7 rules for financial freedom

1) Stop using credit cards. If you have a hard time managing your money you should avoid using credit cards because you will end up doing more damage than good. Credit cards should be used for the purpose of convenience. Those who use them as a means of borrowing money will only end up hurting their credit score and furthering their debt by taking advantage of this service.

2) Set a budget daily, weekly or monthly. Figure out how much money you make, and what your bills and necessities will cost so that you ensure you have money to cover your needs. Without a limit, it is impossible to guess know how much money you have, how much bills will cost, or how much you can afford.

3) Create an emergency fund to be used for all unforeseen events that would normally set you back. NO, that doesn’t include buying a new jacket for spring. NO, that doesn’t include a last minute vacation to New York. An emergency fund should be used for actual necessities; like health care, new brakes for your car, child care and things that have to be taken care of in order to move forward or succeed in life.

4) Spend less than you make because where do you think the money you spent that you don’t have is coming from? Its going to come from your future self, who will have to work twice as hard to pay off borrowed money at high interest rates. Do yourself a favour and don’t borrow time from your future when you can solve the problem right now.

5) Pay off debts in a manner that will allow you to have financial freedom at some point in time, hopefully sooner than later. Follow the stack method to arrange your debts in order of highest cost so that you can eliminate your debt in the most efficient way.

6) Save up for things you want to buy instead of purchasing as soon as you see something you like. Planning plays an important part in creating financial stability and working towards a reward is important. To reward yourself first and then pay it off after is backwards. You don’t collect your degree and then go to college do you? Rewards have to be earned.

7) Enjoy a new way of life with independence, responsibility, and self-reliance.Visit Fast Access Finance today for questions about your financial goals and what we can offer to help you achieve them!