Although there’s a lot more to life than the money you make, there’s no doubt that financial security can open up doors and create more freedom as well as more opportunities. This is partially why there’s been a recent rush in the world of entrepreneurism and small business ownership. As more and more people learn the power of financial freedom and stability, more and more people are pursuing this for themselves.
It’s important to note, though, that financial freedom rarely happens over night. Of course there are exceptions to every rule and this is no different: the lottery exists, big winners in Vegas exist, and mobile sports book betting has become incredibly popular.
All of that said, though, more often than not, true financial freedom and wealth happens over time. The following strategies can help anyone take stronger ownership over their personal finances and get them on a path to start building real wealth.
Table of Contents
Save Every Month
One of the best, and first, pieces of advice that you’ll get when working on your money management practices is how crucial it is to save every month, no matter how much you’re making. The earlier you can start this practice, the better. This is because of how savings compound over time, so the younger you are when you start saving on a monthly basis, the better it will be for your long term wealth.
How much you save each month can entirely depend on your personal situation, but if you can manage to save even 5-10% of every paycheck, you’ll be taking small steps to a brighter, more financially secure future.
After a while, and as you advance through your career, you may even be able to start saving more than your initial 5-10%, too. There’s nothing wrong with putting away more than 10% as long as you have enough left over for your other financial obligations.
Take Advantage of Rewards Programs
There are also several rewards programs of which consumers can take advantage in order to give them a leg up on their personal financial security and freedom. For instance, many major credit card companies offer a variety of credit cards that come with a reward system of one design or another.
One of the most popular designs for a credit card rewards system is the points system. Put simply: the more money you spend on that specific card, the more points you earn, and those can then be exchanged for a variety of goods, or in many cases, travel opportunities. These aren’t the only rewards programs out on the market worth taking advantage of, though. There are other reward programs that give consumers some amazing perks.
For instance, some consumers have figured out how to get free money on Cash App through the Yotta debit card rewards program.
The Yotta debit card offers consumers a 1 in 250 chance of 100% purchase reimbursement on every single purchase they make with the Yotta debit card. Since Cash App processes debit transactions as a purchase, this same perk applies to money transfers you make through Cash App.
As such, if you link a Yotta debit card up with your Cash App account, you’ll be eligible for a 100% cash back reimbursement every single time you send someone money, no matter how much.
Take on a Side Hustle
Another great way to create additional financial security for yourself and to start pursuing financial freedom is through a side hustle. Side hustles have become extremely popular among a younger demographic of the workforce, as side hustles not only create an extra source of income, but to also have a little bit of fun, and escape the race of the everyday grind.
Many people choose a passion as their side hustle, while others simply sign up with a platform like DoorDash, Uber, or InstaCart. The extra income can be used for fun, to bolster a savings account, or as an extra fund for something you want as a treat for yourself.
Budgeting is the Key
When it comes to taking control over your finances, budgeting is another tool that can help immensely. Understanding how much income you make on a monthly basis, and comparing that to your monthly expenses will help keep you on the right track.
The current economy is definitely difficult to navigate, and you might not have as much wiggle room financially as you’d like right now. That’s okay though, take a deep breath, plan out your budget, and start working on how you can increase your monthly income so you can start saving more, and take stronger, swifter steps toward financial freedom.
A few Final Thoughts
There are a lot of paths that lead toward financial freedom, and not any two are identical by any means. In fact, sometimes the most unique stories are also the success stories society holds up the highest. Don’t get stuck thinking about where you’re at, because you never know just where you’ll end up.
