How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (2024)

How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (1)

“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?” Luke 14:28

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We’ve already come to the end of my first goal focus and Challenge. It’s been a good month and a much-needed focus, and the Challenge has certainly been challenging. I didn’t accomplish all my goals–since illness threw all my well-laid plans into a tizzy–but I still feel there was a great deal of progress.

As mentioned in my introductory post,Cultivate|Financial Security,I’d allowed things to get in a bit of a mess as far as keeping track of spending and budgeting. It is so tempting to beat myself up over lost time, but that serves no valuable purpose. The important thing is to just start right here, right now, right where we are and proceed with wisdom. So, let’s just agree to jettison all blame and regret and get on with the important business of making good choices today.

InI spoke of some of the challenges of proceeding with the No Spend Month due to my illness. Nevertheless, we persevered! Fortunately, I had already put a few meals into the freezer, and then my husband pitched in with running to the grocery store and doing some cooking. I’m proud that we managed to eat at home all month under these constraints.

How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (2)

I worked on our budget, set up my files and records for 2018, and read two financial books: How to Manage Your Money by Larry Burkett, and Managing God’s Money by Randy Alcorn. I still have plans to re-read Total Money Makeover by Dave Ramsey and Money, Possessions, and Eternity by Randy Alcorn. I have both those books on reserve at the library.

In other money saving news, my husband covered my grey roots for me, saving the expense of a salon visit. I purchase the root cover kits on sale and frequently find coupons. They do a great job at allowing me to extend time between appointments.

How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (3)

Monthly Budget

At the beginning of each month we plan to sit down and allocate our funds, adjusting budget as needed.

Track Spending

We will be diligent about tracking and categorizing all spending.

Stop and Ponder Before Spending

I plan to ask myself questions before any non-essential purchase. Can we afford this? Does it further our goals? Can I borrow or substitute another item in the place of this one? Do I really want to store and maintain this item? Do we actually need this? Is this purchase the best use of our resources?

Make Use of Library, Thrift Stores, Yard Sales

I’d like to make these options become my go-to sources.

Continue to Cook and Eat at Home Most of the Time

Since I enjoy cooking and value eating at home around the table, this is not much of a sacrifice for me. I plan to implement good systems to make cooking and eating at home more convenient and easy. I’ll be hosting a Facebook Live Freezer-to-Crockpot Prep Session today at noon central time. I hope you’ll join me! I’ve linked the recipes I’ll be using and the grocery lists here in this post.

When it comes down to it, we all have a finite amount of resources: both time and money. Managing our finances comes down to deciding what we value most. Choosing to spend money on an item essentially means we’re voting with our dollars as to which option we believe will bring most life satisfaction and best align with our values. Some people receive enjoyment from eating out regularly; some people value designer handbags and shoes. Some prioritize travel, or dependable cars, or big houses or large pieces of property. Maybe you love cruises, or beach vacations, or Disney trips, or skiing or mountain bike riding. Live entertainment, music or art lessons, romantic getaways.

These are all choices, and any of these things may dovetail with your goals and priorities. That’s all budgeting is: deciding where our resources will be allocated in order to live out our priorities. When viewed like this, budgeting isn’t restrictive. Instead, it’s freeing and liberating.

Maybe you’re not used to viewing budgeting like this. Perhaps it feels like a heavy burden. I just want to remind you and myself that this is all about choices, about deciding what you want the most.

P.S. One of the financial bloggers I follow, Rosemarie Groner, just today sent an email with an amazing list of fun things to do for free. It’s full of wonderful ideas that fit in perfectly with my interests and goals. I encourage you to sign up for her email list and receive her outstanding budgeting tips.

I’d love to hear your thoughts about your budgeting challenges and successes! Do you view budgeting as a positive or negative? What are your favorite tips for friends who may be struggling in their finances? Don’t forget to meet me on my Facebook page for my live freezer cooking session! Can’t wait to see you.

How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (4)

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How to Find Financial Security | Start Now ⋆ Kim Turner Mcculley (2024)

FAQs

How do you get financial security? ›

Here are 7-step instructions.
  1. Invest in yourself. Having further education, more knowledge, and required skills for work can support your career advancement. ...
  2. Make money from what you like. ...
  3. Set saving and expense budgets. ...
  4. Spend wisely. ...
  5. Set emergency fund. ...
  6. Pay off debts. ...
  7. Plan for retirement.

What is the meaning of financial security? ›

Quick Answer. Financial security is the ability to afford your expenses, live comfortably on your income and save for the future. A big sign of financial security is having enough emergency savings to cover yourself when times are tough. Another sign is steering clear of high-interest debt.

What does financial security look like to you? ›

Feeling financially secure can mean many things, among them peace of mind about your money situation, earning enough to both cover bills and save for the future, or having resources to weather an unexpected expense.

What is the difference between financial stability and financial security? ›

Broadly speaking, financial stability means being free of debt and being able to comfortably pay off monthly expenses (with plenty left over for savings). Financial security, on the other hand, means having enough money to cover your expenses, emergencies, and retirement without the fear of running out.

How much money do you need for financial security? ›

The cost of living comfortably: On average, Americans feel they'd need to earn over $186,000 to feel financially secure or comfortable, a 20 percent drop from 2023 but still more than two times what the average full-time, year-round worker earned in 2022 (about $79,000), according to Census Bureau data.

How do I know if I am financially secure? ›

Financial stability can be defined differently for each person, but there are some common indicators of being financially secure. Signs of financial stability include following a budget, living below your means, saving money consistently, prioritizing debt repayment, and paying bills on time.

How to be financially stable with low income? ›

How To Become Financially Stable: Eight Achievable Steps
  1. Set A Budget And Stick To It. ...
  2. Save, Save, Save. ...
  3. Live Within (Or Below) Your Means. ...
  4. Establish An Emergency Fund. ...
  5. Pay Down Your Debt. ...
  6. Invest In Yourself And Your Retirement. ...
  7. Monitor Your Credit Score. ...
  8. Don't Be Afraid To Enjoy Life.
Jan 4, 2024

What are the two types of financial security? ›

Securities are fungible and tradable financial instruments used to raise capital in public and private markets. There are primarily three types of securities: equity—which provides ownership rights to holders; debt—essentially loans repaid with periodic payments; and hybrids—which combine aspects of debt and equity.

What are the examples of financial securities? ›

Stocks, bonds, preferred shares, and ETFs are among the most common examples of marketable securities. Money market instruments, futures, options, and hedge fund investments can also be marketable securities.

At what age should you be financially stable? ›

Attaining financial security can be a daunting task, but it isn't unachievable. It requires a great deal of discipline, setting goals, and making sure you stick to them. If you start early enough—say, in your 20s—and follow the steps listed above, you may become financially secure by the time you reach your 30s.

How to set yourself up financially? ›

  1. Choose Carefully.
  2. Invest In Yourself.
  3. Plan Your Spending.
  4. Save, Save More, and. Keep Saving.
  5. Put Yourself on a Budget.
  6. Learn to Invest.
  7. Credit Can Be Your Friend. or Enemy.
  8. Nothing is Ever Free.

What is the most risky financial security? ›

Marketable Debt and Equities Are Risky

Marketable debt is risky. Even though these instruments are bonds, they are quite different from their savings bond cousins. Corporate, municipal, state and federal bonds carry varying levels of risk.

What is true financial security? ›

Financial security means reaching a point where you're so secure with your money that you're living without debt, paying your monthly expenses, investing for retirement, and keeping money in the bank for emergencies. It's having the confidence that you can survive financially, even when the unexpected hits.

What is the difference between wealth and financial security? ›

Financial security suggests that a household has wealth to weather an economic shock, such as a job loss or a health emergency. Wealth is often defined as a person's net worth or the sum of the value of a person's assets, as well debts. The presence of debt can also signify financial insecurity.

What does financially stable look like? ›

When you are financially stable, you feel confident with your financial situation. You don't worry about paying your bills because you know you will have the funds. You are debt free, you have money saved for your future goals and you also have enough saved to cover emergencies.

How do financial securities work? ›

Securities are fungible and tradable financial instruments used to raise capital in public and private markets. There are primarily three types of securities: equity—which provides ownership rights to holders; debt—essentially loans repaid with periodic payments; and hybrids—which combine aspects of debt and equity.

What is the key to financial security? ›

Saving money is essential for financial security. Start by setting aside a small amount of money each month and gradually increase the amount as you can. A good rule of thumb is to have 3 to 6 months' worth of living expenses set aside in case of an unexpected event such as a job loss.

What does financial security include? ›

You can use Defender for Cloud to protect Microsoft Cloud for Financial Services. Defender for Cloud provides Cloud Security Posture Management (CSPM) and Cloud Workload Protection Platform (CWPP) for all of your Azure, on-premises, and multicloud (Amazon AWS and Google GCP) resources.

What is the financial security by age? ›

Savings by age 40: three times your income. Savings by age 50: six times your income. Savings by age 60: eight times your income.

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