Financial Freedom

Girl in Her Twenties

Feb 4

Financial Freedom

Financial freedom or financial independence is having enough disposable income to meet living expenses and afford certain personal luxuries and recreational activities.

One of my goals for 2023 is to have more financial freedom!

My cousins and I talk about financial independence a lot. Coming from working class households, we understand the constraints of a small income. This is probably one of my biggest driving forces behind this goal. I want to be able to spend and save in a less pressurized way.

At the moment, I'm working as an independent contractor. The disadvantage of this type of work is that it's not a steady stream of income like a 9-5 job. However, you can make more during the contract compared to a 9-5.

Side note: I'll do a separate post on independent contracting and freelancing when I have more experience for those who might be interested.

So I'm doing the work and earning an income. Does that mean I have financial freedom right now? Nope, not even close lol. Financial independence isn't achieved overnight or even in a month. You need time (add patience too), streams of income, and smart decisions.

3 Tips for Financial Independence

1. Mental Preparation is CRUCIAL.

It all starts in your mind. If you see financial freedom as an unattainable goal then you'll never feel like it's possible to accomplish it. I know this from experience.

Start with welcoming the idea of it. Envision this goal for yourself and see it as attainable. Manifest it. Believe it. It is yours.

Secondly, your mind controls what you think and influences what your heart feels at times so this will affect what you do. In order to have self-discipline, remain motivated and dedicated to accomplishing financial freedom, you will have to get your mind in that frame of thinking.

2. Create a Budget

As an accounting graduate, this is easy for me (even though creating a budget isn't difficult). The hard part is sticking to the budget for me. I'll list my monthly expenses, recreational expenses and savings but then something pops up. I think I might need to have an emergency fund or something.

However, a budget is a nice checklist to help you control how you spend and save your money. I highly recommend it. Don't make it too strict, leave room for emergency events and make it realistic.

You can do it manually or use an app to help you. I've been doing it manually, and it works well for me because I like paper-based stuff.

3. Work Smart, not just Hard

For freelancers and independent contractors it is easier to take on 2-3 projects one time. A 9-5er doesn't have that opportunity because they have to clock in and clock out at their job from Monday to Friday/Saturday.

So my advice for freelancers is to undertake 2-3 projects in different areas. I was previously doing one project in social media management and another in event management. Both required different things from me so it was easier for me to keep them separate and work better. Plus different areas equals different incomes.

For 9-5ers, find a second income that requires less effort than your current job. It will be easier for you. I highly recommend social media management or anything online related like tutoring, teaching English etc. Add more money in your pocket and less stress to your brain.

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I hope everyone enjoyed the post, if you have any tips on attaining financial freedom please feel free to comment. Enjoy your weekend and stay safe!

Cassie