The journey to Financial Freedom doesn’t always include large leaps into saving more, eliminating debt, building wealth, and living generously. It takes time, dedication, and a mindset shift that small changes can lead to significant differences. Each person’s journey is unique depending on where they are in life, and they may even be in multiple stages simultaneously.
Follow these four tips to adjust your mindset and stay in control of your finances:
1. Learn about personal finance for a few minutes every day.
Everyone learns differently, and whether you love watching webinars, reading articles, or immersing in a hands-on experience to grow your knowledge, it’s essential to learn how to manage money confidently. Getting the know-how of the four stages to financial freedom gives you control over what you’re doing today and what adjustments you need to make to keep your financial health in good shape.
2. Designate a day to review your accounts.
Mornings usually consist of getting out of bed, brushing your teeth, eating breakfast, and starting the workday. Your weekend may include getting chores done, picking up groceries, and setting yourself up for success to start a new week. While routines may vary slightly from person to person, staying on top of your finances should also be a part of your routine.
Designating a day to review your accounts will make tracking your finances stress-free, and you’ll better understand where you’ve spent your money all week and find areas of improvement. Even better, you’ll see your hard work pay off as you save for emergencies, pay down debt, or build your retirement funds.
3. Create (and manage) a budget.
If you want to stay in control of your money at all times, creating and managing a budget work hand-in-hand. Creating a budget is ideal for laying out your expenses, but maintaining the budget can help you decide where to make changes or keep up the excellent work.
Using a mobile app is simple and quick to punch in the numbers, so if you’re picking up essentials in-store or ordering items online, you can track your expenses easily. See what you can do at your fingertips with our free Goals and Budgets tool.
4. Talk about your financial goals.
Financial freedom seekers may want to graduate college debt-free, save for emergencies, or buy a car in cash. Others are working toward paying off their mortgage, building their retirement funds, or donating to an organization that helps inspire others.
Be sure to surround yourself with a community of people who are also on the journey, regardless if their goals are similar or if they’re in different stages of life. Talking to a parent, friend, mentor, or financial planner about each other’s goals is encouraging. You’ll keep yourself and others accountable for their progress and even learn something new.
Following these four ways to adjust your mindset and stay in control of your finances, you’re charting a successful, sustainable course to financial freedom.