We all think about financial stability at one time or another. How do we achieve it? It’s not as difficult as you think and you don’t need to be earning lots of money. These tips are all simple and effective. They will set your financials straight and get you on the path to finical stability.

Know your money

You think you already know your money, however, if you did, you probably wouldn’t be reading this. What do we mean by this? Keep an accurate list of all the money going in and coming out. Add up every cent for the month, this way you can see where each penny goes.

Get to know your financials. Are you better off or worse than you previously thought? Maybe it’s time to cut back some non-essentials.


Goals work in all aspects of life. We all know we should set them, but we never do. Making a goal for the future is something to work towards. It doesn’t have to be a big goal; it can be small if you want. Save an extra $100 a month or be debt free in 18 months. You want something there for you to focus on.

Get rid of debt

Get rid of the debt! High-interest debts like credit cards are doing you no favours. Banks and other credit card companies are taking you for a ride. If your boat is leaking, what do you do? You plug the holes first. This is the same idea. Fix the issues before you do anything else. Your list of where your money is going will no doubt have a lot going to debt. There are many smart ways you can get out of debt.

A second income?

Nobody wants to get another job, but there are ways you can get new forms of income. The sharing economy is perfect for this. You can cover bills and expenses with the help of sites like Spacer. They let you rent out space to local people in need. You can earn thousands a year from your space and you don’t have to do anything, just watch that extra cash roll in each month. It could be used to pay off debt!

Stash it away

The most simple and best advice you will get is to save money. Having 3-6 months of expenses stashed away is your target. That seems like a lot but isn’t that bad if you keep saving over an extended period.

You want to have at least $1000 ready to through at a situation. You will have fewer worries and peace of mind. This will do wonders for your financial stability because you don’t have to spend from your weekly income.

The future

Monthly contributions of at least $100 towards a retirement fund are recommended. That can turn into $100,000 over 30 years! Speak to your bank or even your human resources team; they can set up direct deposits, so you never forget. $100 may not seem like a lot, but it will make the difference down the road.

Plan your purchases

Plan purchases to save big. If your list of purchases has many in the ‘misc.’ column, that indicates too many impulse purchases. These purchases are negatively affecting your financial stability. Fixing this problem will offer immediate success.

Set limits for yourself. Always do your best to stick to that monthly limit. You don’t want to have a complete restriction, that will fail quickly. Make 30-day waiting lists, if you see something you need, put it on the list. If it has stayed on the list for 30 days and you still want it, now you can splurge. This simple act removes the impulse urge to buy.

Achieving financial stability is possible! All these steps are very straightforward, they just require some effort. It’s as simple as that.