Everlyne is a customer service person by practice with a Bsc. of Science. She is, however, a copy editor by profession.
Lack of finances can stress out any human being. No one loves to be financially unstable because nothing comes easy by being monetary unstable. People will tell you that money cannot buy everything, well money cannot buy everything, but it is worth having some of it to successfully live your life through. Financial freedom does not come easily; it requires discipline, motivation, and the zeal to make things work right for the future. Everyone who has attained financial freedom did not achieve so effortlessly.
It's all about choices, and the choices we make today financially will directly or indirectly affect our future financial freedom. We can not do the same routine things and expect different results. Do not be afraid to try out different legit ways to gain your financial freedom. A few tips to help you attain your future financial freedom are as below;
1. Assist your Child to Save by Opening a Junior Account for them.
Most of us were not lucky enough to get the privilege of having a bank account in our names when we were young. As a parent, if you were not fortunate to have this junior account, then do not let your kid walk the path you did. Training starts from early childhood. Opening a bank account for your kid will help the kid have a saving culture. No amount is too little to save a thousand miles starts with a single step. Give your child the freedom and the education to know how crucial saving is, and you would not have to train them in their adulthood when they start earning.
2. Talk about finances with your kids.
There is no age in a child that is too young to understand about money. Involve your children in matters of finance and discuss with them what is significant and what is not. For instance, let the kids comprehend that they do not have to possess what the neighbors' kids have, but what is necessary and not what other kids have. Expose your kids to ATMs and banks. Allow them to get an understanding of how things in the world outside of their homes. You as a parent also have to demonstrate what you want your kids to be like you, do not go around doing impulse buying, and expect the kids not to follow suit. Training the kids goes a long way since by the time they are 25 years, they would have established what they want and the prominence of savings. Involve your kids in budgeting, let's say, it's Christmas, what do you wish to have as a family, draft a budget with your kids. It will help them grow understanding the in-depth knowledge about budgeting.
3. Live within your means.
Living within self means is an aspect that we should consider and work and live within the means we can afford. You do not have to go eating in Java, or KFC, just because your friends or even relatives eat from the joints from time to time. You can save and visit the place you wish once in a while, but the most crucial thing is that you learn to live within your means and be content. If you cannot afford whatever it is that you want, then you can stay without it. This statement should always be your driving principle to help you make the right decisions all the time concerning your finances and planning.
4. Do not just save invest.
Many people think saving alone will give them the financial liberty they wish to have in the future. However, this is not always the case. Savings alone cannot guarantee you the financial satisfaction that you desire. Be able and willing to save as you invest. Find an investment from which you can be getting returns as you also save. Investing in businesses, real estate, or even smaller trade companies can yield finances that could be somehow impossible to achieve through saving alone. Once you have met your immediate needs, start thinking of having land somewhere, a house, and so on to secure your retirement. Always have a plan B in case the first preferred plan fails to work out. Think outside the box and start investing and saving at the same time.
5. A car is not an asset.
Many a time, many of us want to have that luxury of having a car. However, nowadays, many argue that a vehicle is not a luxury, rather a necessity. However much this might be true or not, have in mind that a car is not a necessity but a liability. The car value degenerates with every ride you take, and it comes loaded with concealed costs. A house first would work better than having a car first. Another thing to note is that it is never wise to buy a car on loan, save in bits until you can afford yourself the desired brand you wish. Again, note that if you cannot purchase it twice, then you cannot afford it.
There are many other financial choices one can choose to ensure their financial freedom. I hope that you pick the right one to fulfill your desires and the monetary liberty you desire to have.