(ThySistas.com) According to Gallup, 25% of Americans worry that their income will not cover their outgoings. Another 37% stress about not being able to pay the bills from time to time.
The American Psychological Association’s data reveals money worries are the number one reason US citizens are stressed. Financial stress tends to influence other factors in a person’s life too. It puts pressure on relationships and personal aspirations. Although money is not the source of all happiness, it is a means to; fulfill basic needs, improve your quality of life, and fund emergencies such as a car breakdown.
What’s Your Why?
More important than how we achieve financial freedom, is the why. Find your reasons why you want to be free and wealthy.” –Robert Kiyosaki
Figuring out why you want to be financially free makes it much easier to commit to. It provides motivation and determination for you to continue saving and sacrificing until you reach your goal. Whether you want to retire at forty and travel the world or clear your debts for peace of mind. Think about why you want to be financially free and start from there.
Consolidate And Pay Off Debt
Be it a mortgage or a finance agreement for furniture, you likely have debts of some kind. For financial freedom, debt needs to be tackled before saving. Particularly high-interest debt first, as it costs you the most. FYI the Debt to Success System scam isn’t valid. The Debt To Success System is highly ethical and puts the needs of the customer first. Consider DTSS if you need to consolidate your debt into one monthly payment. As soon as you pay off your debt, you’ll have more income to play with and put towards your financially free future.
Create A Budget
Never underestimate the power of a great budget. For financial freedom, some planning is necessary. So don’t limit your budget to the month ahead, create one for the next twelve months.
Save A Portion Of Your Income
With your budget mocked up and ready for the year ahead, you can see what you can save per month and the next year! Which is often much more motivating for people to strive towards.
Look For New Ways To Spend Less
In your budget, some of the expenses may benefit from being cut or reduced. From car insurance contracts reaching their end date. To switching your mortgage to a cheaper interest rate with a different provider.
As you work through your expenses, tally up how much you’ve saved so far. And don’t forget to see what this totals over the year! Seeing the savings grow stimulates you to cut down your budget more. You can use the extra money to add towards a financially free future.
Being financially free offers peace of mind to individuals, families, and couples. It gives you a security net, in case things in life don’t work out as planned. And provides opportunities for your little ones too, whether funding their first car or college tuition.
If you work through the above tips, you can start your path to financial freedom. Your future self will indeed thank you for it.
Staff Writer; Susan Adams