Financial Freedom

Financial freedom allows other dreams to become a reality- the ability to construct your day the way you want it, to travel or to pursue other interests because you are free from scrounging for the basics in life.

Your finances are secure.

According to the US Census Bureau, in our lifetime Americans on average make over a million dollars. SO, why are so many Americans living paycheck to paycheck, struggling to provide the basis for their family? There are many reasons, but chief among them is how our attitude impacts money management. To deflect stress, many Americans use money as a coping strategy. A spending spree can shift your mood and give you a temporal burst of vitality after a hard day at work. The designer shoes, the latest flat screen TV, and dining out can lift your spirits – until the credit card statement arrives. Saddled with additional debt, creating a secure future becomes a little less attainable. Whether the goal is saving for property, retirement, or an emergency fund, it has now taken a backseat to debt. What can you do deter emotional spending?

Quarantine the habit!

My client, Cynthia, a diehard, impulse shopper, handed her credit cards to her husband for safekeeping for months as she wrestled with the root causes of her emotional spending. Another client Jeff quarantined an errant belief: “Freedom  is doing whatever you want with your money – you earned it!” Each month his paycheck evaporated as fast as steam hitting the air. As a result, he often fell behind on bills, and financial freedom seemed impossible.

Budgeting was necessary.

The good news is that Cynthia is winning the battle against her impulses and is now discussing purchases with her husband before buying. As Jeff allocates money to meet his basic needs, he is feeling more in control of his financial future. They both isolated faults with served as roadblocks to managing their money, and in time they can build wealth.

Conclusion

Greater financial power is within your grasp. We can all improve our spending habits. Try this exercise: For a week, write down every purchase you make. At the end of the week as yourself: “Where am I overspending? Where am I making duplicate purchases? Where can I spend less? What can I get go of? Where can I purchase certain goods for less money? How can I curb my overspending? Do I need an accountability partner to report to? What other healthy habits can I establish to replace impulse spending? As you begin to confront your spending patterns and its root causes, you’ll enjoy more financial freedom.”