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Five steps to financial freedom

by , 02 September 2014

Preparing for the future requires efficient financial planning. Most people lack financial planning skills and do not know how to save for the future.

Having a financial plan gives you options. It serves as a roadmap, guiding you towards financial freedom and helping you achieve your dreams.

How can you achieve financial freedom once and for all? Here's how to take control of you finances and regain your lost freedom.

Step 1: Figure out what you want to accomplish
Before taking action, you need to determine what it is that you want to accomplish. Whether it’s buying a new house, a new car, or securing your future financially, figure out exactly what your main financial goals are. It’s much easier to stick to a plan if you know what you’re aiming for.
Step 2: Make a monthly budget and stick to it
The days when you spent money that you couldn’t afford are over. You need to put a stop to your bad spending habits right now. Living from paycheck to paycheck is not only unhealthy for your financial future, it leaves you with no options whatsoever.
Decide to pay all debts at the beginning of the month and create a budget that allows you to save at least 10 percent of your income.
Step 3: Never use credit cards again
I know, it seems a bit too much, doesn’t it? But it’s for your own good. The sooner you get rid of credit cards, the better. Use cash and debit cards, but avoid buying anything on credit. You are only paying more and getting yourself into debt.
From now on, take better care of your finances by paying with cash. It will help you better understand where your money is going and will force you to stop buying things on impulse.
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Step 4: Track your spending
If you want to free yourself from debt and build a more secure future, you need to understand where your money is going each month.
Tracking your spending each month can help you find out what types of spending mistakes you are making and then change your behavior. If you find that you are spending more than you are making, then it’s time for some drastic measures.
Step 5: Increase your savings
You should have at least three to six months’ worth of expenses saved up, and you should also increase your retirement savings. Your main goal should be to get rid of all debt, but that doesn’t mean you should forget about saving.

Five steps to financial freedom
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