By Shane Svorec

If you’ve ever had to go without, chances are the lesson you learned was far more valuable than what you lacked. Many people who have become financially healthy became so after struggling and being uncomfortable – it’s the gift of adversity. There’s no shortage of “rags to riches” stories to prove this point. Of course, there are generationally wealthy people and those fortunate enough to catch a lucky break, but my focus here is on everyday people, common challenges, and practical insight. 

In speaking to financially healthy people (including those of varying levels of education and backgrounds), you might be surprised to find that many have similar habits and life practices. Whether you’re a young adult just starting to think about finances, wanting to build a nest egg, or you’ve found yourself beginning a new chapter later in life, I’ve compiled some easy yet sensible actions to implement today to be more economically healthy tomorrow. 

  1. Motivation. You must possess the motivation to work hard. Whatever your goal, you have to want it bad enough. Simply wanting something isn’t enough if you don’t have the passion and drive to stay the course and chase after it. Recalling times when you struggled and using them as motivation helps fuel the dream. Consistent growth comes from persistent effort. 
  2. Goals. Your goals should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Reevaluating your goals frequently allows you to gauge progress and implement change if and when necessary.
  3. Seek Advice. Surround yourself with people who have more experience than you, and don’t be afraid to ask questions. If you read my recent article on mentoring, you know the benefits of having a successful mentor. Success is found outside of your comfort zone and beyond complacency. Invest in yourself and your future by obtaining as much information and knowledge as possible. “Knowledge itself is power.” ~Francis Bacon
  4. Eliminate Debt. Live within your means. Financially healthy people prioritize saving, reducing, or avoiding debt altogether. A brand-new car, a trendy wardrobe, and a fancy home may be appealing, but a pricey car payment, maxed-out credit cards, and a hefty mortgage aren’t and will leave you vulnerable to despair and financial stress. There is something to be said for living modestly.
  5. Budget. Create a budget and stick to it—no matter what. This does not mean you can’t indulge here and there or enjoy some of the finer things, but sticking to a budget and including allowable splurges holds you accountable and prevents overspending. Creating a budget can illuminate unnecessary spending that can be easily eliminated.
  6. Invest in yourself. Success doesn’t happen overnight. It results from proper planning, consistent effort, and wise decisions. Don’t underestimate the importance of investing in yourself. Read a book, take a class, or learn from a friend. Start by clicking on the embedded link above for more information. 😊 Growth is the result of being a lifelong learner. 
  7. Savings. Make your money work for you. Look for high-yield savings accounts or other savings plans that accrue interest. Take advantage of any opportunity that allows your money to grow. Shop around and find the account that best fits you and your goals. Check out this list of high-yield savings accounts highlighted here.
  8. Diversify. Many recommend diversifying your portfolio, but you can also diversify your abilities. Learning a new skill, starting a side hustle, or finding ways to barter services are great ways to save money and increase your financial security. Diversifying your skills also makes you more marketable and resourceful. 
  9. Automate your savings. Allocating a percentage of your paycheck for savings is a great way to avoid spending while growing your financial nest egg. Having money readily available is a temptation. What you don’t see, you don’t spend.
  10. Emergency fund. Life happens, and unforeseen events can quickly drain your bank account. Safeguard against financial drains by building an emergency fund. This added assurance delivers greater peace of mind and flexibility when things go wrong. The amount you set aside depends on various factors, but beginning is the best step. For more ideas and helpful tips on how to build your safety net, check out this link. 

As you look to incorporate healthy financial habits to gain greater economic freedom, I hope some of these practices help you. Remember, achieving financial health is not a sprint but a marathon. Keep at it. As the stoic philosopher Epictetus said, “Wealth consists not in having great possessions, but in having few wants.”

Wishing you enough as you never cease chasing your dreams. xoxo

ABOUT THE AUTHOR

Shane Svorec is a Sales and Marketing Professional who, during Covid, pursued her long-time passion for writing, published her first book, and became an award-winning author. Her work includes Broken Little Believer: Finding Purpose in All the Pretty Painful Pieces, The Busy Bridge That Got Its Break, and Acorn Adventures. An inspirational writer who connects with readers through her colorful storytelling abilities, encouraging messages, and positive perspective, she lives in NJ with her husband, three children, and rescue pets.