So, you have some financial know-how, such as where to find the best fixed deposit rates. But would you consider yourself financially free? We all want to get out of debt and stop worrying about the financial responsibilities on our plates, and with a few good tips, it’s possible. Here are our five best strategies for finally achieving financial freedom in 2019.
1. Fall in love with money.
Here’s something many people won’t point out: the worry and stress you feel over money is a huge part of what’s holding you back. Applying negative emotions to money creates dread and fear where there should be comfort and abundance. Open a savings account, create a new budget, or save up for something fun. Become as proactive as possible in remediating your money situation and start looking forward to all of the good things money can do for you.
2. Build on your emergency savings.
If you’re debt-free, you may think you’ve already won your financial freedom. But what would happen if you got injured, you lost your job, or your car broke down? Ruminating on these possibilities is another abundance-limiting habit. Square it all away by building up an emergency savings fund. Aim to get it to a place where it would cover your needs for four months.
3. Look toward the future.
Okay, so you have no debt and a good emergency fund. You’re free! Or are you? Always take the future into account. Perhaps you have a child going off to university in two years. That means in two years, you’ll no longer be financially free – unless you begin preparing now. Part of becoming financially free means you can reasonably anticipate certain expenses you’ll have in the future. Don’t let life events that we have enough time to prepare for derail your hard-won independence.
4. Never stop learning.
The truth is, a lot of us are scared of money because we don’t know enough about it. If you want to be free, it’s time to become financially literate. Keep an eye on the stock market (BSE and NSE), even if you don’t participate. Learn about what kind of investment opportunities are available in your area and read financial blogs. Calculate interest, or even learn how to prepare your own taxes. Involve yourself in every aspect of finance that you reasonably and safely can.
Finally, we have the step few people look forward to – cutting back on spending. However, this step might be the most liberating of them all. Do you have appliances, electronics, clothes, and other items you really don’t need or use? Sell them. Could you watch a movie at home instead of going out? This is the perfect way to pay down debts, begin starting that emergency fund, and just generally feel like a brand new, money-positive person.
Does money seem scarce to you? It isn’t; there’s plenty of money in this world. Much of it is up for grabs for smart people just like you who are comfortable with their budget and money knowledge. Draw money closer to you by learning all about it, planning for the future, and considering emergencies, and you’ll certainly attract more.
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