7 TIPS THAT WILL GIVE YOU FINANCIAL FREEDOM IN 2023.

Have you noticed that managing your personal finance well enough increases your peace of
mind ? Well, it really does. Knowing you can scale through financial crisis without getting a loan
or selling an investment is bliss.
Managing ones money may seems stressful because lots of people feel it gets too complicated
most times. But managing your finance gives you self confidence and also freedom to achieve
your goals.
Here are simple tips on how to manage your personal finance and stay in good shape financially;

1. Save early, and automatically :

these days most companies automatically enroll their workers
to retirement savings plan when they are hired rather than waiting for the workers to do so at
their convenient time. It is great but most of the time the percentage saved is low, usually 3% of
the salary and it is advisable to save at least 10% to 20% of one’s salary. It is simple, have your
bank send a certain amount to your savings or investment account automatically at every month
end.
The point is for you to get in the habit of saving, even if you start with a little amount of money  you can
gradually increase the amount of money you save with time. Seeing your money grow is another level of motivation.

2. Expect financial emergency :

Most employees will not be able to cover an emergency of
$400 expense without selling a property or getting a loan. The point is while saving, you should
learn to set aside money for EMERGENCY FUND. This is because in a financial emergency
most people tap into their investment account or retirement fund early. But saving for emergency
will prevent you from tapping into your investment or retirement fund.

3. Spend less than you earn :

This is one of the most important rule of saving. Most people live
on paycheque to paycheque so it is not surprising that many people don’t have an emergency
fund or even an investment or savings account.
Part of what can make it tough to build an investment account or emergency fund is spending
more than you earn. As we hope we earn more, most times, we often increase our spending —
we upgraded our car or phone, or take fancier vacation – rather than increase the amount we
save by 2% or set a higher savings target. And some times, when we get a raise in our salary
we tend to increase our standards of living rather than save at least half of the added amount.
Spending less than you earn will not only give you financially freedom but also help you
achieve your goals and you can likely avoid any kind of financial crisis

4. Educate yourself on money:

Money management is a whole skill on its own, learning how to
manage your money well goes a long way in having financial freedom. If you don’t learn how to
manage your money then other people will find ways to mismanage it for you and some of these people could have bad intentions. Instead of relying on random advices from unqualified people, take charge of your own financial future by reading few basic books on finance and money
management.
Once you’re armed with financial knowledge, don’t let anyone get you off track. For example,
friends who wants to go and want you to spend money lavishly with them every weekend.

5. Know Where Your Money Goes/ Learn how to Budget:

Once you’ve read few books on finance
and money management you will understand the two crucial rules of money management and
personal finance are never let your expenses exceed your income/earnings
— And always keep an eye on where your money goes.
The best way to do this is by budgeting and creating a personal plan on how to spend your
money, to track the money you have coming in and the money going out.
When you start tracking how you spend your money, you will realize it’s a wake-up call for you
to know how the cost of eating out every night adds over the month. Unlike your salary increase
which is in the hands of your boss to a large extent. Little changes in your everyday expenses
like eating at home or making your coffee from home are completely under your control— and
they can have a big impact on your financial situation as getting a raise.

6. Health is wealth :

Guard your health and take good care of yourself. Apply for health
insurance, it is easier than you think. If you’re uninsured, don’t wait another day to apply for
health insurance.
Aside from getting your health insured, eat well (take fruits too), get enough sleep ( 7 to 8 hours
of sound sleep), exercise (at least 3 times in a week) go for medical check up, spend time with
your loved ones avoid excess consumption of alcohol as it affects the liver, drive defensively .
Take a break or go on vacation if feel you need it because our body needs adequate rest for
proper functioning and when you’re healthy achieving your daily goals and even long term goals
will be easier. Also, these healthy behavior will save you on medical bills down the road.

7. Make more money ( side hustle):

Yes, I know it is easier said than done but it is actually
possible. You just need to put your time and effort on something that will continually make
money for you.
Examples are writing a book, starting a blog, you can invest in real estate rental properties,
create an online course, you can even turn your hubby into something that makes money for you.
One source of income is not advisable if you want to be financially free, you need to have
multiple source of income. You just have to sit with yourself and think of something you can
actually do aside from your job.
Now that you’ve being armed with these financial tips you can start your financial freedom
journey today. Remember that, you cannot get to where you want to be if you don’t start. Every
little step matters.