8 Ways You Can Achieve More Financial Freedom

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Ever struggle to make your money last until the end of the month?

Looking for some tips on how to save money?

If you’re looking for more financial freedom in your life, then this post is exactly for you.

Let’s jump right in.

Cancel Unused Subscriptions


Cancel subscriptions which don’t add any value to your life anymore.

That iTunes subscription? That gym subscription? That cable TV subscription?

If you aren’t using it anymore, get rid of it.

The subscription amount might be small, but all these small amounts add up – would you rather have an extra few $$$ at the end of the month to use for things which you actually enjoy, or pay for subscriptions which you don’t use anymore?

Trust me, you’ll feel so much more accomplished come the end of the month after you’ve saved that little bit of extra money that would’ve been taken off for subscriptions – and you know what you do with that small amount you’ve just saved?

Treat yourself son.

You’ll feel great.

I’ll feel great for you.

You’ll enjoy whatever it is you’re treating yourself to so much more because you made a conscious decision to save, and this is your reward for making that decision.

This will set you up to make more conscious financial decisions by saving money in other areas of your life which you will reap the rewards from, come the end of the month/day/year.

Start Making Saving a Habit



This is way harder than it sounds, but it’s because people only save money when they get paid.

I’ll let you in on a little secret – start saving daily.

Yes, every single day.

Set up a savings account within your bank account where you can transfer money to, every single day.

Do it right now.

Start with saving as little as you possibly want, but every day, increase those amounts.

For example, I started with as little as 10c, but every day I increased it.

Day 1 – 10c. Day 2 – 20c. Day 15 – 15c.

Set up a reminder on your phone to remind you first thing in the morning that you must save.

You’ll soon start to see that after a few days, you don’t need the reminder anymore. You’ll start waking up and the first thing you’ll do is transfer money over to your daily savings account.

After a few weeks, or months, that amount would have slowly built up, and you’ll feel super proud of yourself.

YOU saved that money.

Do this for a whole year and come the end of the year, you’ll be able to use that money to treat yourself. Ahh, what a treat!

So, start by saving daily and get into the habit of putting money away.

Once it becomes a habit, it can only benefit your life in the long run, as you continue to save bigger amounts, on a regular basis. 

Lower Your Car Insurance Premiums


If you have a car, you should definitely look at lowering your car insurance premiums.

Go online and get quotes from other car insurance dealers.

You can use these quotes to contact your current car insurance dealer and ask them to lower your monthly instalments – advise them that you have found a better deal elsewhere and that you wanted to enquire if they could beat it.

Mention that you have been a valuable client (mentioning how long you have been with them helps), mention that you have never had any claims (only IF you have never made a claim), and say that you enjoy having them as your current insurance provider (you can really get creative with what you say to them).

If they choose to not lower your car insurance premium, tough luck, but you’ve already done all the hard work and have a lower insurance premium quote from another provider.

Join them. Either way, you win.


Budgeting Like a Boss


Notice I’ve said: “Budgeting Like a Boss”. Not just: “Budget”.

“Budging Like a Boss” makes me feel great! I feel like a boss.

It’s a change of mindset which makes me feel in control of my finances, and not the other way around – of my finances being in control of me.

It also makes me excited to budget every month because I get to be my own boss. The boss of my finances!

Now, when you create your budget, be realistic and actually stick to it. There’s no point in budgeting a certain amount every month for something, let’s say food, and you spend over that amount.

If you notice that you continue to overspend on food every month, then adjust your budget. See where else you could cut costs so that you could add that extra amount to your food budget.

It becomes fun when you start looking at it as a game instead of a chore.

You begin to really want to get those budget amounts as low as possible and therefore get creative in cutting costs.

Get an App That Tracks Your Spending


I personally use 22seven, it’s free and it’s amazing at tracking my money.

It automatically adds what I spend into certain categories, for example, if I eat out at a restaurant, it will save what I spent under the category: eating out and takeouts.

You can set up your own categories as well and set limit notifications – this is when the app will notify you that you’re getting pretty close to your monthly spend limit for that category.

If you’ve had the app for a long time it also gives a great overview of what you’re spending this year as opposed to last year, or this particular month, compared to last year’s month.

For example, I can see this year I am spending way less on fuel than I did last year (obvs, Corona been around, yo) but way more on groceries (I love me some snacks).

I can also see that last year March, I spent more money on takeouts than I did for this year March.

It’s just an all-in-all great app for tracking your spending and cross-referencing it to your budget. I’m not sure if the app is available to people outside of South Africa but you can definitely find similar apps which are relevant to your country.

Pay Off Your Debt


I’ve put this lower on the list as, depending on your debt amount, takes more time. Although, paying off your debt can be the fastest way to achieve more financial freedom.

Imagine having all the money you’re currently spending on your debt, available to spend as you please on things which bring real joy to you.

Paying it off also has knock-on effects in other aspects of your life, including less stress and increasing the quality of your life.

Once you pay off that first debt amount, it creates so much more momentum to pay off the rest as well.

Now, don’t be hard on yourself if you have debt.

We’re bombarded every day from corporations trying to sell us stuff, and they’re really good at it.

Next time you feel like buying something which won’t add real value to your life in the long run, put it off for a day. Add it to your cart, but don’t checkout. Come back the next day, and you’ll find that the impulse you had to buy that item, will be gone or won’t be as strong as it was the day before.

You’ll also be in a better frame of mind as the urgency to buy the item, created by the ad promoting it, won’t be there anymore.

If you still want the item as bad as you did the day before, and you’ve considered that it will add value to your life in the long run, then go for it, but I suggest setting up a category in your budget which allows you to purchase these items (it could be clothes, movies, games etc) so that every month, you can safely spend a certain amount on purchasing these items and not make an impulse decision based on seeing an ad or a sale.

Finally, don’t just pay the minimum amount due on your debts monthly, pay more.

You’ll speed up the number of months left to be paid while at the same time lowering the interest being charged on what you owe.

Set Up An Emergency Fund


An emergency fund is great because it allows you to stop using your credit card, whenever you have an emergency.

For example, last year I chipped my tooth and it was really painful.

I went to the dentist to get it sorted and found out it was going to be much more expensive than I anticipated, so instead of using my credit card to pay for it (this was an unexpected expense which I did not budget for), I used my emergency fund.

Your emergency fund is there to be used for emergencies. It’s a safety net so that you do not have to use your credit card to create more debt.

This isn’t something to be used if there’s a sale happening.

Budget for any unexpected sales happening in the month. But keep your emergency fund to be used for emergencies.


Change Banks


If your bank fees are really high, doing some research and finding out which banks offer cheaper fees is a great way to save some extra money every month.

I understand changing banks might be a lengthy process, as all of your accounts/debit orders are set up with them, but, if you’re going to be saving or even making money by switching banks, then it’s a really great idea to pursue.

Try and find a bank where you can earn interest on a positive balance.

For example, I was with Standard Bank who were charging me around R150 a month to have my bank account with them. This equated to almost R2000 being spent yearly for owning a bank account.

I made the decision to switch to Capitec, who offer a return on your account if you have a positive balance – now I make money every month as opposed to spending money, as the amount of interest I make on my positive balance, far exceeds the amount spent on bank charges. 

Finally, you’re tired of reading up on tips of how to create a little bit of financial freedom in your life, and ultimately want to never have to worry about money again – then be sure to check out this FREE video series.

I hope this helps and adds value to your life. Would love to hear what you think in the comments below and feel free to share this post with anyone else you think it might help   

Until next time, stay safe!

www.reevescharneck.com 

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