Freedom, in whatever form, is always a nice and precious thing to have. It’s a feeling as if soaring high up in the sky. It can be conceived as invincibility to do everything all at once, or maybe that sense of mindlessness and having nothing to be afraid of.
Imagine all these great freedom perks and apply them to one of the inevitable aspects of a young adult life called “Finance” and guess what we have – “FINANCIAL FREEDOM”
Well, of course, something as good as this can’t be that too easily convenient for everyone. Sometimes you have to work and make ends meet.
Luckily, we got some neat tricks upon our sleeves to get you started!
Enforce Savings and Emergency Funds
This may be common sense but sometimes what should be innate can be often neglected. You can’t fly and be financially free in the first place if you don’t have savings as wings, right? It is a general practice to allot around 10% to 20% of your income and set it aside into savings but of course the higher the better depending on how much you can save. In addition, your emergency fund should be able to at least cover 3 to 6 months’ worth of your expenditures to be sustainable. There are many ways and techniques to save but the earlier you start saving and building emergency funds, the happier your future self will be.
Monitor Expenses and Work on a Budget
Now that you learn to prioritize setting aside your wealth, it’s time to strictly live below your means and scrutinize your spending habits. Ask yourself when you’re about to have a purchase: “Is this essential and within the budget? Do I really need this now? Maybe there’s a cheaper alternative? – All these questions can help you filter and instill the correct mindset improving your financial discipline. It is also important to monitor expenses by keeping a spending journal to track finances, set a sufficient budget and prevent money mishaps that may lead to debt which we ultimately avoid.
Empower Extra Money and Earn Investment
When it comes to finances, every penny counts. What’s a greater way to skyrocket to your financial freedom goal than to accelerate and increase your earnings? Extra money of course! For starters, you may want to check out freelancing opportunities where you can earn that extra juice by offering your writing, designing and/ or coding skills. Now when you’ve saved enough, you may opt to transition this extra money into an investment on forex, trading or crypto, and many more. These may be daunting at first, but with enough knowledge about the market and trading skills, you can find a profitable trading plan that works for you.
Let’s start and snowball into your financial freedom journey! Sign up for a CXM Direct account today!
