How close are you to financial freedom? Find out big ways and little changes you can make to achieve your financial goals this year!
The year is starting with a lot of people setting financial goals for themselves. This mostly consists of how much they want to save, how much extra they would like to bring in or just some of the things they’d love to be able to finally invest money in.
For us, after Nate and I got married almost a decade ago, we knew what we wanted our finances to look like. We didn't know the exact steps to achieve those goals, but just knowing what we wanted was a huge part of it. From then until now we’ve worked hard to create a structure in which we live simply, happily and debt free.
I am happy to say that after 9 years together, we are finally in a place where we do not owe anybody any money. Yes! We are debt free! and you can be too, if you consciously work towards it.
It's very important to know that financial freedom doesn't mean enslaving yourself to money. If you earn a lot of money and are able to put away a substantial amount every month while staying debt free, but you are working at a job you hate and barely have time to spend with family? Then you haven't attained financial freedom yet.
This is a big key to keep in mind. Financial freedom means that you aren’t worried about money, AND your daily life looks how you want it to.
Nate was able to retire from law enforcement and I was able to leave my marketing job, and together we are both raising our kids in Idaho while traveling for adventures over half the year. We currently live in an RV and we homeschool our kids. None of this is extravagant, but it’s what has allowed us to spend more time with our children, bring in stable income and do what we enjoy doing.
Here are some little changes that have contributed to the current condition of our finances. I hope this helps you as much as it has helped us.
- Adjust Your Living Condition: Honestly, I have recently realized that a lot of families are living WAY above their pay grade. If you ever intend to pay off all your debts, you want to start with this first. If necessary, downsize to regain control over your time and your life.
Ask yourself: can I really afford the house that I live in right now?
Nate and I lived with his parents for awhile Early on in our relationship. This is something I definitely recommend for new couples who have the option. If you’re just starting a family, multigenerational living (or simply having roommates) can take some pressure off. This allowed us find our footing and save money to actually buy our own house.
Your rent is making someone else rich, and if you can, you need to avoid that.
- Set A Spending Budget: Set a spending budget and make sure to stick to it. Nate and I would take out spending money from whatever we were earning back then. We made sure never to exceed that, setting aside money for groceries, house supplies, entertainment and an allotment for donations/helping others. Then, put away whatever you have left.
Even when there is extra, make sure to not blow it! If you are trying to pay credit card debt, any extra could be so helpful for you as you can simply channel that money into paying more than you would normally pay in a month.
- Always Pay Above Minimum While Paying Off Your Debt: Endeavor to pay above minimum every month while paying off debts. This will help you pay off debts faster So you can start investing in your family sooner.
While aiming for financial freedom it's always best to pay off any debt you may owe before attempting to make investments.
- Know What you Want And Create A Plan: Remember how I mentioned earlier that knowing what we wanted our finances to look like after we got married was a major part of our success in being debt free? Yes, you definitely need a plan!
Write the vision and make it plain.
Create Another Stream Of Income: If you only have one stream of income, paying off your debt and attaining financial freedom for your family may not be easy. It is doable, but Nate and I found out that when we had income coming in from other channels – no matter small – it helped us take strides in balancing things out.
Learn a skill if you can. Start a side hustle, start a small business or even offer a service that other people need. Depending on one stream of income ends up putting too much pressure on that channel, which never really works out well.
Join us for a 4 week workshop on Financial Freedom For Families that is kick-starting in a few days!
Nate and I recently launched our intimate online community because everyone kept asking us to teach them either how to attain financial freedom, photography, blogging or just parenting tips for busy parents. So we created SOMEDAY NETWORK so our readers can feel closer to us and have better access!
This workshop is exclusive to SOMEDAY NETWORK MEMBERS only – and it's absolutely free! So come hang out with us as we take you on a more detailed journey showing how we do what we do, while sharing insights and personal details we have never shared before.