Hello hive community,Am happy to among you today and am also happy to share my ideas on how to maintain financial stability.
I will love to appreciate the afford of our reach-out admin and the rest of the community leaders who always put in their best to see that we the new hive members explored in the communities and thank you for this wonderful topic of the week.
financial stability means managing your finance properly,and been able to make the right financial decisions.the ability of one to manage his or her fund and the ability to make the right financial decisions and to maintain a stable financial problem at a given time is what Is call financial stability.
Ways in which we can maintain a good financial stability;
create a budget:To be able to be financially stable,you create a budget that will help you to track down your income and expenses and you should work with it.
Having an emergency fund : Emergency funds are used in terms of situations that are not planned for but may likely occur. Example; sickness , etc . Having emergency funds will save you from embarrassment when you have a situation at hand and you didn't plan for it.
Savings : To ensure financial stability, you need to learn to cut your cost and save money . You are not expected to spend every money that comes into your hands. Savings can be useful in terms of emergency, executing long term or heavy projects , etc .
Investments : An individual should invest his/her money into profitable enterprises.
Prioritize needs and wants: Have a scale of preference, spend money on things according to the order of their importance , don't spend on unnecessary things.
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