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Start the journey to becoming financially free

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Starting the journey to becoming financially free

Being financially independent in 2023 starts with these simple, yet effective, budgeting tips

Desert News

By Rebecca Olds

 Jan 5, 2023, 2:00pm GMT+2

One of the top five New Year’s resolutions for 2023 was finding ways to save more money, per Statistica. And saving money is a huge step to gaining financial freedom.

One game changer for people is figuring out how to make their money work for them and ditching the cycle of living paycheck to paycheck in a way that doesn’t feel like a potential scam.

It’s hard to know who to listen to or what to implement for yourself, with many ideas circling the internet of what self-made millionaire habits to cultivate to be successful. CNBC reported characteristics like always learning, listening more than talking and dreaming big. These can be considered admirable characteristics, but what do they have to do with money?They really don’t have much to do with it, but the characteristics CNBC listed are all part of a mindset that helps you to have a hold on your money, rather than the other way around.

Becoming financially free is all about setting an intention, making a plan and using the available tools to help you be successful. There’s no straight answer to the best way to handle your finances because each person is unique. Just like each self-made millionaire did it their own way, you have to find what works best for you.

Here are a few suggestions that can be a great place to start getting that millionaire mindset.

Think about the ‘why’ and set an intention

Mentally cataloging what is important to you and how budgeting can help better your life can be the most important thing to start before doing anything else.

Take the time to think about what you want to come from budgeting, whether that be more financial freedom or a stable financial future.It’s the foundation for success because it prepares you for the action that’s necessary to make the change.

Why budget? Why take control of your money? What would having an emergency savings account mean to you? These are important questions to consider when setting an intention.

Make a plan

This is probably the most time-intensive suggestion. Making a plan is what gives your intention a chance to turn into action and prepares you for what it will take to get there.Keep in mind when creating a plan that the main goal to be financially independent is to spend less than the total income. That may mean cutting unnecessary items, finding a generic brand or making more money on the side.

Find support and have bimonthly meetings

Since each person’s circumstances are so unique, it can be difficult to have a detailed road map to success. But if you plan for bumps and changes, it’s far more likely that you can find a budgeting habit that sticks. Ashley LeBaron-Black, an assistant family life professor at Brigham Young University who specializes in family finance, told the Deseret News previously that budgets can and will change. She says that having a bimonthly meeting with a partner — or someone you trust — to plan and adapt your budget is the best way to succeed. A partner, friend or family member who you trust could offer support and strength to keep yourself accountable to the limits and goals you set.

Helpful apps

Budgeting apps are plentiful and there are quite a few free options to try, like Personal Capital and Mint, which were the top two budgeting apps recommended by Forbes Advisor.Some apps that are also useful are more specific. Personal finance coach and owner of “Real Life on a Budget” Jessi Fearon suggests saving money on fuel with help from apps like GasBuddy or Upside.

This is only the start of the journey to being financially free and setting a mindset that will change how you handle money. Having the mindset to become financially free makes the tools available that much more valuable.Mind over matter might actually have some power after all.

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