“Financial Freedom” the word means various things to various people. Some conjure up images of piles and piles of cash over which they rest blissfully while others daydream of the contented retired life, living in the countryside, fishing and enjoying nature with no worries whatsoever. When I think of financial freedom, I think of having enough money to meet all my needs and yet having enough saved up for a rainy day. I think of true freedom where I can face any finance-related crisis without having to seek anyone’s help.
No doubt all of us want financial freedom. None of us wants to spend the last days of our lives living on charity. We want to have enough for our future- we want to give our children a good life and provide them with proper education; we want to be able to live life today without worrying about not being able to meet sudden medical emergencies; we want the good clothes, the fancy rides and the appetizing food and yet we want enough stacked up for the future too. Financial freedom helps us obtain all this.
There are many ways to get rich and the Internet abounds in get-rich-quick schemes too. But making money is not only what is important, it also saving money and making good use of the money you get.
Have a plan: Do not just go about your life without knowing what you are doing with it. Of course, not everything in life goes according to plan but it is important to have a rough plan for your life and see that you set financial goals for each stage of your life. If circumstances don’t let you meet the goals, be ready with a plan for the situation you find yourself in.
Budget: You need to save but you need to live your life too. A budget will help you balance the two. You can even afford to indulge yourself if you have a budget and stick to it.
Keep Debts to a Minimum: As far as possible, do not take loans, if you do take loans, be sure to repay them at the earliest. With no weight of debt on you shoulders, half your financial worries are reduced.
Remember that every penny you save brings you that much closer to financial freedom. You need not stop living life or become a scrooge to get there. All you have to do is have a little control over your expenses and keep an eye towards the future.