Why Some People Stay Out Of Financial Difficulties

Mar 18, 2021 | Lifestyle

Money is famously difficult to get a grip on. With costs rising yet wages more or less staying the same, it’s normal that many people end up with financial problems. Even if things are going well on a short-term basis, all it takes is one little bump, and then problems can arise. And once you’ve got one financial difficulty, others tend to follow. However, while many people end up in that situation, there are some people that always have their heads above water. In this blog, we’ll look at the habits of those people. Incorporate them into your life, and you too might find those money problems become a thing of the past!

1.  They avoid lifestyle inflation

While it can seem like a good thing to get a raise or receive a windfall of money, it’s not always as beneficial as you might think. There’s a reason why so many lottery winners end up going bankrupt or end up in a worse position than they were in before the lottery win. It’s all about lifestyle inflation. If you’re upgrading your lifestyle every time you have slightly more money in the bank, then all it’ll take is one bump, and all of a sudden, you can’t maintain your costs. People with healthy money habits are mindful to keep their lifestyles below what they’re earning, even when the temptation to upgrade is there.

2.  they show control

And talking of temptation: how often do you give in to impulse and purchase something that you can’t really afford but that you just want? It happens all the time. The problem is that most people act on impulse, and it’s only later when the novelty of the purchase has worn off that they realize it probably wasn’t the best move. If you can put a bit of distance between your desire and actions, then you’ll end up saving a lot of money. If in doubt, wait 72 hours before hitting the purchase button; if you still want it once that time has elapsed, then you can proceed!

3.  they anticipate problems

Everything can be going fine, and then a problem strikes, and suddenly you have to spend a lot of money to dig yourself out of that hole. People with good financial standing tend to think of the problems that could arise before they happen. This allows you to prepare for that reality. Having an emergency fund and extensive insurance are safety nets that you hope you won’t need but will be very much glad you have if you ever do need them. You can’t prevent problems, but you can control how well you’re able to respond to them.

4.  they plan for the future

Finally, people with healthy finances plan for the future. There’ll come a time when you leave the workforce for good, and when you do, you’ll need to have plenty of cash under your belt if you’re going to enjoy retirement to the fullest. The best time to plan was twenty years ago, but the second best time is right now!


– a contributed post

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