Furthermore, if you’re at the store and see something you want, stop and ask yourself, “Do I need this?” “Will this purchase help me reach my goals?” “Can I wait to buy this at a later date?” Taking a moment to distinguish between “want” and “need” will help you practice self-control. It’s also beneficial to create a budget and outline your monthly expenses so you know how much disposable income you actually have after you meet your financial obligations (bills). Creating a budget and prioritizing needs over your wants will help you cut ties with your overspending habit and avoid unnecessary consumer debt and stress. Everyone’s financial situation and goals are different, and budgeting can be difficult. However, a financially savvy friend or financial advisor can help you outline steps to maximize your financial resources. Smart spending habits are at the core of financial success, so don’t wait to get started!
I Spent How Much Money?! BREAK YOUR HABIT OF OVERSPENDING
When you go to the supermarket, you may find something you love. So, you put it in your cart without a second thought. When you shop online, you do the same thing. Later, when you check your bank account, you’re shocked you spent more money than anticipated. It’s time to ask: Do you often make impulsive purchases? If you feel your money is burning a hole in your pocket, you can change that and be more in control of your spending! HOW DO PEOPLE DEVELOP THE HABIT OF OVERSPENDING? Money is personal — everyone has a different relationship with it. Therefore, it’s essential to understand the emotional needs and habits that play a role in your spending habits.
We are all bombarded by advertisements and social media pressure. Businesses use strategies that give a sense of urgency to their consumers — some even provide a one-click checkout option. Additionally, influencers often film themselves shopping with full carts and link their products to an Amazon wish list or “store” so you can easily buy the same things. HOW DO YOU BREAK THE OVERSPENDING HABIT? Becoming aware of your spending is the first step, and several online banking apps allow you to track it. They can calculate how much money you spend at certain stores and how often you use businesses and services. When you see the actual amount you’re spending, it can put things in perspective!
THE BEST KIND OF LIBERTY HOW TO SECURE FINANCIAL FREEDOM
Independence Day on July 4 honors our nation’s founding and the freedoms we hold dear. But National Financial
But you’ll need a financial planner as a guide in your journey toward financial freedom. Having a partner like the advisors at Patriot Wealth can help you refine your goals and craft a strategy to make them possible. At the same time, we can’t create money out of nothing. You must be as committed to your financial goals as we are; no plan will be successful without the client onboard. Anyone aiming for financial freedom will need to make sacrifices at first. Financial freedom comes from paying down debts, saving as much as possible, and budgeting carefully. Most importantly, few people secure financial freedom without investments. But everyone must decide how much risk they’re willing to take. Living the high life often requires a high level of risk. If that thought makes you queasy, you might have to rethink what’s realistic. Fortunately, financial freedom is possible if you’re willing to do what it takes. At Patriot Wealth, we’ll do everything possible to help you achieve that goal. This Independence Day, consider what financial freedom means to you, and give us a call if you want to discuss your strategy.
Freedom Day on July 1 celebrates a different kind of liberty. We all dream of having enough money to call all the shots in our lives. But what does financial freedom mean — and is it attainable? We’d define financial freedom as the ability to own your time. Someone who can wake up every day and determine where they’ll go, what they’ll do, and who they’ll do it with is financially free. Those aren’t things we can do when we rely on a regular paycheck. Financial freedom, in essence, is not having to work for a living. It sounds like a lofty goal, but it’s possible with the right mindset and strategies. However, financial freedom will also look different for everyone. Someone who wants to spend their days on a yacht in the Mediterranean will need far more resources than someone who wants to hide out in a cozy cabin, drinking coffee on the porch. Before turning your dream of financial freedom into a reality, you must determine what you truly want. It’s not a question your financial planner can answer for you.
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