Financial Stability VS. Financial Responsibility

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I was watching a morning show earlier today and have heard about these two words . The topic was about income, earnings , spending , saving . And for me this subject is very relevant to what we are experiencing right now in the country. Lemme give clarity on what this things are.

Financial Stability

Financial stability isn’t about being rich. In fact, it isn’t a number at all. It’s more of a mindset. When you have financial stability, you don’t have to stress about money and you can focus your energy on other parts of your life. This may sound like a dream, but financial stability is something you can achieve. It will take some time and you will need to put in the work. When you are financially stable, you feel confident with your financial situation. You don’t worry about paying your bills because you know you will have the funds. You are debt free, you have money saved for your future goals and you also have enough saved to cover emergencies. source

Financial stability might differ on its meaning deoending on how people will look into it, you might say you are financially stable but your friend might say you're not. Let's try to check on some sample signs that you are possibly financially stable.

✓You got all your basic needs
✓Can pay bills monthly
✓Have extra money left over each month after basic needs are met ,bills are paid , amount maybe $100 up.
✓Paid any debt you might have
✓You got savings
✓You got investment

For me , financial stability means , you don't have any financial worries because you can got enough to cover all your expenses plus you got savings for future and you don't have any debt to pay.

Financial Responsiblity

Financial responsibility means living within your means, regardless of the level of those means. And to live within your means, you must spend less than you make.So take a close look at your financial situation, evaluate you earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.source

Being financially responsible is simply not spending much or over on what your income is . Being like this you should be ready for what is unexpected that's why it's important to have emergency funds. Also , you don't need to mind what your neighbors would tell you as long as you manage your funances very well. It's okay to treat yourself and shop, but make sure that you can afford it. Let's check some possible things you need to look at so you'll know if you're financially responsible

✓Learn to save first before spending your money

✓Should have an emergency fund

✓Budgeting at its finest

✓Dont worry what others would say they're not paying your bills

✓Know the dufference between your Needs and wants

✓Stay away from debts as much as you can

Money seems to be a need now a days. It's as if you're out of the map if you don't have it. Yes , that's reality now but then again being financially stable might also mean you are not financially responsible , it always depends , but being financially responsible might lead you to be financially stable. You don't have to be rich to be have this two financial status, you just need to be contented on what you achieved and work out on the resources you got at the moment

Your Financial Adviser, @zephalexia ,😂 just kidding!!!

much love,