Tips For Surviving Through Financial Challenges [Final Part]
A few day ago, we took the first part of the tips anyone should have at the back of their mind in order to make a headway through financial challenges. The truth is, you cannot predict the exact time that financial challenges will rise up. The only choice you have is to brace up yourself against the challenges, so that they will not take you unawares. Here are a fews more additional tips.
1. Saving Up A Part Of Your Regular Income
If what you spend is exactly the same amount you get as income without having a single savings, it is very risky. No matter the size of your income, you have to set aside a few to save for future eventualities. At the point of financial challenge, your own help may be the quickest help you will get. Even when you have invested part of your earnings, there is a need to save some - at least to sustain you till the investment matures.
When a farmer plants his seeds, he does not plant everything he has in his storehouse, he reserves some to sustain him till the period of harvest. Without that, hunger might kill him before the harvest period. When you make it a point of duty to save a certain percentage of your income each time, in the long run, you will be surprised by how much you have saved up. It only requires financial integrity.
The truth is, it is always easier to invest from what you have saved than to start sourcing for new capital when the opportunity for investment comes. You see, saving is not only for future survival purposes but also for future investment purposes. Note this: It is lack of financial discipline to consume every single money that comes you way.
2. Observing Routine Maintenance Early
Many people do not feel the need to observe routine maintenance until it becomes bad and will cost more to fix, thereby putting strain on the person's pocket. For example; routinely changing your car oil will prevent a much more bigger problem like the engine knocking. You see, when you detect issues at the early stage and get it fixed, it may reduce the bill you will have to pay if such things damage.
This goes way beyond properties to even personal health too. Going for a routine check-up may prevent you from breaking down and incurring a bigger hospital bill. For example; it is far better to visit a dentist for a toothache than paying to have a root canal surgery when the tooth has finally gone bad. Most people may feel that they do not have enough money to spend on this maintenance but when there is a major disruption in the person's health, they will still curve out a bigger money to fix it.
It is true that you cannot predict life but you still need to play your part to ward off future disasters.
Thanks for reading
Hello @samminator
Both points are very important, as they are often neglected because they are not given the importance they deserve.
Saving is and will always be a priority, the amount to be spent should be evaluated in each case, but not omitted.
I consider preventive maintenance to be very important, you can avoid greater evils.
Best regards.
That's true, some people tend to neglect these points but they are very important to save someone from financial stress.
Thanks for coming around
Hi @samminator
Good points you shared, no doubt, saving is not only about doing it for future emergencies, which is not bad to do obviously, but managing to save to invest, should also be a goal.
I think most people wait for things to be really bad to start solving. And that's the worst thing, really.
Preventive maintenance should be above restorative maintenance.
Thanks a lot buddy. Waiting for things to go bad before fixing it will incur a much bigger bill than fixing it on time.
Cheers and have a blessed day
Well said. Most time people do ignore or didn't realise the importance of having emergency funds. One must save from its income in case of emergency financial needs
Exactly, one should be able to keep emergency funds in case of eventualities. Thanks a lot for the nice comment buddy
Hello friend, I think it is wise advice to save part of the usual income, especially when your company is well established, thanks for sharing your experiences with us.
See you later, have a great weekend !
That's right. The need for saving cannot be over-emphasized. Thanks for the nice comment buddy
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TrufflePigOne of the things I mention in many of the comments I write is that saving is one of the pillars of wealth, without a constant growth of wealth you do not have the vision of growth that motivates people to take care of their finances, in the On the other hand unexpected expenses can ruin your financial plans, there is a method that involves using a sheet to place in a list all expenses and thus not lose the spending plan.
I am really impressed with this particular point. We can reduce expenses it's all depended us but you must have proper planning for that. We are wasting money in lots of unnecessary things.