5 Game-Changing Financial Freedom Tips for The Future

  April 12, 2019

5 Game-Changing Financial Freedom Tips for The Future

Whether you have a huge student loan, a home loan or a business setback, it’s still possible to embrace financial freedom in the future. Celebrating financial freedom is the ultimate dream for most of us. For some, it may include a hefty retirement fund, while for others, it may be a house with no debts. For many, it includes having an emergency fund for those rainy days. No matter what’s your goal, following some crucial financial tips and habits can get you there.

What is Financial Freedom?

Celebrating financial freedom involves taking complete ownership of your finances. This means, you have a steady cash flow to manage your expenses and live the lifestyle you desire. Plus, you don’t have to worry about paying the bills or any sudden expenses that may arise. Lastly, you don’t have a big burden of loans and EMIs. It’s all about planning for your financial security for the long-term. This can include buying the right insurance policies, opting for health insurance, investing in mutual funds, and much more.

Effective Tips for #FinancialFreedom

1. Set Achievable Goals

Rather than saying “I’ll reduce my spending” or “I want to change”, think about setting realistic goals. For instance, cutting your spending by 10 or 20% in 2019, paying off your credit card debts in the next six months, etc. By setting achievable goals, you can stay on the right track with your future plans.

2. Build an Emergency Fund

Unfortunately, an emergency can strike anytime. You might lose your job, someone in the family may get sick, there might be a natural disaster, and so on. In such cases, having a reserve is important. Start with a goal of saving Rs. 5000 or 10,000 every month, depending on your earning. If not, at least start with saving for an extra electricity bill. Something is better than nothing when it comes to savings!

3. Boost your Financial IQ

Don’t ignore your financial education. Today, there are so many schemes, insurance policies and options to save and invest for your financial freedom. Review your finances regularly, speak to some experts and learn how to save money and improve your personal finances.

4. Plan for Retirement

It’s best to start saving for your retirement from the day you start earning. Sure, you want to enjoy your 20s and live life to the maximum. However, it is the best time to start investing in the right financial products as your risk-taking ability is considerably higher. Plus, you get a lot of tax benefits and can get maximum gains on compound interest too.

5. Research Before Major Financial Decisions

5. Research Before Major Financial Decisions We all love those impulse buys – whether it’s a dark chocolate, an impromptu foreign vacation or the latest smartphone. However, when you’re thinking about major decisions like buying a car, a home or an investment, do your research and see if you can really afford it. For instance, don’t just think about the car’s price, also factor in the interest on