Foundations For Financial Freedom

Many people are living pay check to pay check and can’t understand why. Maybe you would like to enjoy your money more. 

My first question is what are you trying to achieve by getting in control of your finances?

If you don’t see an actual value in gaining control over your personal finances you won’t succeed in doing so.

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The foundation of good personal finances is one, or hopefully, multiple goals.

What are your goals and do you have them written down? Goals can be small or large and once one goal has been completed there is room for more. Whether your goal is to become independent from your parents, travel more, or make a large purchase such as a house or car — get in the habit of creating and keeping track of your goals.

The next step is education.

We know that most schools and even colleges do not educate people on personal finances. It’s up to you to seek the knowledge. Information about personal finances can be found easily with Google search. Podcasts, Youtube, Blogs etc. all offer free and useful information.

 

An even better way to learn is to seek out and speak to the people who have reached the financial goals that you want for yourself. For example if you want to buy a home, speak to homeowners. Ask them not only how they achieved the goal but also what were the mistakes they made along the way. Knowing what they did wrong can help you know what to avoid.

 

BUDGET         BUDGET         BUDGET         BUDGET         BUDGET         BUDGET

BUDGET         BUDGET         BUDGET         BUDGET         BUDGET         BUDGET

BUDGET         BUDGET         BUDGET         BUDGET         BUDGET         BUDGET

BUDGET         BUDGET         BUDGET         BUDGET         BUDGET         BUDGET

 

A budget does not require limited spending! Budgeting is a tool that you can use to be more aware of your spending habits. Once you know where you spend most of your money you can plan accordingly and make better decisions about spending.

Many people don’t realize how many small purchases they make and how quickly they add up. Ever go to the 99-cent store and spend way more than anticipated after picking up things because it only cost a dollar? The same happens between paychecks as we make several small purchases that we don’t view as making a dent in our cash flow. Plan ahead. Why not allocate a specific amount for specific expenses?

 homer simpson marge simpson season 16 episode 13 budget GIF

Another major component to achieve success at anything is accountability.

Maybe you’ve applied these tenets before and failed. Did you have a means of holding yourself accountable? There are several methods you can use to hold yourself accountable. One way is to find ways to make it harder to go against your plan. Another way is to set up reminders about what you planned to do. You can do this electronically using apps or personal alarms.

Another option is to pair with another person who is working towards better personal finances. Find someone you can trust and speak openly about the changes you need to make. Then check in with each other periodically to ensure that you’re following through.

 

 

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