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6 Ways To Improve Your Financial Stability In 2015

6 Ways To Improve Your Financial Stability In 2015

Financial stability isn’t built in a day – it requires a lot of work and formation of correct habits. But before you can even start doing this work, you have to make some decisions and take action – and what time can be better for it than the beginning of a new year?

1. Eliminate Debts

If you have credit card, unpaid student loans and similar debt, you should try and get rid of them as fast as possible and avoid getting into further debt. Although sometimes getting credit may be beneficial (if you want to use it to make an investment), you should never ever, under any circumstances, get credit for consumption. If you can’t afford something pleasant right away, you shouldn’t buy it – it is as simple as that.

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    2. Create an Emergency Fund

    Think about how much you spend on average every month. Then make it your first priority to put aside enough money to support you for at least 3-6 months in case you lose your primary source of income tomorrow. When you find out how hard it is to make it work, you will probably understand how dependent you are on your employer, which will serve as an additional motivation to work on financial stability.

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      3. Think about Auto Insurance

      Is your car insured? If not, it is high time to get to it. You may say to yourself that you are a cautious driver, that you haven’t had a single accident throughout your life, or that you can’t afford it. But the truth is, you are not alone on the road. And while you can try to be the safest driver in the world, it doesn’t cancel the existence of all of the kinds of irresponsible drivers around – and all you have to do to get into trouble is to meet one. So study auto insurance quotes and make sure you’ve protected yourself against all eventualities.

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      Hand with money and toy car

        4. Buy into gold IRAs

        Gold is probably the only commodity that steadfastly withstood all the crises, recessions and perturbations the world sent our way – for the entire duration of the known history. If it is stability that you are after, then you have no better choice than gold IRAs – because in their case, you may be completely sure you are not going to lose your investments. Just make sure to steer clear of suspicious organizations, and you are going to be alright.

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          5. Save with your 401k

          Many young people today put off the planning of their retirements until the last possible moment – which is the wrong choice, no matter how old you are. Moreover, if you start putting money away in your 20s, you will be amazed how much you will be able to save by the time you retire. So start immediately, and your best bet is probably your 401(k). Try to increase it to the maximum of what your company is ready to match – even if you have to live frugally right now, it will pay itself off in time. Do your research, protect your future.

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            6. Think about Your Family

            However unpleasant the thought is, all of us are mortal, and sometimes that is evident in a more sudden and tragic way. If there are people who depend on you – your spouse, children, parents – you have to think about their financial stability in case something happens to you. Insure your life and health – write a will and don’t put it off.

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              You may think that in your life everything is alright and nothing can go wrong, that you have plenty of time to put off thinking about your financial stability. However, things happen – and you will do yourself a world of good if you start this year with making some hard and unpleasant, but totally beneficial, decisions.

              Featured photo credit: Money/401(K) 2012 via flickr.com

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              Melissa Burns

              Entrepreneur

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              Last Updated on August 15, 2018

              30 Fun Things You Can Do This Summer Without Spending Much

              30 Fun Things You Can Do This Summer Without Spending Much

              Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

              Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

              Video Summary

              1. Visit a strawberry festival

              Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

              2. Have a picnic

              Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

              3. Camp in your back yard

                The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

                4. Take long walks

                Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

                5. Break a world record

                Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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                6. Go on a bike ride

                The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

                7. Join a gym class

                  The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

                  8. Find a new hobby

                  The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

                  9. Join a sports team

                  Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

                  10. Make a slip ‘n slide

                    Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

                    11. Make a treasure hunt for your kids

                    Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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                    12. Visit a free festival

                    Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

                    13. Visit the zoo

                      Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

                      14. Take a road trip

                      Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

                      15. Play ultimate frisbee in the park

                        Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

                        16. Make your own ice cream

                        Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

                        17. Invite your neighbors over for a BBQ

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                          When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

                          18. Get a summer job

                          For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

                          19. Attend a charity event

                          Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

                          20. Visit a national park

                          National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

                          21. Visit your local comedy club

                            Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                            22. Make your own hammock

                              Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                              23. Read in your new hammock

                              Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                              24. Watch a movie outside

                              Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                              25. Take a hike

                                Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                                26. Learn how to fly a kite

                                As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                                27. Work out at the park

                                American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                                28. Take your dog to the beach

                                  One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                                  29. Make a summer smoothie

                                  Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                                  30. Attend a free yoga session at the beach

                                  No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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