Secret Techniques to Improve your Financial Stability

Secret Techniques to Improve your Financial Stability

People run into financial crises not because they do not earn or make much money. Sometimes, it is because they have unhealthy financial habits. With the current situation of health crises in the world, so many individuals are passing through financial crises. This is because the world’s activities look as if it is paused.

And if this pandemic lingers more than expected, so many individuals are going to run into huge debts that will take them years to clear. Some persons have exhausted all their lives savings while some will soon exhaust theirs with little or nothing coming. into their pockets.

This article serves a dual purpose, to help those who still have little with them to gain their feet back financially and also to help those who are already in financial shambles to make readjustment in their finance. Whichever group you belong to, we’ve got you covered


Some of the following unhealthy financial habits are the reasons some persons suffer financial crises in their lives. Yes, they are unhealthy because do not help our financial lives in any way.

Satisfying your wants rather than your needs:

So many persons find it difficult to differentiate between their wants and their needs. It is one of the most difficult financial disciplines. Learn to satisfy needs first before spending on wants.

How do you know your needs and your wants?

> We cannot do without needs. Examples include food clothing, shelter, etc while a want is something you can do without.

> A need requires urgent attention while a want doesn’t.

Nevertheless, something that’s a need to you can as well be a want for someone else. For instance, in as much as clothing is a basic necessity but it can become a want when you have many clothes but still crave to have some more.

Spending more than you earn:

It’s still surprising how some persons buy exorbitant things that are half or almost the amount of what they earn or make. This is very unwise! Don’t spend beyond your limits. If you need to buy costly things, then upgrade your pocket!

Borrowing habit:

One of the habits that will make you financially unstable is borrowing. Some persons can never stay without borrowing and as such run into huge debts. And this is possible because probably they’ve exhausted theirs.

People that are fond of borrowing literally do not have any money of their own because their creditors can require it from them anytime. You need to avoid or get rid of this habit if you must be financially stable.

Impulsive buying:

This is the act of buying something not necessarily because you need it but out of compulsion, probably to prove a point and have a sense of belonging. It’s very bad to make purchases out of the unhealthy competition. Let nobody or nobody’s lifestyle force you to purchase what you do not need.

Lack of budget:

A Budget is a list of all your intended expenditures. So many persons do not make budgets and so they buy anything they feel like buying at any time. This is uncalled for and needs to be unlearned.

Having only one source of income:

As the day goes by the needs of man will continue to increase progressively and as such one source of income may not be able to appropriately attend to them. No man has ever become rich through one source of income.

One source of income is very dangerous and limits your potential. You may not be able to have all that you need through one source of income. If by chance anything goes wrong with the source, then you’ll suffer dearly.


Yes, you heard me right! Savings is one of the unhealthy habits we do not yet know about. Robert Kiyosaki in his book ‘Rich Dad and Poor Dad’ said that the difference between the rich and the poor is that the poor save while the rich invest.

This is an undebatable truth. Savings only leaves you with the same amount you put in but investment yields more than you’ve put.

This doesn’t mean I’m ruling out the place of having or saving money in your account but the point is, if you have enough money, save the little that can attend to your needs and then invest the rest.

Lack of financial records or accounts:

Some persons do not keep records of their finances. They do not know how much that comes in, how much that goes out, and how much that remains. This is very unhealthy because most times you’ll discover you’re spending much on frivolities that you cannot account for.

Most times you’ll run into trouble because you may be left with nothing when you’re thinking you still have. Be accountable!

Acquiring liabilities rather than assets:

Assets are those properties or goods we possess that help us to make money while liabilities will keep taking money from your pocket. Always run away from whatever property that will make you spend more money rather than make more money. Distinguish between your assets and liabilities and own more assets than liabilities.

Also, note that our assets and liabilities differ with individuals in that what is a liability to you can be an asset to me. For instance, Mr. A and Mr. B work on the same firm and they both earn fifty thousand naira monthly.

Both of them saves and bought a car of seven hundred thousand each and it costs twenty thousand naira to fuel and run maintenance on each of the cars monthly. Mr. A uses his car to work while Mr. B uses his for a mortgage with monthly revenue of thirty thousand naira from his driver.

To Mr. A, the car is a liability because it’s making him spend more from his meager salary while that of Mr. B is an asset seeing that it’s passively generating income for him.

In as much as you’re acquiring properties, try and avoid more liabilities than assets.


In as much as we’ve seen the unhealthy habits to avoid, we’re going to look at the healthy ones to deliberately learn.


The power of budgeting can never be overemphasized. Budgeting helps to restrict you to a certain limit. It can be a daily, weekly, monthly, or yearly budgeting as it pleases you. But it’ll be perfect if you break it down from yearly to daily budgets.

Each item or sector should have a limit of how much you will spend and it must be made using the scale of preference. Prioritize them and attend to them in that order.

 Endeavor to stick to your budget for that is the most important part of it and so you need discipline here.

Be cautious in your spending:

Do not spend more than you earn. Flee from anything that costs more than half of your salary; it’s not meant for you at that time. Spend within your reach!

Prioritize your needs and your wants:

In as much as we’ve discussed how to differentiate your needs from your wants, it’s still necessary to tell you that even as your needs are something you cannot do without, you still need to prioritize them.

There are some needs that do not require urgency while some do. If you cannot attend to all your needs at once, attend to the more urgent ones to avoid running into financial crises.

Have a good financial record or account:

Be accountable for any dime that comes goes and remains in your pocket. It helps to update you on your financial status and also access your financial progress.

Have so many streams of income:

This is very important as having one source of income is dangerous. The idea of having many sources of income is so that if anything happens to one may it’s delayed or denied, you will be up and running financially.

There are so many skills and businesses you can combine with your job and still be effective. Some of these businesses are such that you can do at the comfort of your homes and anytime.

Businesses like, network marketing, trading, etc and skills like graphic design, coding, programming, content writing, etc. These skills and more are offered in Fiverr. Check out how to register for free and earn massively on Fiverr.


Investment is just another way of making passive income. Check out for genuine investment platform or company and do that, you can even buy shares with a company. Save a little that will be enough to cater to your needs and then invest the remaining.

Before you invest, check the terms and conditions of the company, their return on investment, and if it’s convenient for you. Investment is like making money to work for you after you have worked for the money!

Set financial goals and plans:

This is very important! Set goals and corresponding plans to help you achieve the goals. Goals help to direct your path and keep you focused. However, your goals must be realistic and feasible!

Your plans should be able to help you arrive at your goals. You must set a target for your finances, how much you do like to make within the day, week, month, or year? Do not live aimlessly!

Acquire more assets than liabilities:

We’ve explained this earlier on. Spend less on liabilities and more on assets.

Prepare for the unknown:

The present world’s situation ate deep into the fabrics of people’s finances because nobody saw or imagined it coming. If people had known that such a thing will happen, they would have prepared for it. In whatever financial plan you’re making or having, give room for the preparation of emergencies like this and other unforeseen circumstances.

Just like we add miscellaneous to our list in case anything happens to the prices of the things we want to buy, so are we to make plans for exigencies. This will go a long way to make you stable financially and you’ll never be caught unaware.


Finally, we must cultivate the habit of giving. You can give both to God and to humans. Remember, we rise by lifting others!

Now, begin to explore and wax stronger financially!


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