4 Habits That Will Lead You to Financial Freedom

20th September 2017 Scott Howe 0

For most people, their dream is to achieve financial freedom. However, not many take the appropriate steps to making their efforts towards that goal. That is why we are here to discuss the most useful habits that help pave the way.

Here are 4 habits that will lead you to financial freedom.

Make Life Goals

Consider what financial freedom may mean for you. What does it mean to become free from financial strains? You will need to write down how much you need to have in your bank account and what you need to do to achieve the lifestyle habits. Be more specific about your goals. Write it down and put the goals in a spreadsheet.

Make a Monthly Budget

Try to make a monthly household budget to help you ensure that all bills are ready to be paid and still have enough for your savings. This monthly routine will allow you to reinforce your goals and reduce the temptation to spend.

Skip the Credit Debt

Credit cards are toxic to your savings. Try to refrain from using high-interest credit cards and use the money that you saved to make necessary purchases. If you already have a pay day loan, you will need to make it a point to pay it off in full. From student loans to mortgages and other loans, be sure to pay those off as soon as possible.

Start an Automatic Savings

Use your monthly paycheck to enroll in your employer’s retirement plan and make full use of the benefits. It is also smart to start an energy fund savings that will be useful for any unexpected expenses. The money should be placed on the same day you receive your check. This means you will not be able to touch it and help avoid temptations of spending it.

The main idea is to live below your means and master the frugal lifestyle. Having a strong mindset of living with less can help prepare you for a comfortable living. Making small adjustments will help you determine what you need rather than things you want.…

5 Benefits of Going Through A Financial Detox

7th July 2017 Scott Howe 0

Ever wondered what it is like to a 30-day financial detox? All it takes is self-control and the frequent “Do I need this?” questions you must ask yourself. If the answer is no, leave it. When you come to think of it, there are plenty of things that can be cut out of your monthly budget – cable TV, subscriptions, gym membership, etc.

Here are 5 benefits of going through a financial detox.

Determine Your Monthly Expenses

By going through a detox, you will gain a better understanding of what your basic monthly expenses are. This is important to know when you are ready to prepare for your retirement and how much income you will need to cover your monthly bills.

Cut Unnecessary Costs

Through a financial detox, you will be able to cut costs in areas that are not necessary. You might even discover just how much you do not really need on a monthly basis.

Gain a Fresh Perspective

Once you go through a detox, you will gain a better understanding of your expenses and what you really need. Instead of spending money on the latest phone, you can think about saving the amount and get yourself much closer to financial freedom than you were yesterday. While you might not think that way forever, you can always go through another financial detox and help regain your perspective on saving money.

Find Cost-Friendly Alternatives

When you go through a detox, you might even discover that there are some cheaper services that you can use instead of what you are used to.

Live a Simple lifestyle

Once you have discovered that you do not need to save money to enjoy the finer things in life, you can focus on spending on what you really need. Focus your money that contributes to your health and well-being.…