Nothing is fulfilling than having financial freedom, but this is a luxury that afforded by a few although everyone has the opportunity to make it happen what is important is how you utilize the opportunity when it is presented to you. Most people, particularly under 30 years, barely have financial goals and they do not seem to comprehend the concept of time yet they want to be financially stable, what they forget is that time is money and an asset, and how they utilize it determines their financial being in future, therefore, use the time to develop your financial education, relationships, and health because they are variables that determine your financial stability. Inadequate financial planning is the leading causing of unachieved financial freedom for many people, this article has gathered some ideas you can use to help you start planning and managing your finances.
When working out your financial freedom it is always good to start from a point of self-awareness, so make sure you prepare a comprehensive list of all the debts you have from student loans, mortgage, car loans, credit cards and any other debt you may have also important to include are the debts from friends and family members you have accrued over the years, then compute all your savings from your saving accounts, stocks, retirement savings as well as the income you get from side hustles as well as the monthly salary, compare your debts and your income, this step is important in budgeting and planning for your financial freedom.
The next step to financial freedom is to outline your goals, it is important that these goals to be clear, specific, and achievable otherwise you can get discouraged by unrealistic goals you set being unfulfilled, you need to know exactly why you need money, to get rid of debt for good? To save for your wedding? A plan for your kids? Retirement? When you tire your goals with emotional reasons you are likely to give extra effort and commitment and soon you will realize them, however, you need to be patient because you might not achieve your goals within a month or two but can take a year or a couple of years but what is important is that you are making progress.
The other important step to achieving your financial freedom is tracking your spending, there are reliable applications out here that help you budget and they will keep track of your spending, a good and reliable tracking app will help you set limits on various category of your spending and will alert you when you are about to exceed the limit, furthermore, the app will let you know how much in your account as well as the debt you are servicing which keep you focused on the goals that you set earlier.
Those are some financial tips you can use to achieve financial freedom before 30s.