Financial Freedom – Is it Just a Dream?


When you are battling financially it is easy to feel that you are all alone with your mountain of debt and a pay check that doesn’t stretch far enough. The monthly increase in the cost of living makes it even harder for people who are already struggling, which can lead to depression and even suicide.

Before you land up in a pit of despair which is filled and covered with debts, take a look at how you handle your money and credit cards.

The biggest problem that most people suffer is from peer pressure, the ingrained desire to be accepted by friends and family and gain their approval with the regular purchase of new gadgets, clothing and status symbols.

Here are some tips which are not that hard to implement which will help you make better decisions for your own financial situation, eventually leading to financial stability.

Credit Cards – Use your credit card like cash, only in a real emergency should you spend money on your credit card that you can’t actually afford. The latest designer suit to look more fashionable than your colleague at work is not an emergency.

Loans – Instead of falling into the trap of loaning money each month to make ends meet, look at your spending habits and implement changes slowly so that you can teach yourself how to make wise purchases instead of whimsical ones.

Debts – Financial security is often directly linked to the amount of debt that you have, so if you can come up with a workable solution to pay off all your debts in full you will be well on your way to obtaining financial security, although you do need to realize that it is a long road and it’s going to take lots of dedication and discipline.

Budgeting – Most people hate having to budget because they never manage to stick to their budget. The best way to budget is to be honest and realistic, do not try and set what you think is the ideal budget, work with the reality of your situation.

Once you have made some bad choices it is easy to fall into the deep pit of debt and depression, but with a positive attitude, being honest with yourself and exercising self-discipline you will be able to improve your financial situation and become financially secure.

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Julie Cheung is a valued contributor to various blogs.

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