Thursday, August 5, 2010

Personal Financial Stability

This is one thing my boss has been encouraging me to achieve since the day Mama underwent operation.  That day, I didn't know where to get money to pay for Mama's hospital bills. I had to request for a loan in the office just so I could clear our balance.

Personal financial stability is a state wherein one does not have to worry where he/she will get funds for specific situations, be it emergencies or pure spur-of-the-moment indulgence, because he/she has enough savings to spend. I wish to achieve this state before I turn 35. I wish to have enough money for emergencies and still have enough money in the bank for other purposes. I wish to be financially fulfilled by that time.

I tried to reflect on my own and thought the following habits will help me save money.

1. Automatically and habitually save 20 percent [or more] of my salary. I have to consider this obligatory to make it possible. Right after withdrawals, I must deposit my savings.

2. I shouldn't shave what I have saved. I should refrain from using my credit card and maintain a 10-thousand limit if I want to save whatever amount I have in the bank.

3. Avoid impulsive buying. This, I should say, is the hardest habit to develop. I am a totally impulsive person. Once I like something, I buy it without thinking twice. Worse, the things I buy impulsively are not really necessary.

4. Be very, very determined to achieve this bucket list item.

Follow the link for more tips in achieving personal financial stability.

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