Imagine living how you want to without worrying about the financial expense. Imagine having enough money to fund the lifestyle you desire. Imagine being able to live comfortably, go on regular holidays, or retire early. The road to financial freedom is sometimes hard to imagine, but it is possible to get there.
On your route to financial freedom you might encounter some stop signs, find yourself in a pothole of financial debt that is difficult to get out of, or take some wrong turns out of bad habit. If you do encounter these obstacles, don’t put your breaks on completely. Reaching financial independence is possible.
So, buckle in. We are about to take you on a journey to becoming financially free.
Choosing Your Destination
Before we drive away, you must decide what financial freedom means to you, because, let’s face it, you can’t hop in the car without knowing where you are going first. Is financial independence being able to work in a career of your choice without worrying about the paycheque? Is it being able to retire early? Or is it being able to go on regular holidays? The reality is, not everyone is travelling to the same place. We all have different destinations.
Fuelling Your Car
Think of your budget like the fuel for your car – you aren’t going anywhere without it. You should plan your budget so that you are spending less than you are earning. The best way to do this is to break down your expenses and identify places where you can save.
For more budgeting tips, see our article on How to achieve your financial goals this new year.
Picking Your Route
To ensure your route is as smooth as possible, you should clear any unnecessary or bad debt.
The best way to approach this is to make a table of all the debts you owe. Write down what the debt is, the amount owing, and the companies you owe money to. Check – are there any debts you can pay off? Are there any you can refinance with us to reduce your spending in the long run? Simply give us a call on 1300 361 360 to see how we can help you get a lower interest rate.
Do you have any hobbies you can use to earn a bit of extra money on the side? Taking up a side job is one way to earn some extra cash and speed up the process of reaching financial independence. Some ways to earn money on the side include:
- Uber driving
- Pet sitting or dog walking
- Selling items at the market
First Aid Kit
In case you do encounter an accident along the way or in the future, it’s important to have an emergency fund to cover you. Setting aside some money in your first aid kit for any slippery roads is important. An emergency fund covers you in case something unexpected happens, such as injury or illness.
Now that you’re prepared for you trip, it’s time for you to take the wheel. Financial freedom is waiting you.