Greetings everyone. I'm thrilled to be a part of this week's contest , of which we're asked to write on the theme strategies for maintaining financial stability.
This is a very good theme to write on, and I was so excited when I saw this theme.Strtegies, is what every man need inorder to achieve certain goal in life.
Before I continue with what I have to discuss on this theme, I would first and foremost give us a brief definition of strategy.
What is strategy?
Strategy, is the the process where by an individual come up with an idea which would in return, bring good tidings to him .
Being strategic entails, taking a careful look at your strength, as well as your weaknesses.Of course you know that this is what strategy entails.
What financial stability? The word financial stability refers to the process where by an individual or a group of people who determine to carry out a certain task, do that with ease without any setback.
To be financially stable also entails having a certain business you're doing, which is generating income for you, and also looking for a way to make sure that whatever you're doing doesn't decline.
Strategies for maintaining financial stability
The following, are the strategies in which one can use in maintaining financial stability.
(1) Budgeting: This is one of the most essential strategy, in maintaining financial stability.And one who needs stability financially, must not fail to give a consideration to it.
Budgeting entails, knowing what you spend your money on ,where you , spend the money, and how you spend your money.Remember, money can't stay for a while in someone's hand, but you can make it stay for a while in your hand, if you maximise it properly.
(2)Saving the money either at the bank or elsewhere.This is one of the things people do not know.Saving your money, can help you to be financially stable.
The reason I say that is because if you continue saving it, you would find out that at the wnd of one or two months, you've achieve something that seems unachievable.That alone, would help you to be financially stable.
I've seen someone in this our present generation, who has refused to save her money elsewhere outside her home.But the fact is that, she couldn't control how the money she nade should be spent. So having an account, goes a long way.
(3) Reducing the number of debtors.This is also a crucial aspect of financial stability.If you know you're well to do, and people do come to get either your money or goods from you on credit, you need to make sure you stop doing that at least for a while.
When many people are owing you, it's making you financially unstable , because at that moment, you may not be able to experience much increase.
This post is in response to Hive_reachout prompt week
I invite @oyohoini Asana and @ fonpet to this contest.
Thank you.