for the health status of our finance, having unstable and bad finance could even make us sicker than we think, bad finance would go a long way to eventually give us physical disease. When you get into a good place health-wise, it becomes more easier to enjoy life's quality since at this point you are stressing about where the next meal will come from, what your kids would put on, where the next rent will come from, etc.
I can write a lot about being stressed financially because I am currently at that point in my life right now. Sometimes my head bangs out of worry, when I do not know what I am going to eat the following morning, or where the next transport fee to take to school would come from, it is just a lot. As a young student who tries to run a jewelry business, advertising consistently and having no sales is certainly a lot to worry about and it surely and definitely affects my health.
Growing to the point of having good financial health does not happen in one day, the same way losing weight does not happen overnight, a lot of work and consistency has to be put in to get things to work. For those of us who are not in a good healthy space financially right now, we just have to relax and follow the right steps to get there. I want to share three quick steps on how to gain strong financial health;
Understand your financial strength: First things first, understand your current financial situation and go through everything you have that eventually makes up your net worth. Calculate how much you have in savings, investments, cars, houses, and even debts. Carry out your addition and subtraction procedure and from there visualize how much it is you want to achieve in the coming year.
Create a budget: Living randomly, especially with your finance will not get you to the healthy financial point you want to be. You need to create a budget for your finance, how much you want to spend on a daily basis, and what you have coming in and going out amongst others.
Reduce your debts strategically on a daily basis by concentrating on making bigger payment plans for your debts. You will be able to achieve a better level of financial security when you work with a budget.
Plan for financial future: Creating financial goals and steps to improve your future will increase your financial health significantly. If you fail to plan for the future, then do not expect the future to also be ready for you. Consistency in preparing for the future begins today and making strategic plans to get the most out of tomorrow is a huge necessity. Saving and most importantly, investment is a good ways to plan and prepare for the future.
We have come to the end of today's post and I hope you found it worth your while, financial future is great and I will also like to add that, please do not look down on yourself today because tomorrow is certainly going to be better than you think. I appreciate your time and the support I get as well, please have a great week friends.