Hey everyone! What is up? My name is Christian Aguilar. Welcome to my channel, where I make your life easier one video at a time. This video isn’t so much advice. It is basically me telling you what I do in order to stay financially stable. In today’s video, I am only going to share with you 10 ways that have helped me stay financially stable, so if you want to see a part two, please like this video. Let’s get this video up to 45 likes.
Without further ado, let’s get started. Number one on my list that has helped me stay financially stable, bills are a priority. When it goes to my financial stability, bills are first. If my friends were to ask me to hang out, and I didn’t have a bill paid, and I didn’t have any extra guilt-free spending money. Then I wouldn’t go because my mom has taught me not to miss a bill, nor make a late payment.
Second is having an emergency fund of $1,000. For those who do not know what an emergency fund is, please check out my first Personal Finance video. I explain what it is in that video. I will leave the link in the description box, or you can click the card that is in the right upper corner. Say I don’t have enough money for a bill, my car breaks down, or unexpected tragedy happens. I can rely on my emergency fund to release some stress and pay for that emergency in cash. The third on my list is separating my funds. For example, if I have an emergency fund, I do not want my emergency fund combined with the money that I am saving up for college because I’ve done this once.
Where I put my guilt-free spending money in the same wallet as my emergency fund, and I ended up spending my emergency fund, which I don’t even know what I spent that money on, but it is something I am definitely not going to do in the future. The fourth is I actually question my transactions. Before I buy something, I ask myself, “Does this product add value to my life?” For example, something that doesn’t add value to my life, are materialistic clothing. I don’t really care about the name when it goes to clothing. I just want to make sure that the quality is good. I rather save all the money that I could be buying on stuff that doesn’t add value to my life, and invest it in my YouTube channel. Such as my DSLR camera, lenses, and my Video mic Pro. Even though the products are expensive, I am able to deliver high- quality content. Fifth is lowering a payment or getting rid of a payment.
For example, when I switched to Verizon, I was paying $90 a month. I had insurance on my phone, I was making payments on my phone, and I only had one gigabyte of data. I decided enough was enough, so I payed off the rest of the phone, and I switched to MetroPCS, where I am now only paying $30. Can you believe I was paying $90, and now I’m paying 30, so that’s an extra $60 that I get to spend on whatever I want. Number six is I only have one credit card, and I pay in full each month every time I use it. I’m not really big on credit.
I know they say that it is super important, but I rather have a higher bank statement than a high credit score. But I do want to develop a little bit of credit, so that is why I have one credit card that whenever I use, I pay in full. I don’t really like to use my credit card because if I have to pay in credit that shows that I can’t afford it. I will only use it if I know I’m going to have the money for it when the bill comes around. The seventh one is I do not have a car payment because my car was paid in cash, so the only thing I really have to worry about is paying for gas.
The eighth one is I do not have any student loans. I graduated with an AA-T in Communication Studies debt-free. The reason why that is, is because I applied to for grants, Financial Aid, and I also apply for scholarships. I know that when I transfer to a Cal State, it is going to be much more expensive and grants and financial aid isn’t going to cover all of that, so I’m going to rely on my college savings fund and scholarships because I do not want to apply for student loans. My ultimate college goal is to graduate with my Bachelor’s debt-free. Number nine is I self-educate myself in Personal Finance. The book that really got me into Personal Finance is the Total Money Makeover from Dave Ramsey. It was the first Personal Finance book I read, and from then on I developed a huge passion. Now I read articles about Personal Finance, I listen to podcasts about Personal Finance, and I continue to buy Personal Finance books.
Finally, I do not keep up with anybody, and I do not care what anybody thinks. For example, I have a car that is from the 90s, but I’m so proud to drive that car because it’s paid off. Some people are driving expensive cars, and sometimes are struggling to make that monthly payment. At the end of the day, I am not here on earth to keep up with anybody or compare my lifestyle to anybody else.
As found on Youtube