Employment

10 Ways to Be Financially Secure in 2019

Every new year we look for ways to improve our finances. It is important to start the new year with a focus on how to make money work for you. The world economy continues to go through challenging times. It is wise to have a solid financial plan that Below are 10 Ways to Be Financially Secure in 2019

1. Keep your day job

While the economy might be challenging and salaries come in late, you need your job. Don’t make hasty decisions like quiting. Keep your job until you actually find something stable to move to.

2. Have several revenue streams

Have side hustles that supplement your salary. Allocate the side hustles to take care of your different financial needs. Just make sure that your side hustle doesn’t interfere with your day job.

3. Budget

It might sound cliché but always have a budget for everything including entertainment. It’s important to adjust your budget given the current economic climate.

4. Save money

It’s one thing to keep money under your mattress and it’s another to save it. Saving money means investing in something that gives returns. Invest in stock or real estate.

5. Don’t do credit

Don’t borrow money unless it’s for something big or important.

6. Get insured

A lot of people take having insurance for granted. It’s only when tragedy befalls them that they see that it’s more expensive. Make sure that you have health, life, home and car insurance.

7. Keep savings

Always have an emergency fund. These savings are for those really hard times and are easily accessible.

8. Resist impulse buying

Be frugal with yourself. Always ask yourself, ‘Would it make a difference if I don’t buy this thing?’

9. Do things in advance

For groceries buy things in bulk and stock up in your pantry. You can save much by buying in advance. For bills, rent or school fees, pay three to six months in advance. For the rest of the year you can put your money to good use.

10. Spend within your range

There are algorithms to how to spend money. Your rent must never be more than a third of your earnings.

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