Smart Strategies to Financial Freedom
Social stigmas surrounding money make personal finance a much-avoided topic.
Would you like to know why many avoid money conversations?
The feelings of embarrassment, failure, or being perceived as "Trying to Keep Up with the Joneses" keep people quiet, stressed, and from seeking financial counseling. However, what many fail to realize is that they are not alone.
Becoming slaves to the lender has become the reality of many. While the COVID-19 pandemic may be the blame to some extent, the truth is that millions of Americans, according to Greg Incurci and Annie Nova of CNBC News, lived paycheck to paycheck, finagling to make ends meet well before the pandemic. Being able to emerge from debt with ongoing debt and insufficient income is more than a war cry and a little stirred blood.
"It's a journey, one that takes persistence and discipline," explains Star Lenay, lead consultant at Star Financial Consultant. Star Lenay continues, "There are several factors that contribute to your financial independence, such as your income, spending habits, and current circumstances. Therefore, achieving financial freedom is not a race and should not be judged. For some, it may only take a few months to gain financial freedom, while for others, it could take years. The key is not to give up. Your work will not be in vain."
Star Lenay
Star Lenay shared effective strategies to help start your journey to financial freedom.
Create and maintain a budget.
Set a baseline for expenses. Note the amount of money you have coming in monthly and your necessary expenses.
Set a SMART financial goal, one that is Specific, Measurable, Achievable, Realistic, and Timely. For example, setting a goal to save $100 a month is achievable and realistic if you spend $50 per week dining out. You could save at least half of your weekly eating allowance by packing a lunch on some days or eating at restaurants with daily specials.
Use cash instead of plastic when possible.
Using cash helps you spend less overall, shared personal finance columnist, Michelle Singletary. She advises you to leave your debit and credit cards at home and to take only the money you have budgeted for the purchase with you.
One more thing, do not be ashamed to whip out your calculator when shopping to track your spending. It was not too long ago that calculators were attached to shopping baskets.
Save a percentage of your savings before fulfilling any financial obligations.
Saving a percentage of your earnings may seem impossible when you live paycheck to paycheck; however, there are many formulas and tools to help you establish a personal saving plan to achieve financial freedom.
Start small. Starting small can lead to big changes. Just take the first step.
Check your budget for "sinkers" such as unused subscriptions, small or unnecessary expenses.
Cancel unused subscriptions and eliminate small, unnecessary expenses.
Gaining financial freedom is a process of growth, making necessary adjustments, and a journey that you do not have to attempt alone. If you have financial questions or need advice about starting your journey to financial freedom, contact Star Lenay at starcredit.financial@gmail.com.
“God supplies seed for the person who plants. He supplies bread for food. God will supply and increase the amount of your seed. He will increase the results of your good works” (2 Corinthians 9:10).