Easy Steps To Becoming More Financially Stable This Year

Image via Aaliyah Jay

Each year many of us set out with the same goal of becoming financially stable. Unfortunately, sometime within the 12-month duration, we drop the ball. Well, I have the keys to better financial success in 2018. I know what you're thinking. How will these tips differ from the rest? Well, the answer is simple. They're all practical and can be helpful no matter how much of a rut you're in. Here are 4 tips to a financially freer year!

Create A Budget

The term budgeting oftentimes feels like a curse word. I mean... who really wants to work hard just to be frugal? Ehhhhh! But believe it or not, if you change the way you think of budgeting it can become less of a hassle and maybe even a little fun. 

Knowing that you are taking charge of your finances is empowering. To create a budget effectively you must know when and where your money is coming from. The key to a successful budget is balancing. The saying "A balanced life is a happy life" is true even when it comes to money. According to Money Under 30, you should save at least 20 percent of your income. But we suggest that if you can afford to save more than do so. Manipulate the 50/30/20 rule to fit your lifestyle. (50% of income for essentials, 30% for voluntary spending, and 20% for savings.)  But remember the goal is to save more than you spend.

Do Not Make Purchases Based Off Of Emotions

If you're anything like me you're tempted to buy anything you see in the store that is millennial pink or has a nostalgic feel. You may even binge eat at your favorite, expensive restaurant and buy a bottle of champagne you can't afford just to sit in bed and sip while watching Sex And The City, all in the name of a "tough day." And this is all fine, occasionally. It is okay to treat yourself. It's fine to splurge because you deserve it. But it has to be done in moderation. Too many treats and spending money to cope with everyday life only leads to financial ruin. Do not buy off of impulse. Don't be afraid to sit on a purchase before going through with it. You may find that you didn't really need it or even want it after all. Try planning your treats in advance. That way you incorporate your fun purchases into your budget.

Monetize A Hobby

Is there something you genuinely enjoy doing that you're good at and has a demand? Find a way to gain from it. One of the best perks of being a millennial is that we are not strangers to having a career and a side hustle. Now is always a great time to promote yourself and your skill. Tell your family and friends about your new gig. Post about it on social media. The possibilities are endless. Earning extra money from your passions is one of the best feelings ever! 

Review Your Finances

You'd be surprised at the things that slip through the cracks in our finances when we aren't paying attention. Schedule a day to glance through your account statements and check stubs. Stay on top of where your money is at all times. Are there some subscription services you don't use? Cancel them. Looking through your accounts can put your expenses back into perspective.