People are turning to be more physically conscious nowadays. We notice it from the rise of gym membership clubs in the surrounding cities, alongside stores and restaurants that offers healthy food options. These observations are actually indicators of right steps that people are taking toward physical fitness. But if we talk about money, what are the key traits we must have in order for us to be considered as financially fit?
So here are six must-haves towards financial fitness.
1. Find a competitive income.
The most basic level of financial fitness is no other than an income. Salary is actually considered to be the primary bloodline of your financial well-being. Therefore, aiming to be financially fit is to start looking for a competitive income. The principle is clearly stated, if you care about your financial well-being, then here is what you are going to do – find a stable, and if possible, a good paying job.
2. Clear any debt.
One of the primary illness that can cause our financial health to deteriorate are debts. Especially when debt is unsettled, then it would always find its way affect our financial well-being negatively. Which means, you need to do your best to clear any of your debt as soon as possible. Nothing beats a debt-free life.
3. Build an emergency fund.
From the word itself, this fund is set up to specifically prepare for the rainy days, or during times of emergency. This type of fund includes unforeseen circumstances such as loss of job, health issues or calamities. The general idea is that in times of difficulty, a fund is readily available to be used for the said purpose. A six-month worth of your income would be the most advisable amount for an emergency fund.
4. Set up a clean-up fund.
Let’s get straight to it, death is inevitable. As much as we don’t want it to happen to us or to our loved ones, but at the least, we must be prepared for it. Clean-up fund is a dedicated fund that covers any expenses a person might have in case of death. This covers both memorial plan and cemetery package. This topic may be taboo in our country, but should it happen to you or your loved one, then it’s always good to come in prepared.
5. Improve your savings.
An extra-money would always come handy, therefore savings is a must. As you go along, especially at work, make sure to improve your savings. Before deciding to increase your lifestyle, make every effort to improve your savings.
6. Grow your investment portfolio.
So after taking care of the things mentioned above, then it’s about time to consider investing. There are many investment vehicles that you choose from, ranging from stocks, bonds, treasury bills and many more. You may search online to know more about your options. So if you are thinking of the surest way to grow your money, then investment through different vehicles is the way to go.
So make your financial well-being in shape and start becoming financially fit today.
