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10 Habits Financially Stable People Have

10 Habits Financially Stable People Have

Keeping your financial life stable requires some discipline and development of good financial habits. We all do not want to be in a financial hole that leaves us emotionally and psychologically devastated. It is better to protect our finances when we can, before situations cause our money to slip away from our fingers. That is why it is important to learn a thing or two from the financially stable.

1. They don’t spend impulsively

Money has a way of engaging us. This apparently happens to a big problem for us all as we want to take advantage of the “easier” life. Impulse spending means eating out and shopping extensively until we drain our finances. Financial stability can only be attained when we control and monitor our impulse spending.

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2. They save money

Financially stable people spend less than they earn. You may not have abundant capital but you can indulge in the right and important things and not overspend. This affords you the opportunity to save money. So learn to negotiate phone, cable and utility bills. Or simply reduce how much you spend on grocery, restaurants and clothing.

3. They track their spending

They monitor their spending. This can be done occasionally. Perhaps once a month you can write how much you have spent, and see what areas you are running deficient. When this is done one can understand how efficient he is using up his finances.

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4. They invest

Financial stable people do well to secure their future. Even when retirement isn’t lurking nearby you can start setting some money outside in deposits for investments

5. They eliminate and prevent debts

All debts are not the same. A loan that builds with high interest is not the same as low interest loans such as mortgage and student loans. Debt has a psychological effect that works against the debtor, so it is better to eliminate or prevent debts. Know how much you owe now, whether it is a car loan or credit card debt.

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6. They budget

Financially stable people budget their income. By using a budget they are able to ascertain where their money is going to and seeing that it goes to where they actually want it to go to. With apps like Mint and You need a budget you can take charge of your budget and start becoming accountable for it.

7. They respond automatically

Yes they do not procrastinate with their finance. They do not delay in the paying of their bills. By doing this there is no room for debt growth and affords you the opportunity to know what money can be used for personal expenses.

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8. They give up bad habits

This takes some discipline. But financially stable people understand that bad habits have a way of eating into their income and robbing them off their future joys. Things that truly make you happy are inexpensive and do not leave you swimming in financial wreckage.

9. They plan

There are special things or activities that you would want to reward yourself with. It could be buying a house, buying a car, going on vacation. This could be long term goals that require you to efficiently plan and achieve them. Instead of simply procrastinating, put numbers and dates on those goals. By doing this you can be consistent and see them to fruition.

10. They take care of their health

Financial stability requires some responsibility. You cannot accomplish nor do much without protecting your vehicle to success, besides medicine is expensive, from medication, examination to treatment. Financially stable people protect their finances by also protecting their health and ascertaining a healthy lifestyle. We all do know unforeseen occurrences can happen but please there are things one can manage and are still in your control.

Featured photo credit: http://www.morguefile.com via morguefile.com

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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