Are You Physically Fit But Financially Flabby?Feb 14, 2023
Just as physical fitness requires consistent effort in exercising, eating healthily, and getting enough rest, achieving financial fitness involves a few key actions as well. In this article, we will discuss some of the habits that contribute to financial flabbiness and suggest ways to become financially fit.
Habit 1: Spending Money on Things
One of the biggest contributors to financial flabbiness is spending money without a plan. When we don't know where our money is going, we often end up buying things we don't need or that aren't important. To become financially fit, it's important to create a spending plan and be intentional about our purchases. By doing this, we can become savvy spenders rather than impulsive ones.
Habit 2: Spending More Than You Make
Another common cause of financial flabbiness is spending more money than we earn. If we're frequently asking ourselves, "Where did the money go?" at the end of the month, we're probably living beyond our means. To become financially fit, we need to either increase our income or adjust our spending to match our earnings.
Habit 3: Relying on Credit Cards for Purchases
Using credit cards for everyday purchases and carrying a balance can lead to big trouble in the form of high-interest charges and overspending. While credit card rewards can be tempting, it's important to only use them for purchases that we can afford to pay off in full each month. This way, we can avoid the cycle of debt that leads to financial flabbiness.
Habit 4: Using Credit to Pay Off Other Debt
Borrowing from one source to pay off another defeat the purpose of achieving financial fitness. Instead, we need to use our own money to pay off debt and build a solid financial foundation.
Habit 5: Neglecting Short-Term and Long-Term Investments
Finally, failing to set aside money for emergencies and future goals is a sign of financial flabbiness. To become financially fit, we need to prioritize building an emergency fund and investing in our future.
By breaking these habits and developing healthier financial practices, we can achieve financial fitness and build a secure financial future.
If you are ready to become financially fit, make sure to get your complimentary Financial Freedom Session. Financial Freedom Strategy Session
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