Six steps to financial freedom

Money is among the top drivers of stress. However, it is never too late to adopt a strategy or two, to bypass any financial burden that may come your way. Here are six steps to ease your mind, while living the life you deserve

Saving money is hard to keep up with. Here, we provide you step-by-step guide for how to save money can help you develop a simple and realistic strategy, so you can save for all your short- and long-term savings goals.
Make a list of expenses: Planning is key to maintaining finances and understand where exactly your hard-earned money is going. Prepare a list with outgoing expenses first to determine how need to spend on essentials monthly versus spending on leisure, such as dining out, shopping, amusement centres for the children, etc. This is also a great opportunity to get the whole family involved, especially young ones, to equip them with knowledge and imbibe a habit of savings.
Pay yourself first: "I found the road to wealth, when I decided that a part of all I earned was mine to keep," goes a quote in the Richest Man in Babylon by George Clason, a highly-acclaimed guide to building financial security. Once you receive your monthly wages, try to set aside at least 10 per cent of your earnings. If that is too much to spare, work out a minimum, but ensure you tuck this away safely as savings. It is bound to provide assistance when in need.
App your way to savings: We live in a digital-savvy environment, but cashless and one-click shopping does make it hard to realise your spendings. In this case, financial tracking apps are at our beck and call. Simply download an application on your smartphone to easily record your spending habits. Most of these programmes also come with a complimentary chart to help you visualise your expenses, an ideal eye-opener to encourage you to save.
Automate your life: Ease yourself the stress of sorting finances by taking advantage of banks' automation services. These direct deposits and auto bill payments not only reflect healthy bank activity, but also ease the stress on sorting out spends manually. Additionally, maintaining a good bank balance adds to positive credit history; an essential aspect when planning to apply for personal loans.
Reward yourself wisely: It's payday, so naturally you'll feel the need to treat yourself and your family to something fancy. Once in a while is necessary to have a positive outlook in life, however, don't overspend and take time to regain your focus. If you happened to spend beyond your budget in a month, make up the expenses by saving extra. That way, you can cover up the costs and continue to enjoy the finer things in life.
The final goal: Set few reasons to enhance your mission of savings and smart spending. Whether it is something short-term, such as buying your child a new gadget or planning a holidays once the epidemic eases, or long-term, such as paying university tuitions or investing in property, set a goal and work towards it. Again, sorting and understanding finances is a family venture, so get them involved and happy savings!

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