5 Financially Stable Ways to Become Debt-Free

by | Nov 12, 2021 | 0 comments

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What does it mean to be financially stable? Financial stability means that you are debt-free, you can pay your living expenses, and you have money left over to enjoy life. In essence, you aren’t constantly worrying about your finances. 

Becoming financially stable should be a goal that everyone sets in life. Can you imagine waking up and not having to worry about money every day? The good news is that you can do things that will help you be financially stable at some point in your life. The bad news is there are things you might do that will prevent you from being financially stable. 

With that in mind, here’s what you should and shouldn’t do for financial stability:

What does it mean to be financially stable? It means that you are debt-free, you can pay your living expenses, & you have money to enjoy life.
Photo by Karolina Grabowska from Pexels

5 Financially Stable Ways to Become Debt-Free

Save money

You should save money, it will help you be more financially stable as you will have money in the bank to fall back on if you ever need it. Ideally, you need a savings account – along with an emergency fund. If you haven’t started saving money, you need to begin right away!

Invest money

You should also invest your money alongside saving it. In essence, this is like saving, only you can earn more money from your investments. It’s all about being diverse and having money in different things. There are loads of investments you can look into, and it’s up to you to decide what is worth putting your money in.

What does it mean to be financially stable? Financial stability means that you are debt-free, you can pay your living expenses, and you have money left over to enjoy life. In essence, you aren’t constantly worrying about your finances.  
Image by Firmbee from Pixabay

Make sure you do lots of research before you invest as some investments are better than others. One idea that crops up a lot is a cryptocurrency, and if you’re going down this route, you really need to research and ask lots of questions. For starters, is Bitcoin legal in your country? It should be, but this is a good example of why questions and research should be asked and completed before you invest in anything. 

Budget

You should create a budget if you want to achieve financial stability at some point in your life. Budgeting lets you keep track of your spending, letting you have enough money to save or invest. Realistically, without a budget, the other two points are impossible for you to achieve. Creating a budget has several benefits of being financially stable, and one is just being able to keep track of when your money is coming in and how much is going out. When you start budgeting you can start working towards building an emergency fund.

Couponing is a great way to save on groceries. Just don't get into the habit of spending what you save when couponing. It won't save you a single thing if you're spending what you've saved. Put what you have saved into a savings jar or account. You'll see your savings grow pretty quickly and aid in becoming financially stable.

Shopping at stores like ALDI USA & Dollar stores are great alternatives to big box stores. I'm an ALDI USA girl through and through for our groceries. If I can't get it there, I do end up going over to Walmart or Target. Target is my favorite store for items like cat food, litter, laundry soap, and dishwasher tabs.

Spend recklessly

You shouldn’t spend recklessly if you want to be financially stable. Overspending will deplete your income and make it impossible for you to pay bills, stay out of debt, and still have money to save and invest. Again, this is where a budget helps as it can restrict your spending and make it harder for you to spend too much cash.

Financially stable employees are the best employees. They are less stressed, able to focus better, and are able to work more efficiently. So if you spend recklessly and are not financially stable, you could become a liability to your workplace because you are less focused.

What does it mean to be financially stable? It means that you are debt-free, you can pay your living expenses, & you have money to enjoy life.
Image by Borko Manigoda from Pixabay

Keep track of what subscriptions you have but do not use often. You may just be spending money that you could be putting into a savings account or use to pay down debt.

I never realized the subscriptions that we paid for but never or rarely used. We've in the past had upwards of 15 subscriptions. Ranging from $5 a month to $20. Do the math, that is anywhere from $75 to $300 that we were paying out of pocket for maybe 3-4 of them we were actually using.

Last year I cut out more than half of them and last month I cut another 3-4 out. There are a few subs we use on a regular basis that we will not get rid of (ie Netflix, Evernote, subs that I use for my blog, etc).

Borrow frequently

Lastly, you shouldn’t borrow money too frequently. Generally, the only time it makes sense is if you are getting a mortgage or need a loan for a larger purchase. In all other instances, borrowing is going to be bad as it puts you in a lot of debt. 

What does it mean to be financially stable? Financial stability means that you are debt-free, you can pay your living expenses, and you have money left over to enjoy life. In essence, you aren’t constantly worrying about your finances.  
Image by Tumisu from Pixabay

So, here are the things you should and shouldn’t do for personal financial stability. If you survey the list, you’ll realize that the tips aren’t that challenging at all. It’s really all about setting your budget and being timid with your spending. From here, you can save and invest, keeping yourself very stable. 

Written by Anna C.

I am a wife and mother of two sons. We live in Rural Northeast Ohio with our 2 cats, 2 dogs & many fish. I love all things Supernatural, Harry Potter, elephants, sunflowers, crystals, occult, crafting, coffee, wine, and online shopping. Have a TikTok, PokemonGo & Elder Scrolls addiction, I've always loved plants, recently I became a houseplant mom, and am currently growing over 15 varieties in our home! Now if I could get my outside gardens to flourish I will be happy. When I'm not tending to the home, pets, plants, or hanging out on the couch catching up on my shows, I'm doing some type of crafting or DIY project. (Or I'm pestering my husband in the barn.)

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