Being financially unwell means you either have too much debt, not enough savings, or are reliant on one income, which may or may not be stable. The good news is that with some planning and action, you can change your financial position. Here are some tips to help get you started:
1. Consider a side gig that earns you residual income. With some effort in the pockets of your time, you not only build income that works for you while you sleep, but also allows you to diversify or build up savings (or take that amazing vacation).
2. Develop a plan to be financial fit. Small steps are better than taking no action. Start with reducing debt if possible then building savings. Even $1 a week adds up an while it might get you a $52 or $53 a year, that could be a gift or two.
Financially, you're doing okay and that's good!! There may be opportunity to improve one or more aspects to help you get in better financial shape.
Develop a plan that addresses an area that has an opportunity to improve. Does your debt to income need to come down? A DTI that's too high negative impacts your credit score. Do you need to build savings? Round up or other savings programs help you save without really thinking about it. As you develop this plan, consider wants and needs in terms of spending. You may also want to consider other ways to earn income in the pockets of your time to help build savings or to diversify income sources. Additionally, consider the impact of giving back to your community and consider how that is incorporated into your financial fitness.
Congratulations on being financially fit!! You've made the right decisions to help ensure your income, now and later, is a healthy source of income. Keep up the great work!!
If you're looking for ways to continue to improve your financial fitness. Consider areas where you had an opportunity to improve, if there are any. Maybe it's diversifying your income, or taking vacations without saving up for them on a routine basis. You may also be in the position where you can uplevel your giving to help your community.
Congratulations and keep it going!