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AxisDirect-O-Nomics
Aug 02, 2019 | Source: www.financialexpress.com
Financial freedom means different things to different people. It is all about having the freedom to make choices, not based on what your bank balance dictates but based on what your heart desires. Financial freedom is something that will not happen overnight; rather it is a journey. Each day, through the choices you make, either you move closer or farther from your financial freedom. Here are five steps which you can start implementing now, so that you can achieve financial freedom in the near future.
Talk to your better half
Most couples never discuss their financial goals. If you are married or in a relationship, talk to your spouse about what you want to accomplish. Have a brief conversation about your financial goals and what kind of lifestyle you want, etc. Discuss and take important actions such as paying debt, gaining control over spending, saving for children education, retirement, tax planning, early retirement, and the like.
Make a budget and adhere
Budgeting is a basic tool but often overlooked by many. If you keep on spending more than what you earn, definitely you are not moving towards financial freedom. A budget lays out all your expenses and outlines how much you can afford to allocate for each expense. If you are spending more than what you have or earn, a budget will spot this so that you will know where you should cut back.
Create an emergency fund
Emergencies such as illness, job loss, expensive home or car repairs can happen anytime and when that time comes, you want to make sure you have enough liquid cash to navigate through it. If you do not have an emergency fund, chances are high that you will turn to credit. This could spiral into financial difficulties down the road.
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