A Quick Financial Self-Assessment

Are you currently pinching pennies because you’re determined to stick to your financial goals, or because you feel you’re under financial strain? If any of the following three scenarios sound like your current lifestyle or spending mindset, you may want to consider adding a means of improving your financial security to your to-do list:

• On the Edge: If you were suddenly faced with an emergency expense, would you be able to afford it? If you would have to go into major debt to pay for an emergency, or you find yourself frequently purchasing necessities with your credit card, you may want to consider either diminishing your expenses or adding an additional source of income. After all, you deserve to face your financial future on firm ground!
• Find Balance: While it is a positive habit to spend frugally, it’s detrimental in the long run if you’re cutting so many corners that your quality of food and overall health start to deteriorate because of it. If you’re saving but not living a
  healthy life or are struggling to meet all your expenses on your terms and on time, first consider assessing places in your finances where you are potentially losing money—be it the interest on a debt or an expensive hobby. A second career is one way to diminish or outright defeat these leaks in your income. With more money in your pocket every month, you’ll eventually be able to be strategically frugal, not desperately spend thrifty.
• Prepare for Financial Surprises: Even when we feel financially in control, any number of greater factors could suddenly change: the overall economy, our job security, or our luck driving on the freeway. We can’t predict when the ground may shift beneath our feet. Thus it’s always a good idea to contribute to an emergency fund because you never know when you’ll unexpectedly find yourself on the edge of a stressful financial situation.

No matter how in control of our spending we think we are, it never hurts to do everything we can to keep ourselves on secure ground. To learn more ways to improve your financial security, including embarking on an exciting second career, visit the Syncis blog at https://www.syncis.com/blog/