Consistency is Key for Gaining Financial Freedom

Across the globe, the vast majority of households and individuals struggle with debt. Indeed, many families are unable to get to month-end without purchasing basic necessities like groceries on credit. Added to this the many job losses and reduced income resultant from Covid, and it can seem impossible to gain financial freedom. However, there are steps that you can take to reduce debt, improve spending habits, and ultimately gain control of your finances.

The first step is to take an honest look at your income versus expenses. Tracking where you spend most can help with establishing a game plan. It may mean cutting out streaming subscriptions and dining out, or opting to shop at discount stores. While it may be scary to face reality, it’s better than burying your head in the sand. There is also a lot of assistance available when looking to gain financial freedom, including debt counsellors and personal finance software that can help with identifying unnecessary expenditure, setting up a budget, and tracking payments.

Once you’ve got a clear picture of the current situation, as well as a plan on how to budget better, you would then need to consider alternative streams of income. There are many avenues of gaining extra money each month, including pooling family members’ income, utilising online part-time work options, or starting a side hustle. Once you’ve got an alternative source of income, a wise choice would be to set this income aside for a specific purpose, like paying off debt or investing in a retirement savings plan.

The best way to ensure long-term success in the endeavour to gain financial control is to be consistent in establishing better habits and keeping an eye on expenditure. While there is no overnight solution, small, deliberate daily steps can ultimately lead to long-term financial freedom.