The Road to Financial Freedom: 5 Simple Tips to Get You There

 

We hear Financial Freedom a lot on social media these days but what does financial freedom really mean?

Financial freedom is a state where you have complete control over your finances, allowing you to make choices based on your desires and goals rather than being limited by how much things cost. It means having enough income or savings to cover your expenses, giving you the freedom to live life on your own terms.

While financial freedom can provide a sense of security and flexibility, it may not be necessary for everyone. Your personal circumstances, values, and priorities may differ from someone else’s.
For example, some may find fulfillment in pursuing their passions rather than accumulating wealth. But even if financial freedom is not your ultimate goal, it is essential to establish a solid financial foundation that provides stability and protects against unexpected emergencies.

 

credits : https://www.nasdaq.com

 

Finance is something I never thought I’ll share here in my blog and yet here I am. As much as being an adult is fun, handling your finances is something not all people are very good at. I may appear carefree and irresponsible to some but my parents gave me a lot of advise on how to handle my finance.

 

So here I am sharing financial tips that I follow and practice.

1.REFRAIN buying things in full price

I mean who doesn’t love sale? If possible,I don’t buy things in full price. Why would I spend buying something in full price when I can just wait for it to go on sale after how many months. I always look forward to double digit online sales for free shipping and additional discounts most especially if I buy things in bulk. The things I buy in bulk are the things we use almost everyday or products we use a lot and has a long shelf life like dish washing liquid, liquid soap, fabric conditioner and other essentials.

Another tip is that days or hours before the sale,I check the Facebook page of my credit card provider if they have promo codes to get additional discount during the sale,they usually release exclusive codes to their customers.

2. Pay bills ON TIME

 
Most bills have interests if you don’t pay them full and on time, especially credit card bills. Paying your bills on time brings peace of mind so even if you have a little left on your wage after paying bills, at least you don’t loose sleep on thinking where to find money to pay it.

3. REFRAIN impulse buying

As much as possible, refrain impulse buying.From my experience,I regret most of my impulse purchases and I hoped I researched more about it before buying.Whenever I am interested in a thing, may it be a bag, shoes or gadget especially if it’s expensive, I try to search the pros and cons on it online. Other people’s reviews and opinions about it may change your decision and you’ll thank you researched beforehand before buying it.

4. DO NOT spend the money you don’t have

Most Filipinos have this misconception that having a credit card is bad for your finances but I beg to disagree. Having a credit card means you should be responsible in your expenses and that having that credit card does not automatically mean you must maximize it’s limit every month. My personal rule about it is that, whenever I swipe something with my card, I need to make sure that I can pay it on the next billing month, if my savings cannot pay for the bill then it means I cannot afford it yet. Having a credit card is also good to boost your credit score in banks that is if you pay in time.

5. PAY in cash

As much as I love my credit card and it’s perks, there are still additional perks when paying in cash. There are establishments that give you additional discount if you pay in cold hard cash. They don’t really put a poster or banner about it in their establishments but the employees are usually aware that additional discounts can be given if you pay in cash or better yet talk to the owner and ask if they offer additional discounts if you'll pay in cash. I personally experienced this when buying gadgets on stores,some of the even offer as much as 10% if you pay in cash.

 

These tips may be super easy to some and some may find it challenging but asking for help is something you should not be ashamed of. 

 

Luckily,I stumbled upon these FREE financial online calculators that can help your different financial challenges with like Savings Calculator and Credit Card Payment Calculator, they even have Car Loan Calculator, Loan Amortization Calculator and others.

Hope these tips may help you achieve your small steps in achieving financial freedom. Until then!