It’s time for you to face your finances. Don’t let your current financial situation make you think financial freedom is impossible. You can secure financial freedom far sooner. Don’t settle for a life of debt, financial overload, and living paycheck to paycheck.
There have been so many topics covered in the Face Your Finances series. I recommend watching the previous six posts first and then returning here.
This series of posts is coming to a close, but I want to share some final tips with you on how you can prepare yourself financially for the future.
The truth is, the only person who can take control of your financial future is you.
Financial freedom, independence, and stability bring you so much peace and happiness in your life. Although it may have been a challenge to face your finances the past few days, it will be an awesome set-up for your financial success.
In today’s lesson we are going to talk about how to take control of your financial future with 6 easy-to-follow tips:
- Know the value of your time
- Beware of the interest rates
- Ignore the Joneses
- Save for large purchases
- Have fun
Here are some extremely helpful tips on how to take control of your financial future.
- Know the Value of Your Time
It might not seem interesting to save money, especially since you work 40 hours a week for your paycheck. Why not just go to the mall and buy everything?
Well, have you ever taken the time to figure out your worth? Here’s what I mean.
If you make $15.00 an hour and go out to dinner with friends and spend $120.00, you have worked 8 hours.
Is it worth it? Not always. If you wanted to buy an item of clothing that costs $45.00, that’s three hours of work.
Is it worth what you’re giving up? You’re not just going to work to get a paycheck; you’re giving up your time and that can’t be taken back. Knowing your worth is essential.
2. Beware of Interest Rates
Make sure you consider the interest rates before making any purchases or taking out any loans. Interest rates can end up being a serious burden down the line.
The longer you have a balance on your credit card, or the longer you have a loan, the more money you will pay in the long run. The lower the interest rate, the better.
3. Ignore the Joneses
Who are the Joneses and why do we have to keep up with them?
Joneses are an imaginary family that has everything you’ve ever wanted. They have the newest cars, gadgets, clothes, vacations, and looks. So why do we want to keep up with them? It’s the fear of missing out (FOMO).
How many times have you or a friend gone to buy the latest control your financial future phone or to keep up with the latest fashion trend? Have you ever bought food from the supermarket that you couldn’t afford to eat?
Being one step behind the Joneses is the problem with keeping up with them. After all, they live an imaginary life and have everything we have even imagined.
But with social media, the Joneses have become influencers with unfeasibly different style, friends of mine who never leave home, and people who have everything new despite probably not having jobs.
It’s easy to want to keep up and fit in. But, financially, it’s not worth it. If your phone is in good condition, it’s probably not worth it to buy a new one. If your closet is jammed packed with clothes, just window shop and save your money.
Trust me, it’s not worth it to spend all your money trying to uphold an image because you’re afraid of missing out.
4. Save for Large Purchases
Save for large purchases instead of spending credit cards. The less debt you rack up, the better. Saving for a big purchase may not be easy since it requires self-control and consistency.
Nevertheless, staying away from this option will save you money since you will not be paying interest on funds you do not have.