Showing posts with label financial freedom. Show all posts
Showing posts with label financial freedom. Show all posts

Friday, May 17, 2019

Attain Financial Freedom With These Tips

Did you know that 2/3rd of the total population in America find it hard to gather even $1000 when an emergency arises? Only 24 percent of millennials of today have the required knowledge about financials!

These statistics are very alarming. This is because lack of knowledge leads to bad choices regarding finances which in turn affects your financial freedom.

Here are some tips that can allow you to attain financial freedom quickly.

1. Learn how to work within a budget

What is the most significant thing required for financial freedom? Money! And for that, you need to stay within budget. Sadly, budgeting is often overlooked. You need to learn how to manage your spending within your budget. This way you won’t make a habit of spending more than you earn. And once you do so, you will easily get ahead financially.

How do you ensure that your spending is always less than your earnings? You plan. This is the essence of budgeting. A budget helps you outline all your expenses and then allocate your current earning to each of your expenses. Don’t even consider debt as an option. Instead, allocate according to how much you can afford. If you conduct budgeting, you will easily be able to detect any anomalies and extra expenditures. Hence, you will know where you need to cut back.

Add an actual value to all your habits. For instance, if you eat breakfast outside every day, mention it in your budget. What might seem like insignificant $2 a day can amount up to $40 a month. This surely is a significant amount! What does budgeting mean? It means cutting such unnecessary expenditures. Rather than eating out every day, see the effect it has on your financials and then change your habit.

Make a habit of creating a monthly budget. Watch as it helps you save money, and hence gives you financial freedom.

2. Pay off all your debt at the earliest

A lot of people apply for hard money lending Houston financial services. However, one thing that is the enemy to your financial freedom is debt. Debt is a liability that will drain your savings. To attain freedom, you need to pay off all your debt at the earliest possible time.

Why? Because you don’t just have to pay the debt. You also need to pay off the interest. In other words, you have to pay more than you get. The longer the debt stays on your account, the longer you have to make payments rather than save money for future use. Therefore, instead of delaying it, try to make paying your debts your priority. 

Look up ways through which you can pay it off quickly. There are various methods available ranging from the snowball method to the avalanche method. Look at your financial situation and choose the method that works best. While you are at it, create a repayment plan along with a budget to see how you can funnel your earnings and savings towards your debilitating debt. While it may seem like torture today, it will allow you to achieve financial freedom later on.

This may mean cutting back on entertainment and going out less often for dinner, but it’s a small sacrifice to pay for financial freedom. If you don’t wish to make this sacrifice, you might want to work to increase your income. This calls for doing freelance work, looking for part time jobs, asking for raises or striving for a promotion. Use all the extra income you earn to pay off your debt.

3. Create your personal emergency fund

Regardless of how much you try to avoid the bad days, there is always a probability that they will occur. And this is the moment when you will wish that you had financial stability and freedom in your life. To avoid being caught off-guard and out of cash at such crucial times, always build a personal emergency fund. Always have a backup plan. Whether it be job redundancy, unfortunate accidents or natural disaster, it doesn’t hurt to be financially secure for all emergencies.

Overspending and not saving can lead to a lot of problems when such rainy days occur. Therefore, have an emergency fund by saving a given amount specifically for this purpose. If you are finding it hard to stash money away on top of all your other expenses, start small. Whether it is $10 or $100, make a habit of saving. Eventually, when you have an emergency, you will thank yourself for keeping the fund!

4. Think before spending

Impulse buying is widespread. After all, we are surrounded by brands and retail outlets that promote such behavior. However, this behavior is not in your best interest. Today, an extra cup of coffee or a piece of jewelry you just saw may not seem like the wrong investment, but if you develop a habit of it, it will take a toll on your financials.

This is why it is essential for you to think before you purchase anything. Ask yourself whether you genuinely need the given item? If it’s a hefty investment, make sure to do comprehensive research about the purchase decision. Think of whether you can afford significant spending at your current financial level. If you are finding yourself trying to accumulate money from different accounts and ways, it is best not to buy the item in the first place.

Be realistic about what you can achieve while staying in budget and what purchases would make you thrifty.


Follow these four tips religiously, and you will see a significant increase in your bank balance eventually. Yes, saving money and staying within your budget is not easy. Especially when you are surrounded by lucrative items that are screaming at you to buy them. But, a little self-control today will help you attain the ultimate financial independence tomorrow. Once you get there, you will realize- being debt-free feels liberating!

ABOUT Erica Silva

Erica Silva is a blogger who loves to discover and explore the world around her. She writes on everything from marketing to technology. She enjoys sharing her discoveries and experiences with readers and believes her blogs can make the world a better place.

Find her on Twitter: @ericadsilva1

Wednesday, October 31, 2018

Budgeting for a Family: Ways to Work Toward Financial Freedom

When you have a family to provide for, it's essential to make sure you do everything you can to plan for the future. Not only is it important to have the necessities like food, clothing and shelter, but it's also best to create a life that you all can enjoy. 

Whether you'd like to go on a family vacation, out to the movies or make an investment, it's good to have the financial freedom to do so. In order to make it happen, you'll want to have a budget in place. 

In addition to a budget, there are ways you can create wiggle room so that your family can achieve the financial freedom you desire.

Use coupons

Get creative about the ways you create more room in your budget. Grocery shopping for a family is completely different from grocery shopping for yourself. You'll spend a lot more money. In order to keep costs low, it's good to shop in bulk. 

However, it's also great to use coupons. Now, there are tons of coupon apps you can download in order to get the discounts you desire. When you're shopping online, it's a good idea to download various widgets and apps that'll feature different discounts before you purchase the items in your online shopping cart.

Create passive streams of income

Passive streams of income are essential in order to build wealth. If you don't have various vehicles set in place, it's time to start building them. If you're an excellent writer, consider writing a series of eBooks. 

Upload them to the sites of major book retailers, and promote them consistently in order to earn money. Invest in the stock market or in the foreign exchange market.

Readjust your bills

Reconsider your cable bill. Get rid of a few of the luxurious amenities for a little while. If you're in a bind and you're a homeowner, you might want to consider shifting the interest rate on your mortgage loan by switching to a home equity loan. In some cases, this can be a really helpful move to allow you some breathing room.


Do your own manicures and pedicures. Style the children's hair yourself. Cut your own grass. There are certain tasks you can do on your own as they will help you refocus that money into more lucrative investments.

As you work hard to turn this goal into reality for your family, you might get discouraged along the way. There will probably times when you'll lose motivation, and feel compelled to give up. 

However, think about the fact that you're working for more than just yourself. You're working in order to help your family experience a better future. When you're able to keep things in perspective, it'll be easier to continue on the journey to financial freedom.

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