Say What?! 10 Things Financially Stable People Just Wouldn’t Say!

Around the holidays, it can be easy to go a little crazy buying gifts for the people you care about. But, with tax season looming and future financial goals like buying a home, taking a vacation or saving for retirement in mind, the holidays are the perfect time to focus on how to maintain your financial stability.

Since everyone’s got an opinion, we decided to take a moment to listen to some of the people whose financial opinions and practices actually seem to be working – even during this spend-crazy season.

Here are ten things you’ll probably never hear a financially-stable person saying. Listen closely!

1. “Just put it on my credit card.”

It could be anything from a cup of coffee to a 10-day vacation with airfare included. Someone who’s financially stable wouldn’t say this, simply because they wouldn’t need to! Now, that’s not to say that a financially-stable person doesn’t use their credit; in fact, they likely use some credit regularly; and, then pay it off on time each month to maintain a good credit score.

2. “I want this, so I’m going to go buy it… today.”

Just because a financially-stable person may have the funds to support even those impulse buys that can creep into our lives – you know, those designer shoes you saw at the mall or front-row seats to your favorite team’s home playoff game – doesn’t mean that they immediately make those purchases! A financially-stable person often takes the time to consider their purchases before deciding to spend.

3. “I don’t need to set or stick to a budget.”

If you aspire to be financially stable so that you won’t have to live off of a budget, you ought to aspire to be something else. The financially stable, and even the financially well-off, often still maintain a budget. Whatever their means are, they live within them and often beneath them. That’s how their wealth grows!

4. “I’ll save for retirement when I get a little closer to retiring.”

No matter what age they may be, a financially stable person likely will tell you that they began saving for retirement early… and, we mean like first professional career, just-out-of-college early. Many companies contribute toward their employees’ retirement funds, no matter how much they make. But, they only contribute if their employees do the same. Whether your company does or doesn’t, it is never too early to start saving for your retirement.

5. “I make enough money; I don’t need an emergency fund.”

This just isn’t even good logic, no matter how much you make. Instead, it makes financial sense to build up an emergency fund of about six months’ worth of your salary. And, it’s called an emergency fund for a reason. It should only be used in case of any emergency situations, like job loss or a medical issue.

6. “I can manage my money myself. I don’t need advice from a financial counselor.”

Sure, everyone is capable of making sound financial decisions sometimes. But, not everyone has studied or keeps up on the best financial moves – all of the time. Financial counselors and experts are able to offer advice on every aspect of a person’s financial situation, from saving to spending to investing. This is one area where it can make serious “cents” to get some professional advice.

7. “Why should I hire an accountant when I can just do my taxes myself?”

Similar to the reasons why it is a good idea to take advice from financial counselors and experts, it is also a good idea to employ an accountant at tax time – and even throughout the entire year. You never know where you may qualify for deductions or other tax breaks. But, guess what, an accountant should!

8. I learned everything I needed to know about saving my money years ago.”

When it comes to saving money, sure, some advice stands the test of time. But, when it comes to things like investing, the changing times constantly play an impact on what’s wise and what’s not-so-wise. So, some advice that you’ve received from your parents and grandparents may be tried-and-true. But, be sure to keep an open mind about financial tactics as the economy is vastly different than it was years ago. And, for goodness sake, remove that wad of money from underneath your mattress.

9. “I would donate to charity, but I need to save my money.”

Believe it or not, being financially-stable isn’t about being stingy. In fact, a financially-stable person is able to comfortably donate to their favorite charities or other organizations without worrying about their own financial well-being. It’s all about finding a balance between giving and getting!

10. “I don’t need to set any financial goals.”

Financially-savvy people didn’t just become that way overnight. You can bet that any financially-stable person started by setting some goals. They can be short-term goals, like saving $20 or even less each month. They can be long-term goals like saving enough for a vacation or for the down payment on a new home. Whatever they may be, having goals is a great way to stay on track and accountable when it comes to finances – yes, even during the holiday season!

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.