Saving money and paying off debt are some important things you think about on a daily, but most of you find it difficult to achieve or lack the desire to do so. To live frugally and save money does require you to sacrifice some things, such as your social time and your buying impulsions. Of course, this does not mean you should become a hermit or exclude yourself from having fun with your friends and family. In addition to your fear of missing out on worldly activities, being labeled a cheapskate can be damaging to your social networking efforts. As a millennial, you have to figure out how to have a fun-filled life while, at the same time, safeguarding your financial wellness.
Author: BudgetPolitan Page 1 of 2
No one wants to retire later than sixty-five, at the most, and many try to beat that by five, ten, or even fifteen years. As pleasant as that might sound, retirement at any of those ages is far too late in life for individuals living in the Financial Independence Retire Early movement. Imagine for a minute that you’re retiring in your twenties or early thirties? Well, if you join the FIRE movement, you may just make that dream a reality.
If you’re planning on becoming a millionaire someday or even planning to afford whatever you want to buy, then there are a million ways to do it. However, the most important and effective way to do it is by managing your expenses. You cannot expect to live a life free-spiritedly or even enjoy a life of peace when all you’re doing is spend all of your money on unnecessary purchases.
Managing expenses is very crucial if you want to live debt- and stress-free. Luckily for you, this topic will be all about the tips and tricks you can do to manage your expenses, make the right purchase decisions, and to start living to achieve financial freedom.
Too often do we fail to realize that our personal growth has the ability to affect many things in our life. Job prospects, relationships, financial goals, as well as our income and status. We tend to think that we are covering all the bases by following our own ways of doing things. We’ll shrug our shoulders believing to have figured it all out. When it comes to self-awareness and being honest, money management is one such item we’re not being real with.
When it comes to managing our money, we often focus on the simple aspect of what it means to save. By taking money from our income, putting it away in a separate account, and leaving it there solely for emergencies, it can feel like we’re doing all we need to do to attain financial freedom.
But is that real financial freedom? Creating a budget and living a lifestyle that allows you to save money should mean more than locking your money away. There’s no action nor is it a plan. In reality, you’re not gaining anything from doing so. It might seem as though it’s the most reliable way of going about it but is it the best way? Will it give you the financial freedom you deserve?
Our ambitions tend to be lofty. We want a large corner office, build a dream home, purchase a luxury vehicle, or take trips to exotic islands and foreign countries. Unfortunately, those ambitions are often left to fade away in its first stage: the dreaming stage. We dream about these things but most find it unrealistic or too difficult to achieve. But if you really think about it, you’ll come to realize that with some adjustments, you have what it takes to manage those ambitions and to achieve financial success.
Life is a journey with little structure or direction. When we choose to make sense of life, one of the things that we often do is make goals and set priorities to achieve those goals. Our family, friends and personal aspirations give added value to the factors that make our life worth living. When planning out our lives, we can be hasty to forget about the essentials. We continue to assume that things will merely be there or will eventually come. Too often do we forget the importance of making our finances a priority. When we have bills, student loans, and credit card debt, it can be challenging to think about saving any money towards anything else, but it’s those savings that set you up for a positive financial future.