Sunday, June 23, 2024

What Does It Take to Truly Feel Comfortable About Our Financial Situation?

August 25, 2020 by  
Filed under Money/Business, Tech/Internet, Weekly Columns

( If there’s any financial lesson to be learned from the 2020 COVID-19 pandemic, it’s that our financial situation is never certain and we can lose our job at a moment’s notice. This uncertainty has made it incredibly difficult for us to gain a sense of financial security. No amount of savings is going to help if you can’t secure a job for months. Debt is also a huge problem that will continue to creep behind us until we finally pay it off.

So what can be done? Can we really feel comfortable about our financial situation despite all the strife and frustrations we face on a daily basis? With the right mindset, it’s very achievable.

It all starts with budgeting

One of the very first habits you need to develop is budgeting. It’s incredibly important to start managing your incoming and outgoing money seriously. The best way to do this is to use a budgeting app that can help you track your expenses. A budgeting app will allow you to control your spending with more confidence. You’ll add how much money you have, how much you make and how much you spend. With this information, you can look at what you spend a lot of money on, where you can start saving and where you’re potentially losing or wasting money.

Having alternate sources of income creates a safety net

Nobody wants to lose their job. It ruins your income and it makes it difficult for you to bounce back in a financial sense. As a result, it’s best to have an alternate source of income if possible. Diversifying your finances and getting your main income from multiple different sources can help create a safety net while also providing you with more money to use. We suggest freelancing as a potential option for creating an alternate source of income, but a side hustle or even a second job can work as well.

When in doubt, don’t hesitate to speak to experts

Most people handle their finances on their own. They’ll wing it and read advice on the internet when they’re having trouble, but that’s about it. They don’t like relying on other people because they’re unsure if the advice can help or not. We’ve all had lectures from our parents and friends about money, so it’s difficult to tell who you can listen to.

This is where experts such as DTSS can help. Their complete freedom membership program helps to restore your freedom with debt discharge options, freedom education and a better understanding of your finances. Whether you’re struggling with your income or aren’t sure how to cope with your overwhelming debt, you’ll definitely have something to learn from the experts.

Can anyone get comfortable with their financial situation?

Absolutely! Achieving financial freedom is all about having safety nets that allow you to continue making money even during hard times. The other important components are freeing yourself from debt and also taking control of your spending.

Staff Writer; Paul Jackson

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