Where Does One Start Within their Finance-Creating Financial Freedom?
Post updated 7-16-21
Within finance -creating financial freedom, many people overlook their financial health and live totally in the moment.
They ask, why save? The question back to any individual as mentioned, should be, why not? Your financial health matters just like physical health. Creating financial freedom is not a game, it must be a reality to succeed and save yourself some worry in the future.
If you are interested in living without struggle at some point in your life, should the unforeseen become a reality, it is important you take some notes.
It is time to think about the fact that you could suddenly lose your job or physical health. As we have seen just within the past year, this has occurred.
What about your retirement years, do you have a plan?
Most individuals who have worked in the financial industry have seen that being prepared for emergencies is one of the best attributes of financial planning. The results of not having funds set aside for a crisis can take a toll on your credit, your mental health, and your entire life.
When To Start Your Financial Health Plan – Any Time Is Better Than No Time!
Some people start out from childhood saving. They save their toys, they save the five and ten dollars, plus that they are given on their birthday and holiday gifts. When high school is finished, they have some reserves for college.
We all want financial freedom. However, often we live in the moment and forget about tomorrow (if we see it). We can look around and see those who have achieved this great stance and know that it must be joyous.
We wonder how they did it; or should we say; how they did it so well and have so much. It probably is not as simple or easy as it looks.
Where Does One Start?
One must be willing to get started, deny themselves some luxuries; except for now and then, and put some money back. If necessary, get a second job, clean the house instead of hiring it done, iron a few shirts or plain, and simply; stop spending on anything that you can do yourself.
It takes work, planning, and saving instead of spending, borrowing, and living high on the hog. Well no, it is not that simple. When odd everyday things pop up that are needed to sustain our life we jump off the wagon immediately and start complaining. The first step is setting our goals and sticking with them.
Most of us have been through our time of spending and wishing we had not. Most of us wish we had more financial stability and/or freedom. The truth is most of us could absolutely do better at getting success of financial freedom than we do.
Listed Here Are Some Simple, But Tried and True Ways to Make A Difference In Your Bank Balance
Here are a few ways to get started on your financial freedom.
- First: Watch your habits!
- Start early in life, if you have not there is still time; proceed.
- Start a budget.
- Start being conservative.
- Stop impulsive spending.
- Do not spend when you do not have it.
- Think about what you are spending.
- Do not try to live like the next-door neighbor or best friend. This is your game; wanting to appear as if your ‘balance sheet’ bottom line is more than it is, will lead to deception for yourself and others. Look out for yourself and then you can feel important for being wise enough to accomplish your financial goals.
- Make sure you have a sufficient emergency fund. Set a reasonable goal. If you set it too high, you are bound to backslide. Starting small is better than going wild with it; initially.
- Do not borrow to get out of debt; you cannot.
- Pay any credit cards balanced off monthly. One credit card at a time. Start with the smallest and work backward. Put extra money to the principal and you will be surprised how quickly the balance disappears.
- Do not charge unless necessary.
- Pay cash.
- When you shop, watch for sales.
- Use coupons. If you find something on sale and have a coupon, you have really hit the jackpot. Do not go overboard with coupons though.
- Learn the basics of saving.
- Pay yourself something. *Twenty dollars a week, or month adds up.
- Stop buying things you do not need, but think you want.
- Open up a saving account if you do not have one.
- Contribute to 401K at work; this is the best way to make money on your saving, as the company will share in your savings.
- Remind yourself to not spend too much at the grocery store.
- Remind yourself that you can save by cooking at home more often.
- Set a mind goal for each month, three months, and six months. The more you save, the more you are going to get excited and want to save more.
- Take baby steps and do not expect miracles if you have not saved before.
- Help another soul occasionally, give to your Church, and be thankful.
These are only a few compared to the many ways to jump-start getting financial freedom. It is never too late to start saving and even minimal saving will grow more than you think.
Word of Advice about Investing
Never invest with anyone when you begin your road to financial freedom that you have not checked out. A bad investment can happen even for those who have been investing for years. If it all sounds too good to be true; it probably is. Remember to check with the Better Business Bureau. Look them up on the web; read the good and the bad reviews. Never assume!
Success to financial freedom does not happen to anyone overnight, and this post about Finance-Creating Financial Freedom does not suggest that it does.
However, if you are conscious and willing to give up some things; you will see results before you know it. There are very young people who are very capable of taking every advantage of every promotion or incentive to earn. Those promotions, which are legit, can help you save even more.
The best place to start is where you are. The best time to start is now. If you begin to save now; before you know it, you will have formed a habit to enrich your life as you go forward. This is a good habit and then before you know it, you will be accumulating and setting yourself up for financial freedom.
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