We all dream of financial freedom. Even if you are a financially secure person, chances are that you have debt, and are paying off plenty of bills.
There is an old saying that goes: “you are never really out of debt, it is simply a part of life.” But there are some rules you can follow that will set you on the road to financial freedom.
Follow some of these simple rules, and see if in a year’s time you are not closer to the financial freedom you have always dreamed about.
5 Laws of Financial Freedom
Control Impulse Buying
Arguably the most important rule on this list, impulse buying affects us all. It will put you into debt faster than anything else, as those “impulse buys” can really add up fast. The worst thing about impulse buying is that 95% of the time it is something that we really don’t need. Keep impulse buying to a minimum, or cut it out altogether and you will see immediate gains in your financial situation.
Use Debit Not Credit
It is almost impossible to avoid using a credit card for some situations, especially in emergencies and unforeseen events. However, use your debit card as often as you can instead of a credit card. Don’t let the credit debt pile up on you, as you will find yourself paying out more and more each month.
Keep Track of All Spending
You probably spend more than you even realize. If you really think about it, some kind of spending is going on at some point everyday. Cash, credit, debit, PayPal… all of these are forms of spending. It is important to keep track of all your spending, not just the bigger stuff. This will allow you to see what you can cut back on versus what really is important.
Follow a Budget
Build, incorporate, and follow a budget plan. Budgets come in very handy if followed correctly. They allow you to see where your money goes and what you spend the most and least amount of money on, and also allow for adjustments to be made in your monthly spending habits. Creating a stern budget is one of the best ways to march toward financial freedom.
Be a Picky Shopper
This could take a little more of your time, but that extra time can turn into big savings for you over the long haul. Clip coupons, find sales, compare prices, be a picky shopper. Time is money, so think all your purchases through.
The financial freedom you have always wanted is not impossible to gain, you just need to follow some of the rules above— and give yourself a real shot at living the financially secure life you have always wanted.