Baby steps to financial freedom

Financial freedom basically means having savings, investments and cash to afford the lifestyle you desire and the possibility of retiring well. It is a goal for many people, one that over the years, has proven to be hard to achieve. You are not alone in the struggle as many people — from low to high income earners, can relate. If you must achieve financial freedom, now is the right time to start the journey with automated and deliberate savings. No matter how tasking you imagine it to be, developing a financial habit by setting aside some monies daily, weekly or monthly is a way to kick start the journey of financial freedom.

You’ll find below some baby steps to start a smarter and better savings plan — financial freedom.

For many, the sole purpose of working to earn is to have a comfortable life and comfort is relative. For some, a comfortable life simply means being able to drive a good car, rent a nice apartment, own a fancy wardrobe, maintain an amazing skincare routine and buy some quality human hair and jewellery. To them, that comfort is the sole purpose of working hard and that is okay.

But the problem lies in forgetting that nothing… no goal can be achieved without a plan and when it comes to financial freedom, a plan is synonymous with savings. If you are going to achieve the comfort you desire and afford the things you long for, you will have to set financial goals, plan ahead and save to hit these goals.

Financial goals or targets are things you wish to achieve over an estimated period of time and it could come in the form of creating budgets, savings and investments. But to begin this journey you must focus on how you spend your money now in order to plan ahead.

There is no better time to save

People assume that they will save better when they earn more and this is wrong. There is no better time to save. if you cannot save from your pocket money as a student, you probably wont be able to save when you start earning your first stipend as a member of the NYSC, neither will you save when you land your first major role and paid gig. Savings is a habit.

The first and most important step to saving money is to know why you’re saving and what you’re saving for. What do you want to do with the money you’re saving? The moment you have answers to these questions the easier it will be for you to save.

How to save money? You start from where you are and you must be very realistic about it.. This means as much as you wish to set your financial goals, try to make it something you can live with. It’s rather unreasonable to be having a monthly income of N200,000 and set a goal to save N180,000 monthly. That will be very impossible

Encourage yourself to save regularly in order to get a grip of your financial life. Below are baby steps to financial freedom:

  1. Take responsibility
  2. Know what you spend on daily, weekly and monthly
  3. Set goals
  4. Know why you’re saving and what you’re saving for
  5. Start saving now

Start your journey with PennyTree today!




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