6 Top Tips For Financial Freedom

We know that God has so many promises for us. We just need to read scriptures to see what He has set out for us. One of the promises of God is financial breakthrough and blessings. He will surely supply our needs. The bible says in Philippians 4:19 “And this same God who takes care of me will supply all your needs from his glorious riches, which have been given to us in Christ Jesus”.

There are so many scriptures on financial freedom and God’s assurance on letting us know that we will never lack. It’s all well and good to read these scriptures but we also need to gain knowledge, apply wisdom and have faith to make sure that it comes to pass.

Our very own Freewoman Olivia Serwah, who is a Senior Financial Analyst & CIMA finalist gives us top tips on how we can ensure we have financial freedom.

Pay off any debts

Having savings and budgeting is a way to enjoy financial freedom. The best place to start saving or budgeting is when your are on 0 rather than minus.

Try and clear of as much debts as you can to ensure you have more than you owe.

Cut your coat according to your size.

Often at times it’s not the lack of money but the misapplication of it. We often buy things we want rather than need and often at times people find themselves in debt trying to fund a lifestyle they don’t need.

One tip is find the thing you wants, whether it’s clothes, food or an outing and search for a cheaper alternative. There are websites like Groupon, Wowcher, Amazon and EBay that sell products/services at a discounted price.

Set a REALISTIC goal.

Whether you’re saving for a new car, house or even a pair of trainers know what you’re working towards too. Often at time what makes budgeting and saving difficult in the first place is setting a goal that is difficult to sustain and before you know it, you end up having to dip in the very amount you were trying to save. Aim for a realistic target and once you have the discipline to continue putting that amount increase the amount if you are able too. Also, if you are saving towards something in particular set a time frame in which you will likely to attain this goal.

Set a budget.

One way of doing this is setting up a personal income and expenditure sheet which allows you to see your expenditure and income and helps you to budget for that month and upcoming month. There are loads of templates online which are already set up for you so all you have to do is input your numbers. This helps you plan your spend and enables you to set a limit.

Set emergency funds/miscellaneous pot.

The reality is that things to do happen and life throws suddens surprises at us, some of which can be costly than others. Set up an emergency fund pot which you put aside for those rainy days and if nothing arises then that’s an extra amount to put straight into your savings.

Find ways to invest the amount you save.

Look for various ways to allow the money you have already saved to grow further. Look at ways to invest your money. There are so many ways to invest your money! It can be in a new business venture, it can be in trading, it can be putting it in bonds.

We have an upcoming event on Saturday 27th April 2019 called Prosper where we will discuss how to prosper in businesses, careers and we will also touch on financial management too.

Be sure to get your tickets! It’s going to be an amazing day!!

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