7 Steps to Financial Freedom

March 01, 2020 3 min read

This post may contain affiliate links. Please see my full disclosure for more info. All printables are for personal use only.

When it comes to your financial health, many people believe that ignorance is bliss. Diving into your finances, reducing debt, ensuring that you have a reasonable retirement fund, making wise investments are all difficult and scary tasks. When you have a precarious financial situation, it may seem easier to bury your head in the sand and stay the course. In the wise words of Tony Robbins, entrepreneur and life coach, "What you don't know WILL hurt you." 

If you are reading this, chances are, you are struggling with your finances and looking for ways to improve. We are here to help.

7 Steps to Financial Freedom

1. Create a Budget

Create a monthly budget and stick to it. This is the first step to financial freedom. Overspending is the number one cause for high rates of debt. Analyze the money going in and out and live within your means. What gets measured, can be managed.

Budgeting doesn't have to be boring and stuffy. Step away from the spreadsheets and have fun with it. Here's how the Coloring Home Budget Binder can add fun to your finances:

2. Pay Off Credit Cards

One thing that most financial experts agree with is that you will never be financially free with excessive revolving credit card debt. Whether you subscribe to a Dave Ramsey model or something along the lines of FI (financial independence) will determine what you eventually do with your credit cards. Whether you keep your credit cards or cut them up, eliminate the monthly debt that will crush your finances with high-interest payments. 

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3. Grow an Emergency Fund

Whether you decide that your emergency fund should be $1000, three months of your expenses, six months of your expenses, or any other variation, the important thing is to start saving. A home or car repair or personal emergency can quickly put you back into financial ruin if you don't have an emergency fund. 

4. Strategically Pay Off Debt

Track all of your accounts and keep an accurate recording of every debt. Order your debt, either by the highest interest rate to lower or by the lowest amount to highest, or any variation that makes sense to you. The important part is that you create a strategy and stick to it. Using coloring charts is a fun and effective way to track debt tracking easily. Make bill paying into a fun game to add incentive. 

Printable and Colorable Home budget binder

The printable Coloring Home Budget Binder is the perfect solution!

What you'll receive with your 34-page Coloring Home Budget Binder:

5. Save for Retirement

If your employer participates in 401(k) matching, contribute enough to maximize the employer match. After that, diversify into other investments. The ultimate goal should be to save at least 15% of your income for retirement. Financial experts agree that the path to wealth is through compounding interest.

 6. Be Generous

Tony Robbins said in a recent interview that he has yet to meet a person who has tithed 10% for multiple years and not gained wealth. Not only is giving the right thing to do, but it can also reduce tax liability. The most important part of being charitable is that it is good for the soul. Why are we here if not to serve others?

7. Enjoy Your Life

If you have followed the previous six steps but you are miserable, you haven't achieved freedom. Practice gratitude each and every day and enjoy the fruits of your labor. Grab this free gratitude list to help.

Now you are on your way to true financial freedom. Have a favorite financial tip? Tell us about it in the comments.

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