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Wednesday, April 24 2024
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Your journey towards the path of financial freedom

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For many people achieving financial independence is a goal. It usually entails having enough wealth, assets, and savings to live the lifestyle one desires for oneself and one’s family.

Financial self-sufficiency might appear to be a wonderful theory. But the truth is that anyone can do it. When you achieve financial independence, you are free to pursue your passions such as music, sports, art, or travel around the world. You won’t have to worry about money since you’ll have enough to support your family.

Financial independence does not imply being enormously wealthy or living a lavish lifestyle; rather, it entails having enough money to cover your expenses. It is a typical misperception that being financially free requires being born wealthy. Making the correct decisions at the appropriate moments can help you achieve financial independence. Every good financial plan is built on a budget. Calculate how much money you’ll need for bills, rent, and other expenses by working backwards. Make and stick to a monthly expense sheet. Depending on your needs, set aside the remaining funds for an emergency fund, a travel fund, or savings.

Some of the below tips might help to achieve financial independence.

Learn to manage your own money

It may appear tedious at first, but learning to manage your own money is essential. It may appear natural, especially in Indian culture to delegate financial decisions to one’s father, brother, or husband. This should not be done. There are online resources where you can learn the fundamentals of money management. Don’t hand over power to anyone else. You should consult with family members, but make your own decisions and keep a separate bank account.

Invest the money

Every woman must prioritise herself. Yes, family and children are important but you must also consider your financial security. Begin investing as soon as possible. Begin small with recurring deposits, fixed deposits, and SIPs. This money will be useful in the future, whether it is used to purchase a home, travel, as a fund for your child’s education and so on.

Image Source: kaboompics by Pixabay

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Archana Bijo

The author is a postgraduate in Mass Communication and Journalism from Kristu Jayanti College (Autonomous), Bengaluru. Her interests range from Photojournalism, Media Research, Documentaries, Communication Studies, Film Studies, Radio Journalism, Women Studies, Advertisement Studies with keen interest in writing on varied topics and articles relating to photography, festivals, moments of life, and travel.

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