Escape Financial Slavery and Gain Your Freedom!
Escape Financial Slavery and Gain Your Freedom!
As we celebrate emancipation and our freedom from mental slavery there is another form of slavery that most persons are consumed by and afraid to speak on. That is what is referred to as modern day slavery or in short financial debt. While we are happy to be free from slavery, we must also work toward financial freedom and being mentally, physically, and financially free. At Jannou Credit Union financial independence for our members is extremely important to us. We recognize that reaching financial freedom can be challenging and that it might be difficult to save money and avoid mounting amounts of c debt during these times. However, it is achievable, and with your cooperation, we wish to assist you in reaching this goal. To navigate these current financial difficulties successfully you must be knowledgeable and financially capable. What is financial freedom and how can one acquire it? Financial independence is defined as having enough money to fully satisfy all your present and future commitments, feeling confident about your financial future, and being able to make decisions that allow you to have fun and enjoy life pleasures. In essence, having financial independence implies that your money works for you rather than you working for your money.
We must work to pay off debt, accumulate a safety net of savings, and generate enough passive income, either through investing or starting your own business with several income streams, to become financially free. Here are some practices you can develop to assist you in getting there:
- Set life goals
Setting life goals is the first and one of the most crucial steps. This can be long- or short-term financial goals. Long term goals may include purchasing property whereas a short-term goal maybe saving up for a family vacation. Whatever the case, make sure to include a savings strategy and S.M.A.R.T. goals. You must be clear about how much money you want to save and how long it will take you to reach that goal. Making it a challenge will make accomplishing these goals enjoyable. You can take on a variety of money-saving challenges, some of which cost as little as $1 per day. Invite your family and friends to join you. You will have support and accountability in this way. Remember knowing exactly what you want to achieve makes achieving financial freedom a million times easier.
- Spend less
Although this could be challenging given the current economic situation, it does help to live a little more frugal. Now, we are not requesting that you go to the extreme and live like those individuals on the popular TV series Extreme Cheapskates; rather, we are suggesting that you reduce your spending as much as you can. There are numerous ways you can accomplish this. One of the most important things you need to do to ensure you cut back on your spending is to HAVE A MONTHLY BUDGET! Write down how much you are willing to spend on each item on your list of monthly expenses. We understand that emergencies may happen and cause you to change your plans, so ensure that you stick as close to your budget as possible.
By making a few small sacrifices, you can save a significant amount of money. Given that the average person spends up to $100 per week on eating out, it has been a significant factor in excessive spending. Instead, this money can be spent buying groceries and preparing meals at home. Remember that before going to the supermarket ensure you have a plan and make a list of all the items that you would need. This will prevent you from spending on unnecessary items. You can allocate money in your budget for eating out, but once that money is used up, you are only allowed to consume home-cooked meals. This will help you save more money in the end. Consider setting a challenge for yourself, such as "30 days of home-cooked meals or 30 days without takeout."
You might also think about reducing the amount you spend on entertainment. Make use of your surroundings and the natural beauty of St. Lucia as a form of free entertainment. Another way to save monthly is by breaking loose from all those monthly subscriptions. If it is not necessary to have them or you do not utilize these services, it is ok to let go and cut them out of your monthly spending. You can also save by being mindful of your utility consumption. Switch your light bulbs to energy efficient ones and not letting the tap run while you are brushing your teeth is some ways to cut back on your monthly bills. To achieve financial freedom and save money you must also distinguish between the things that you need and want. Small adjustments in your everyday lifestyle can make big gains towards your financial freedom.
- Create additionally sources of income
Given that you are so deeply in debt and that your monthly expenses now exceed your income, you may have given up at this point and believe that it is impossible to achieve any kind of financial freedom. If I don't make enough money, how can I pay off my debt or save? We would all prefer an increase in our wages to deal with this issue, but this is not always attainable. Creating other sources of income is another realistic solution to this problem. If you are serious about achieving financial independence, you would realize that sacrifices must be made. This could require a lot of effort and sleepless nights, but in the end it would all be worthwhile. Unless you are earning five figures, your 9 to 5 job won't cut it and help you achieve financial freedom. You must take the initiative and start looking for additional sources of income, legally speaking that is. Some professionals advise having at least seven different sources of income. There are numerous ways to earn additional income outside of your job. One solution is to start your own business and use your talent to earn money. Use your skills as a means of income if you are excellent at them. You might even think about taking on a second job. Many businesses hire part-time employees for late shifts. Examples are some fast-food restaurants, cinemas, and hotels. Other methods include investing or owning rental homes.
