Achieving financial freedom is no stroll in the park, but it’s undoubtedly an incredibly worthwhile endeavour.

Money. We all spend it to survive, some of us see it as a measure of success, a handful of us save it to build a financially secure future, and most of us stress over it, as there is never really enough to go around.

Achieving financial freedom is no stroll in the park, but it’s undoubtedly a worthwhile endeavour. You may feel like you’ve been dealt a poor hand of cards in life, but that doesn’t mean you are stuck with it. Devising, sticking to and refusing to deviate from a solid financial plan is the only way to break free of the chains of financial slavery.

 

What is Financial Freedom?

Those with financial freedom are able to save and pay their bills, as well as do the things they enjoy and love in life, without worrying.  Financial freedom means being financially secure – being able to afford emergency expenses, to repay debt and save for a comfortable retirement.

If you are financially free, money won’t get in the way of you achieving your goals. You will be able to move through life unimpeded, without having to answer to others.

 

Questions to Ask Yourself

If you want to achieve financial freedom, you need to ask yourself some hard questions, and be completely honest.

Ask yourself if you are borrowing more than you make. Will you make enough in the future to repay what you have borrowed?

When shopping, always ask yourself whether you really need an item. Trim your spending down and get creative to avoid accumulating more debt.

Give up fleeting gratification to have what you truly value later. What changes can you make, what can you differently to rid your finances of the constant drain of debt?

Where would you like to be in the next 5 years? How can you make the most of life today, while still working towards financial freedom tomorrow?

Remember that time is your most valuable resource. Ask yourself whether the people and things you are spending your time on are really worth it.

Are you tracking what flows in and what goes out on a monthly basis? This is of crucial importance, so you can seal budget holes, where money is leaking out needlessly.

What is a Debt Free Lifestyle?

Those who enjoy a debt free lifestyle don’t live their lives trying to prove something to others, by having a whole lot of flashy, inessential possessions that they cannot afford.

Debt free individuals know their limits and are able to say no because they have bigger goals. They are focused on what matters most to them and don’t live beyond their means.

Living debt free means not using credit cards to buy things you cannot afford. Debt free individuals pay themselves first, the money they earn belongs to them. To be debt free is to be grounded in the reality of your finances, by tracking your spending and savings.

Those who are debt free no longer have that uncontrollable urge to spend, they worry less and their mood is calm, content and stable. This is because debt free individuals put their life goals first by staying conscious of their daily money decisions. They don’t spend what they don’t have, have good self-control and automatically prioritise needs over wants.

Being debt free is being free of obligations to things you do not believe in. Those who possess this sort of freedom are naturally happier people.