How to become financially stable in 2023
As the year 2022 draws to a close, the thought of having a financially stable 2023 should have crossed your mind.
This as analysts predict Kenyans will spend more than half of their savings during the festive season.
Spending more than one’s income during Christmas leaves many struggling on the financial front at the start of the year.
Here are some ways one can be financially stable in 2023
1. Transfer extra income into a hard-to-reach savings account – You should not use all your money to enjoy yourself during the festive season.
Once you have budgeted, ensure you transfer some cash into a hard-to-reach savings account. Do not use the money unless it is absolutely necessary.
Avoid by all means the temptation to spend your savings.
2. Buy what you need not what you want – You should avoid spending too much on unnecessary things. Just buy what you need, not what you want. Spending money on what you want is not a good financial habit.
Do not buy luxurious things that you can do without. Ensure you buy enough foodstuff.
3. Build an emergency fund – By all means, ensure you have an emergency fund somewhere in a secured account.
The backup cash will greatly assist you in dealing with emergencies such as sickness.
4. Look for a side hustle – Want to make more cash? Just identify a business opportunity or a side hustle that fits you.
Apart from what you like or your career, ensure that you invest your money in something substantial that will give you an extra income.
You can engage in online business or invest in real estate. This will help you make extra cash that you ever wanted.
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