Living on the financial edge is similar to saying your financial health is failing. This article shows you three signs of financial health failure and how you can work towards addressing them.
1. Impulsive spending
Beautiful goals can get one excited and encourage a rush to set up a savings plan for such goals. Sadly, at the slightest financial desire, many are tempted to dip into their savings set for a particular goal.
With such an attitude, it is almost impossible to achieve any financial goal. Delaying gratification, by restricting access through a lock-up feature for your investments would help prevent this.
2. Borrowing to fulfil wants
The idea of borrowing to fulfil wants can be considered worse than the earlier sign, as promises are usually made based on expected incomes before they arrive. This can lead to a cycle of debts and stagnate your journey to financial fitness.
Instantaneously stopping this might be tough. So, as you gradually battle this mentality choose to set aside an untouchable part of your income that would be automatically deducted from your income periodically. Cowrywise can help with setting up such periodic deductions. You should read our advice on paying your debts.
3. Idle Money
Financial malnutrition is not necessarily the absence of cash but sometimes the presence of cash that is not working for you. To feed your financial life you need to go beyond savings and discover how you can make your savings work for you.
With your money working for you, your savings stash is not just assured but you are also sure of getting returns — that is your money working for you! This is the foundation of the savesting idea at Cowrywise.
Can you relate to these signs? There is no need to fret. All you need to do first is get started here; and if you have started but still need some advice you can request a call through our digital media platforms: Twitter, Instagram and Facebook. That way you can gain access to tailored advice from our trusted team of advisors for free.