Financial stability can lead to a very stable and comfortable life. To attain this , the following strategies should be considered, First, You have to understand your debt. Secondly, you have to save before you spend and lastly,You must have fewer expenses than your income.
Have a clear understanding of your debt.
you should calculate and know the amount of debt you owe people and companies. After this, go through your expenses both monthly and annually to see what you can reduce to begin paying your mortgage.secondly, you should avoid more debts after settling the current ones as this will allow you to become free from debts and enjoy your financial freedom.
Save first before you spend.
You should create and implement a very strategic saving plan to cater for emergency expenses.This can be 10% of your monthly income based on your interest. After this, you can break your savings into both long-term and short- term where you can save for immediate emergency expenses and also for the education of your children.
Have fewer expenses than your income.
You should adequately organize your paycheck into simple rates to allow your understanding of the exact amount of money you should spend out of your earning.Additionally, you should make a list of items you need to purchase in the order of their importance to avoid spending on what is not necessary at the moment.
You can quickly achieve financial freedom when you organize and implement your strategies on savings, expenses and understanding of the debt.