We all strive to live a life with little debt. We wish for financial fitness and to do things we love and want. Over time we will build up our assets, learn better spending habits, and eliminate our debt. At what point will, though, will we be financially stable? Follow along for financially stability signs. These signs will let you know that you have arrived at a healthy financially fit lifestyle.
Those who have it together, automate their finances. They don’t have time to sit back and pay bills manually as they come. They set everything up to come out payday. Having a set schedule has them stress-free in the bill-paying department. Along with automating bills, they automate savings in the same fashion and always pay themselves first.
Other Financially Stability Signs include using credit cards merely for rewards. Financially stable people do not use credit cards out of necessity or rack up massive bills with credit. They use credit for rewards and pay off the bill in full each month. This allows them interest-free money and rewards they can rack up for cashback and travel.
Assets over Liabilities
Having more assets over liabilities is another good sign of being financially fit. You want your assets to be equal to or more than your debts. Good assets are investment and retirement accounts, paid off homes, and value appreciating belongings that are easy to liquidate.
Along with automating savings, financially fit people have a healthy emergency fund. This fund typically has 3-6 months of emergency money. In these current times, it is more like 12 months. They use this fund in crisis and don’t rely on it for everyday emergencies or maintenance that built into their budgets.
Those who have great finances are approached for advice. They are happy with their lives. They live how they want without worrying about money and are confident about their future. Backed by healthy financial decisions, others want their help. They will help you sort out and make good financial plans.
If you are not happy about your finances find someone to help you. Use these financial stability signs to track your progress as you make strides to turn your finances around. For tips on how to cope with stress due to financial issues or any stress during this time, please check out this article from BetterHelp: https://www.betterhelp.com/advice/stress/how-to-cope-with-stress-during-lifes-challenges/