Unfortunately, many of us are on the wrong path. We’re doing very little to establish financial security because we’re only looking at the present situation. In reality, if you want a stable financial future, you have to make the right decisions today. As they say, there’s no time like the present – so let’s get started!
3 Tips for Future Financial Stability
Financial stability can seem like some far off dream, but it’s not as elusive as you may think. By taking some practical steps today, you can gradually establish a foundation that’s strong and secure.
Here are some tips to help you get there:
- Pay Off Bad Debt
Nothing will destroy your financial future quite like debt. If you’re drowning in debt, the chances that you’ll ever be able to accomplish your life goals are minimal at best. That’s why it’s critically important that you start paying off debt now.
There are many ways to pay off bad debt, but you’ll want to start by getting a big-picture overview of your situation. Order your credit report and use this information to make a list of all of the companies currently holding your debt and the amount you owe them. Then contact each of these companies and attempt to settle the debt amounts one at a time. Try satisfying any small debts that you’re able to pay off immediately – those that are just a few hundred dollars or less – and then focus your energy on the larger ones.
- Get the Education and Training You Need
If you’re in a dead end job with very little pay, then it can be challenging to dig your way out. Short of hitting the lottery or stumbling upon a pile of cash, the only way to increase your income is by getting a higher paying job.
Here are three good options with above average pay and larger-than-average expected job growth in the next few years:
- Medical assisting. The health care industry is booming and there are plenty of opportunities to go back to school and obtain the education needed to enter this industry. Online medical assisting is one of the top opportunities. Employment is expected to grow by 16 percent from 2008 to 2018 and there are ample opportunities for online learning.
- Information technology. The IT job market is hotter than it’s ever been. There are high paying jobs available in a number of different settings and an associate’s degree is all you need to start benefiting today. There are many affordable degree opportunities that could fit your busy schedule.
- Experts expect a considerable amount of job growth in the energy industry. This includes jobs related to gas, electricity, petroleum, utilities, and more. A two-year degree in engineering technology – which can be completed online – is generally viewed as the minimum requirement.
As you can see, not only are there high paying industries with lots of expected growth, but you can complete the educational requirements from the comfort of your own home. Talk about a game-changer!
- Start Saving Money
In addition to paying down debt, you also need to be saving money each month. While we all have intentions of saving, the truth is the “spend first and save what’s left” strategy rarely works. The only way to ensure you’re saving is to automate these savings.
Treat your savings like a bill – not an option. This forces you to adjust your monthly budget around your savings, which lessens the chance that you’ll simply forget about it or push it to the side.
Get Control of Your Future
While extenuating circumstances do occasionally prevent people from establishing financial security, the reality is that most people have a healthy amount of control over where there money goes and how it’s spent.
If you want to create a future that’s safe and secure, then it’s imperative that you take actionable steps today to pave the way for a brighter tomorrow. It won’t be easy, but it’s certainly not impossible. What are you waiting for?