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Struggling Financially? 6 Steps To Financial Freedom

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Are you struggling financially?

Sometimes it’s hard to see a way out of the never-ending cycle of being broke.

Steps To Financial Freedom

Here is a 6 Step plan to break the paycheck to paycheck cycle because Financial Freedom is NOT out of your reach!

Tired of Struggling Financially?

Don’t worry, you are not alone.

According to the US Financial Health report, over 70% of Americans are struggling financially. 

If you are tired of being broke, then it’s time to take control of your finances.

Is Financial Freedom Possible?

The answer is yes. Financial freedom is within EVERYONE’s reach, but YOU have to be willing to do what it takes to get there.

There are 3 types of people in this world:

  1. The Dreamers
  2. The Watchers
  3. The Makers

The Dreamers go through their whole life dreaming about better things, but NEVER taking any action to make the dream a reality.

The Watchers watch other people find success. They stay in the background doing their 9-5 and watch other people succeed all around them. They never take a leap towards a better life.

The Makers get out there and MAKE their success. They know that nothing will come to them unless they MAKE it happen.

Which person are you?

Well I am here to tell you that most people fall into the Dreamer category.

When we are young. we have dreams of all the things we want out of life. 

Unfortunately, we either stay Dreamers or most of us become Watchers. We watch other people “make it” in the world, but we are too scared to take a chance ourselves. 

Not many people are true Makers. 

That is the problem.

If you want financial freedom, you have to MAKE it happen!

A Financial Freedom Plan

So most financial gurus will tell you that to find financial freedom you must invest, invest, invest. 

Yes, investing money is very smart. 

But most people are living paycheck to paycheck and don’t have a dime to invest. 

So this particular plan to find financial freedom will not go into all the details of investing your money.

Instead, it will go into all the details on how to get into position where you could eventually start investing your money. 

This plan is for the people who are struggling financially and don’t know how to get off the hamster wheel.

6 Steps To Find Financial Freedom

Struggling Financially To Pay Bills

1. Eliminate Credit Card Debt

Most Americans are drowning in credit card debt.

According to Debt.org, each household with a credit card carries an average of $8,000 in credit card debt. Total U.S. consumer debt is at $13.86 trillion.

That is insane!

You know the drill, when we start college we get a credit card to start building our credit. 

We promise ourselves it will just be for emergencies and small expenses that can be paid off the next month.

Before long, we have charged a lot of unnecessary stuff or sometimes even big emergencies we just couldn’t help. 

You will never find financial freedom if you are in debt, especially high interest credit card debt. 

So you must find ways to pay off any credit card debt.

Do yourself a favor right now and opt out of all of those pre-approved credit card offers that come your way. That “junk mail” is dangerous to your budget!

If you are drowning in credit card debt and only able to make the minimum payment due, then it’s time to consolidate your debt into a low-interest loan. 

Check out Credible.com for low refinance rates.

On average, most consumers save around $2500 when they consolidate their credit card debt with a personal loan.

Consolidating your credit card debt with a personal loan can also increase your credit score.

2. Pay Your Bills & Automate Your Payments

A recent study from the National Foundation for Credit Counseling (NFCC) finds that 25 percent of adults aren’t paying their bills on time.

Paying your bills is important. Paying them on time is even more important than people think.

The average late fee for a credit card bill is $35. Almost every bill out there charges some kind of late fee. 

If you are paying late fees, then you are just throwing away your money!

Not only that, but when you pay your bills on time, it will improve your credit score. The higher your credit score is the more money you will save on interest rates in the future. 

So…PAY YOUR BILLS ON TIME!

Make a list of all your most important bills like utilities, credit cards and your rent or mortgage payment. Then make a list of ALL other bills.

Know how much they are and when they are due. 

Use an app or a journal and keep track. 

Set-up automatic payments if you can.

You can even negotiate your bills. 

Look into apps like TrueBill and Trim.

They both are bill negotiating apps that can cancel unused subscriptions and always be on the lookout for better ways to save money.

 

3. Have A Money-Making Mindset

How do you think about money? 

Do you think of it as something that causes stress or as tool you can use to attain your goals?

Some people get really nervous thinking about money because they think they will never have enough. When times are tough and it’s hard to pay bills money can be a source of stress.

You must change the way you think about money. Whether you believe in the laws of attraction or not, thinking positively about money will really help you achieve more. 

You can’t let yourself get stuck in a rut. You must KNOW that just working a low-paying 9-5 job will never help you find financial freedom. 

You have to think BIGGER! If you need money, then you must find it!

Don’t fall into the rabbit hole of seeing all these successful people make it while you are struggling to survive financially. 

Don’t look at their success and your overdue bills and ask yourself “why me?”

Instead, look at their success and ask yourself, “why not me too?” then GO FOR IT!

Money can be found EVERYWHERE. You can find extra money in your home, in your spending habits, or by even finding creative ways to make money

You need a money-making mindset to gain financial freedom. 

If you put in the effort. there is nothing stopping you!

If you need help changing your mindset, check out 5 Top Habits of Highly Successful People to see what they do differently. 

4. Be Mindful With Your Spending

People who have found financial freedom are frugal

They know how difficult it is to make money and they value what money they have. 

These people are much more careful with their spending than the average person because they know every penny counts. 

You can’t waste money and expect to find financial freedom, it’s just not going to happen!

“It’s not your salary that makes you rich, it’s your spending habits.”

You should identify your major areas of spending and find ways to save money there.

I’m not saying deprive yourself of having a life, but finding ways to save while still living your life to the fullest would be the best scenario. 

Here are over 50 Frugal Hacks that can help you save money while still enjoying your life. 

5. Have A Savings

Having a savings plan can help you become financially secure and provide financial security in case of a emergency. 

We know we should all be saving money, but what about when you can’t afford to save?

If you are living paycheck to paycheck, the very thought of saving money can seem overwhelming. 

If you are barely able to pay your bills then how can you start  a savings?

If you are in a situation where you really have no extra money to save, then you must check out these 15 Money-Saving Hacks.

Money-saving hacks are little tricks to save money without actually taking money from your paycheck. 

Remember, if you are SAVING, then you are SUCCEEDING

Once you do have a savings account then you are one step closer to financial freedom. 

Now let’s talk about actually having a savings account. If you just have a regular savings account with a local bank, you will NEVER see any real growth.

Most brick and mortar banks offer disappointingly low interest rates. 

You need to think bigger and smarter!

CIT Bank has one of the best high-yield savings accounts you will find.

So if you are going to put your money somewhere, put it where it counts!

6. Find Multiple Streams Of Income

Now it’s time to go over the FINAL and most IMPORTANT step to finding financial freedom…MULTIPLE STREAMS OF INCOME.

 Remember…Many Small Streams Will Form A Big River

Studies of the worlds wealthiest people, show that on average, most millionaires have 7 streams of income.

How smart is that?

You should NEVER have your eggs in one basket.

Having money coming in from different sources is actually a pretty solid road to wealth. 

Don’t think because you are already working 40+ hours a week that you don’t have time for an extra income source.

There are SO many ways to make money! 

Check out these CREATIVE ways to make money that anyone can do. 

Or if you would rather stay home, here are 25 legit ways to make money from home. 

Chances are you are reading this from your phone, so why not read about some FREE money making apps to make money from your phone

Or if you are a stay at home mom, here are over 15 ways that moms can make money while staying home with their little ones.

There are no excuses! Money is out there! There is plenty for everyone. 

Don’t settle for one source of income; diversify to build wealth!

How Can I Find Financial Freedom Fast?

Just do something, rather than be paralyzed by not knowing what to do or how to do it!

Financial freedom is NOT out of your reach!

But are you reaching for it?

There is no reason to be struggling financially! It doesn’t matter if you are working full-time, earning an average income, or even paying off years worth of debt – FINANCIAL FREEDOM is NOT out of your reach!

“If you are born poor, it’s not your mistake. But if you die poor, it’s your mistake.”

~Bill Gates

It’s natural to want to stay in your comfort zone and avoid risks. It will let you survive BUT it will not let you fully experience a life you have always dreamed of.

Be a MAKER!

You get what you focus on in life. By deciding that you want financial freedom then taking the steps to achieve it you can have it. 

If you want to stay up-to-date on new Money-Making Ideas then sign up here to never miss a chance to add some cash to your pocket!

For More Ways To Stop Struggling With Money and Find Financial Freedom Check Out These Posts:

15 Best Work From Home Jobs For Moms

Side Hustles That Pay The Most Money

5 Top Habits of Highly Successful People

Best FREE Money-Making Apps That Pay Well

The Most Creative Ways To Make Money That Most People Don’t Know Exist!

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Comments

  1. Robyn says

    Working your way to financial freedom can be tough but even saving just $1,000 dollars can totally change your life. Like you wrote, building savings is key to finding financial freedom

  2. Heather says

    Great tips! I’ve become more mindful of my spending – all those little splurges and costs add up. I’ve noticed an increase in my savings so definitely worth evaluating where you spend! Thanks for sharing.

  3. Nadia Malik says

    All these tips are on point and most of them can be started right away. Financial freedom is not that hard once you are ready to make and continuous changes in your life.

  4. Nicole says

    I really like that quote, “Your salary isn’t what makes you rich, it’s your spending habits!” That’s so powerful and true! These tips are on point. Having a money-saving mindset is so important, and I think we often get so caught up in the wrong things. Be jealous of the people who appear to have it all, and how we want everything they have. So, we buy things we don’t need. Get caught up in credit card debt, and they have high-interest rates and we can’t pay them off. It’s a revolving door. Thanks for the inspiration.

  5. Valérie says

    Such a great blog post. I am trying to stop living paycheck to paycheck, especially as a recently divorced single mom. I am bookmarking this ❤️

  6. Bumbles says

    Yeah I agree debt is a huge drawback to getting started in life I am not sure why people are encouraged to get into so much debt when they finally set out and try going into the adult world with student loans, overdrafts, credit cards when they are just trying to figure out life. Covid-19 has really been a wake-up call for me that my normal job is pretty rubbish and I’ll be poor until the day I get myself out there into better paid employment with more respect and higher wages.

  7. Kimberlie says

    You’ve provided great tips on how to accomplish financial freedom. I have recently consolidated some debt and automated payments. I wish I would km d have done both sooner. They have definitely simplified life and I’ve already seen credit score improvement.

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