Everyone wants to attain financial stability. Who wouldn’t want to live life today to the fullest, while having enough to not stress about the future?
Instead of making the choice to live for today 100% or saving for your future 100%, you want to be able to do both. This means that you can pay your bills and have a fully funded emergency account, plus extra. You may also want to retire early and travel extensively.
All the above are great financial goals. But they will only remain dreams if you do not have financial balance.
And that’s why we have written this post. In it, we will discuss how you can find the balance of spending enough to achieve happiness today while still saving for tomorrow. Ready to learn? Let’s get right into it.
Save Long
Growing your money through savings does not mean scrimping and skimping every cent. There’s an easy way to go about it. By saving small dollars over long periods of time, you can build your savings into your budget and grow your money for the future.
So whether you’re saving for college, saving for retirement, or you just want to have a Rainy Day fund, the process can be easy. One way to do this is by paying yourself. What this means is that for every purchase you make or before you pay any bill, you first have to save a percent of the expenditure sum.
When you do this consistently, after some time you will find that you have a tidy sum to offset an emergency need, or make a large purchase (like buy a house).
Invest Hard
If you want your finances to skyrocket, then you can’t ignore investment. You must come to terms with the fact that your 9 to 5 won’t get financial balance. Savings can help you keep some of your income aside, but investing will help you increase your income.
Luckily, these days, you don’t need a ton of money before you start investing. Also, you don’t need to be an expert in the stock market before you invest. You may get a few scrapes along the way. But you’ll be fine. But you’ll be better if you have an investment advisor to guide you.
Once you’re aware of your risk tolerance – that is, the amount of market risk that you can withstand or take – then you can choose an investment method to apply. Whether you go for lump sum investing or dollar cost averaging, ensure that your investment is helping you make money outside your current job.
You can also invest in yourself by learning new skills and taking care of your health. Poor health can affect your finances drastically and even force you into early retirement. Your health is a good investment. Pay attention to it.
Make Friends With Insurance
Insurances are designed to help you find balance. It’s safe to have the right insurance. Emergencies may come up unexpectedly, and without insurance, a person may have to foot major bills out of their own pockets.
If you are adequately insured, you can protect your income and assets. Consider purchasing an insurance plan for life, health, auto, disability, home, liability, etc. Make appropriate consultations with a financial adviser before you pick an insurance policy. This will help you ensure that you don’t overpay the premium on any of the insurance policies you choose.
If you notice that your policy has any unnecessary extras that are adding up and increasing the amount you have to pay on coverage, you can drop some of your deductibles to save money. Compare insurance quotes from different providers and go for the guys with the best offers.
Avoid the High-Roller Life
One smart money decision to make is to shun the extravagant lifestyle. You can do this by tracking your spending. Don’t overspend on your house, car, clothes, etc. Find the sweet spot, and stay with what you need. Buying less stuff can actually help you get richer.
While living below your means, you can still live life to the fullest. Make small adjustments by distinguishing between the things you need and the things you want. Spend money on things that you really need like food, shelter, and, yes, even vacations sometimes.
Watch out for and learn to manage lifestyle creep – the temptation to increase your spending as your income increases. When you spend less, you’ll have more money to put aside and you’ll also learn that you actually need a lot less stuff to survive.
Many people need help to curtail their spending. There are various financial tools that you can use to track your spending. Ensure that you seek and get the adequate help that you need to keep your finances balanced.
And this leads us to our final point…
Get Help From the Art of Financial Planning.
Attaining financial balance is possible. What’s more, you don’t need to wallow in self-deprivation or be overly stressed to achieve it. With the right financial plans in place, You can set yourself on a path to affording the lifestyle you want for yourself and your family, and enjoy both the immediate and future benefits.
Apply the plans that we have outlined above, and then do one more thing: get help by joining the Art of Financial Planning. At the Art of Financial Planning, we will help you meet your financial goals and attain financial balance.
We will teach you the essentials for keeping your financial house in order. We will also provide you with an annual financial plan and share insights to help you secure your financial future while enjoying some treats along the way.
Ready to get intentional about your financial balance? Join us now.
