WHAT ARE THE STEPS IN ACHIEVING FINANCIAL FREEDOM

Achieving financial stability depends on your good financial habits. What are this steps that will help you achieve financial stability.

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A.) Keep track of your expenses 

Thestarting point to stabilize your finances is to track your expenses irrespective of their amount. This will enable you to establish which expenses are essential and which one can be deferred or eliminated all together. The goal here is to ensure that your income at least matches your expenses. Remember that you should not spend more than you earn.

B.) Try to live within your means

Having tracked your expenses and established what you can cut down on or even do without, try and direct the unnecessary expenses to savings. It does not matter what amount you are able to free from your expenses, the ability to generate savings from your monthly income is an indication that you’re firmly on the road to stabilize your finances.
C.) Pay bill immediately

One good habit is to pay bills as soon as they fall due. This way, all of your regular expenses in your budget are taken care of and you eliminate unnecessary costs as fines and penalties.

D.) Make savings part of  your expenses

Pay yourself first by saving whatever you are able to free from your expenses. This should be top priority especially if you don’t yet have an emergency fund. Make it the first bill you pay each pay day.

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E.) Work on increasing your net worth

Net worth is the difference between what you own (assets) and what you owe others (liabilities). What you own includes all your personal belongings as well as other assets such as shares, land, money in the bank. Make sure what you own always exceeds what you owe others; this will automatically enable you to stabilize your finances. Look to grow your net worth by investing your savings in assets that appreciate in value over time.

All this will require a lot of sacrifice, discipline and patience on your part to succeed in stabilizing your finances, but as the saying goes, where there is will, there is a way.

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