Tips for Financial Stability

For the younger generations in the world today, it can be increasingly difficult to keep their head above water. It can be a struggle to live the carefree and spontaneous lifestyle that they desire. How do they make enough money to take the trips they want? Is it possible to find work that supports this lifestyle without compromising their values? Are there avenues out there for them to make money doing the things that they love and are passionate about?

The simple answer is, YES! The difficulty lies in finding opportunities that allow them to make the kind of money that will support their lifestyle. Finding these opportunities requires recognition of their passions and an ability to market their personal creativity.

Regardless of their skills and passions, there are a few simple steps that will allow them to feel more financially secure in their everyday lives and avoid that awful money-related stress.

Here are a few simple strategies that can be employed in their everyday lives in order to alleviate that stress and create a comfortable feeling of financial stability.

  • Create a Monthly Budget

    Sounds simple right? Most of you have likely heard this over a hundred times from parents, friend’s parents, advisors, etc. Well, that’s because it really goes a long way to helping you identify your monthly input and output. Creating a budget allows you to better understand how much ‘unobligated’ spending money you make every month. This will help you cut back on those $100 nights downtown, followed by the hung over realization that your bank account has been overdrawn!

  • Explore Cheaper, Healthier Food Alternatives

    The unfortunate reality for many of today’s youth is that the food that is actually good for you is also considerably more expensive than the ‘Buy One Get One Free’ deals at your local supermarket. However, in most cases there are cheap, healthy alternatives out there. Local farmers’ markets and meat producers offer significantly healthier and cheaper food options. While it may not be possible to do all of your shopping through these avenues, even buying solely produce from an alternative source can cut down on your monthly food bill. It will also make you feel much better about what you’re eating and whom you’re supporting with your dollar!

  • Minimize Clutter in your Living Space

    Over the course of your life you have become extremely skilled, whether you like it or not, at accruing a plethora of clothes, furnishings, electronics, and recreation equipment. Take a look! How much ‘stuff’ do you have that you only use maybe once or twice a year? Is that one use per year worth it? Can you afford to get rid of or sell some things to reduce the amount of clutter in your life? Asking yourself these questions will help you create a healthier living space, and may even put some money in your pocket!

  • Explore Alternative Means of Transportation

    Sounds pretty simple and generic, right? Well, you’d be surprised how much of a financial difference it can make. Many of you have spent years neglecting public transportation or even the possibility of using your own two legs simply because of the perceived inconvenience.

Does it require a little more planning? Yes. Will you have to get up possibly 30 minutes to an hour earlier to make it to work? Most likely.

However, the amount of money to be saved certainly balances out these other inconveniences. Using your legs, as well as public transportation options, can reduce your monthly gas bill from around $100 to close to $0. You will go from filling up 2-3 times per month to filling up just once every 2-3 months. That’s money that you can use towards rent, recreational activities with friends, or many other things that prove much more fulfilling than driving!

These tips for financial stability may appear quite simple on the surface, but creating a monthly budget, exploring cheaper and healthier food alternatives, minimizing clutter in your living space, and seeking alternative means of transportation can all have a profound effect on the level of comfort that you feel when it comes to your personal finances.

Brad Smith’s Bio

Brad Smith is the CEO and a co-founder of Rescue One Financial, headquartered in Irvine, California. Rescue One Financial helps individuals with unsecured debt during troubling times. Brad has been quoted in a number of different financial publications and his previous debt resolution company was ranked #7 in the Inc 500, September 2010.

Brad started his 18-year financial services career on Wall Street where he worked with the largest retail advisory group at Merrill Lynch. He helped pioneer the restricted stock diversification business at Morgan Stanley and still holds all of his licenses today (Series 7, 31, 63, and 65).

Brad writes a twice-weekly blog published on the Rescue One Financial web site, has authored a number of published articles, and is a regular guest contributor to US-based radio and television financial programs. Brad holds a BA in Economics from the University of Southern California.

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