A quick look at tips on how to gain financial freedom or secure a blissful financial future, and you would find that frugality is almost always listed, although in different forms. Understandably, and based on tried and tested financial practices, saving more and cutting down on spending can be effective. Then again, it is not unusual for financial prudence to be linked to lifestyle stagnation because you are required to let go of excesses that give instant gratification. That being said, does having to be financially prudent necessarily mean lifestyle stagnation?
When you consider that the idea of lifestyle stagnation in this case refers to spending, you will find that there are numerous ways by which you can achieve financial freedom, without necessarily taking so much off the quality of life you would like to live. As such, on your journey towards financial freedom, you can still get it right and not feel like the many sacrifices and adjustments being made have cut short the prospects of living comfortably.
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A cardinal principle when it comes to personal finances is planning, of which sticking to budgets is a major component. With the right strategy in place, and by adopting the right habits for long term financial stability, you can live comfortable and spend like you always wanted to. Planning can also lead to long term savings – for example, with most funeral planning services, you can pay for your funeral at today’s prices. With the rapid rising cost of funerals, this is one easy way to make a quick saving.
In all of this, the bottom line is to determine what you consider essential in your lifestyle practices, and what influences the categorization. To a large extent, achieving financial freedom depends on how well you can use internal as opposed to external values to map out what you need and what you do not need. At the end o the day, you would have to prioritize your needs and eliminate mere wants because securing a stable financial future requires making sacrifices. Ensure that you are not comparing your lifestyle with that of another person. When you map out plans, budget for your expenses and stay on course, you are able to feel less deprived while living a debt-free life.
When it comes to achieving financial freedom, debt is a major obstacle. In this regard, discipline and consistency are important traits to adopt. The goal is to first be debt-free. There is no point in feeding a lifestyle that would accumulate in stead of eliminate your debt in the long run as this does nothing to help with your goal of achieving financial freedom.
Making investments, maintaining saving habits, spending less than you earn are all vital steps to achieving financial freedom. These do not necessarily mean lifestyle stagnation if you set specific financial goals and plan well.
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