Sometimes, it feels like living a comfortable and happy life is impossible when there are so many bills to pay and expenses to consider. For many earning less than the ideal wage, handling the expenses of looking after yourself and your family can be daunting. You might even assume the only way you can really thrive is to take on another job in your spare time. However, most of us don’t love the idea of getting away from one workplace, just to start a second shift somewhere else. There’s more to life than work, after all. So how do you achieve the financial independence you crave without dedicating every minute to the workplace?
Radically Reassess Your Budget
We’d all love to live in a world where we can buy whatever we want, whenever we want it. Unfortunately, that’s not the case for most of us. If you want to feel truly financially independent, and reduce the stress you encounter when dealing with your statements, it’s worth looking into your budget. Sit down with your bank statements and pay attention to all of the outgoing costs you are dealing with right now. While looking at your bank statement might be difficult at first, it should give you an insight into where you can cut down on unnecessary spending. Spending $3 at your favorite coffee store each day might not seem like much at first, but that quickly adds up to $15 every 5-day week. Reassessing your budget and cutting out the things that aren’t necessary will give you more wiggle room when it comes to spending.
Cut the Costs of Mandatory Expenses
It’s not just frivolities and impulse purchases that eat into our budget most of the time – but the mandatory must-haves we pay for on a regular basis too. For instance, you know you have to pay for electricity to keep your home running, and groceries so you can feed your family, but you can look for ways to cut down by switching to cheaper suppliers and brands. One of the best ways to cut the costs of your must-pay items, is to look at your loans. While you do need to pay back what you owe eventually, you can cut the costs of your interest and repayments just by looking into a different solution. People who refinance student loans with NaviRefi often find they can reduce their monthly outlays, so they have more cash left over in their bank account.
Stay Informed
It’s easy to live life almost ignoring your financial status these days. Banks rarely send statements through the mail anymore, and we can easily ignore the messages coming to our inbox. On top of that, we barely need to do anything to make a purchase either. You can simply swipe a card or click a button and complete a transaction in seconds. However, this passive approach can be dangerous to those seeking financial independence. If you want to feel comfortable with your cash, you need to keep an eye on it. Downloading mobile banking apps can be a great way to keep track of your spend on a daily basis. It’s also worth taking the time to seek out your monthly statements, so you can update your budget as and when you need to.
