It’s not what you earn, it’s what you keep that counts Financial Independence for Parents – whatever your situation.
Have you ever heard that phrase ‘Financial Independence’, what does it actually mean, well people often have the idea that the key to wealth and financial independence is having loads of money.
Well having loads of money is one way, but it’s really not the whole story. For example, if you earnt £10k a month and spent £11k a month, then that is a fast track to getting into debt and staying there forever because you are spending more than you earn.
Even if you kept the spending to £10k, great but then you have still got nothing left to save or invest, and that won’t get you anywhere, and it certainly won’t get you to financial independence.
Luckily you don’t need to be earning £10k a month, you just need to ensure that you spend less than you earn and invest the difference.
Yes – it’s that simple.
Living within your means will set you free financially.
If you are currently living beyond your means or, are unhappy living within your means you really have two choices, increase your income or decrease your expenses.
Increasing your Income – There are several options for this, e-commerce, eBay, freelance, ebooks, and an online franchise. I go into these in more detail and the pros and cons of each in my free Facebook group.
Decreasing your expenses – A really simple way to do that is looking at what things you are already spending money on and seeing if you can either switch to a cheaper alternative or get a discount, or you may find there are things you just don’t really use, that you can do without. I reduced my expenses by £38 a month (that’s £456 a year), last week just by cancelling some things I wasn’t using.
By decreasing your expenses and increasing your income you will create a difference that you can now choose to;
- Spend on stuff you don’t need
- Pay down some debt
- Create an emergency fund
- Start investing
All of the above are OK except for one of them, I’m sure you can work out which that is LOL.
So if you’d like to supercharge your finances then here are my three actions for you,
1, Have a look at your expenses over the last few months and see where you can make some savings, I guarantee there will be some surprises in there, subscriptions you forgot you were paying for, energy tariffs that have gone up etc.
2, Head over to my free Facebook group where you will find out tips, information and hacks to create financial security and freedom for your family, including how to increase your income, and how much you really need to be financially independent.
3, Book your complimentary financial education session with me and let me show you how to make money work for you.
You can reach Esther using the following –
Phone: 0750 358 5966
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Take a look at other guest posts –
5 Positive Parenting techniques by Anna Lieberman
The Importance of First Aid by Daisy First Aid Bristol
Why you should listen to your gut by Caron Kippling
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