Financial Freedom is all about saving money, spending wisely, and having enough cash on hand to live the life you desire. Achieving financial freedom may be difficult, especially if you’re in debt. But with good financial habits it’s possible to have financial freedom. Here are eight things people with financial freedom do everyday.
1. Add up debt
People with money have a habit of calculating their expenses ahead of time.This is to avoid late payments and overspending.
2. Pay off debt
People with financial freedom do whatever it takes to pay off their debt. Like paying off the highest debt first, paying more than the minimum balance, deleting their card information from online sites , ripping their credit cards up, and changing their spending habits.
3. Find out where the money is going
Keep track of your monthly bank statements. If you can identify where your money is going towards, you can determine how much money to put aside each month for bills and for extra money. This will help you stay financially disciplined.
4. Have emergency money
People with money always have money for a rainy day. The best way to make sure you have emergency money when you need it is to save. Saving for an emergency is going to help ease your mind when an emergency actually take place. Having money on the side is also a good way to avoid using your credit card for emergencies. If you don’t have money aside for a rainy day you can start now. Start by saving $10-$15 a day. Do the math!
5. Invest wisely
Having good financial habits means you don’t need a brand new car. It also means you don’t need a $3000 dinning table. Spend your money on things that will help you earn more money like, invest in your business idea. If you don’t wish to start a business another good tip will be saving your money. Sometimes we want things we don’t need and we end up spending more money than saving money.
6. Have multiple streams of income
Unfortunately, we live in a society where a 9-5 income just isn’t enough to survive. So most people with money have multiple streams of income to help them hold onto their money. The key is to keep the money coming by having money coming in from multiple sources. Sources such as freelance writing, driving for Uber, an online boutique, renting your garage or selling dinners from home. These are just a few extra income ideas you might want to try.
7. Don’t eat out everyday
People with money don’t eat out everyday. Instead they cook at home because they are not afraid to eat leftovers to save money. Here’s an example, if you’re spending $20 a day on lunch or dinner, that’s $140 a week on food. But if you eat at home like people with financial freedom do you can save $560 a month. Another thing you might want to do is make your coffee at home because $5 a day at Starbucks can add up to a whole lot of money. A whole lot of money that you can be saving.
8. Don’t depend on credit cards
People with credit cards have a tendency to swipe every chance they get because they know there’s a limit available to them. But you see, every time you use your credit card to make a purchase you’re paying more than the actual price because credit cards come with interest rates , high interest rates and if you don’t pay back the money you used on time you can be in major debt. That’s why it’s important to use cash for your daily expenses and a credit card for emergencies only.
Now is the time to do you for you. Start working on your financial freedom plan today so that you no longer have to wait for a paycheck to make a purchase .