The journey to financial freedom doesn’t always include large leaps into saving more, eliminating debt, building wealth, and living generously. The journey takes time, dedication, and a mindset shift that your small changes can lead to big differences. Each person’s journey is unique depending where they are in life, and they may even be in multiple stages simultaneously.
Want to get closer to reaching your milestones? Follow these four tips to adjust your mindset and stay in control of your finances on your journey:
1. Learn about personal finance for a few minutes every day.
Everyone learns differently, and whether you love watching webinars, reading articles, or immersing in a hands-on experience to grow your knowledge, it’s important to take time to learn how to manage money confidently. Getting the know-how of the four stages to financial freedom gives you control of what you’re doing today, and what adjustments you need to make to keep your financial health in good shape.
Available to all financial freedom seekers, Financial Freedom Education Center by FAIRWINDS has a full menu of education courses, fast reads, webinars, and calculators to start or continue your financial education.
2. Designate a day to review your accounts.
Mornings usually consist of getting out of bed, brushing your teeth, eating breakfast, and starting the workday. Your weekend may include getting chores done, picking up groceries, and setting yourself up for success to start a new week. While routines may slightly vary from person-to-person, staying on top of your finances should also be a part of your routine.
Designating a day to review your accounts will make tracking your finances stress-free, and you’ll get a better understanding of where you’ve spent your money all week and find areas of improvement. Even better, you’ll see your hard work pay off as you’re saving for emergencies, paying down debt, or building your retirement funds.
3. Create – and manage – a budget.
If you want to stay in control of your money at all times, creating and managing a budget work hand-in-hand. Creating a budget is ideal to lay out your expenses, but maintaining the budget can help you decide where to make changes or stay the course to financial freedom.
Using a mobile app is simple and quick to punch in the numbers, so if you’re picking up essentials in-store or ordering items online, you can track your expenses easily. See what you can do at your fingertips with FAIRWINDS Mobile Banking.
4. Talk about your financial goals.
Financial freedom seekers may want to graduate college debt-free, save for emergencies, or buy a car in cash. Others are working toward paying off their mortgage, building their retirement funds, or donating to an organization that helps inspire others.
For all the goal-getters, you don’t have to go it alone on the journey to financial freedom. Surround yourself with a community of people who are also on the journey, regardless if their goals are similar or if they’re in different stages of life. It’s encouraging to talk to a parent, friend, mentor, or financial planner about each other’s goals. You’ll keep yourself and others accountable on their progress, and even learn something new.
By following these four ways to adjust your mindset and stay in control of your finances, you’re charting a successful, sustainable course to financial freedom.