Financial freedom is something which is a sure desire of almost every individual living on this world. However, only a few out of millions are able to achieve financial freedom in this tough World. There are plenty of reasons that why majority the people fail to achieve financial freedom but in this piece of writing, we won’t be discussing about them.
In this piece of writing, we will emphasize on the techniques which you can follow to achieve financial freedom. So, here are some techniques which you must practically implement within your daily life to achieve financial freedom.
In order to begin, track your earnings and spending. Start by noting down and analyzing your income. What are the sources of your income? Are the sources your salary, interest you are earning over deposited money in a savings account or income from business?
Once you have analyzed all the sources from where you are generating your income, you can then decide what portion of your income you can spend over your necessities and what portion of your income you can spend on your luxuries.
Once you are done with the analyzing of the resources from where you are generating your income, next thing to do is to calculate the expenses which are occurring on weekly or monthly basis. List down all small and big expenses which are occurring either on weekly or on monthly basis. If you are a student or a single mom budgeting and planning for your kids education, these tips will help you avoid Student Loans.
After listing down all your expenses, add all of them and you would find the exact figure of expenses which you are doing either on weekly or on monthly basis. This way, you would be able to judge your spending patterns as well as your spending powers.
According to latest surveys and researches, it has been proved that credit cards are the major source or factor behind the failures of achievement of financial freedom. These days, people are carrying more than one credit card with themselves which is surely not a wise thing to do. If you are tasked to stay at home doing the household chores, try to look for jobs to work at home and make extra money rather than spending more that what you are earning.
In order to achieve financial freedom, it is advisable that you must carry one credit card with yourself and only emergency purposes to avoid credit card debt. Assuming that on the basis of credit card you are financially strong is not the right thing to do because in reality, the amount you have within your credit card doesn’t belongs to you.
So, above mentioned were some simple techniques which you can practically implement within your daily life to achieve financial freedom within no time at all.