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Staying in your financial lane simply means keeping your expenses less than your income. Personal finance is more of an ongoing responsibility. And it is essential to become deliberate about this responsibility if you truly desire to attain financial freedom.
Here are 3 simple steps you can take to keep you disciplined on the right financial lane to attaining financial freedom:
- Study how much you make or earn:
Take note of how much you make or earn each month, so you can make yourself aware of what you can and can’t spend monthly. Aside from the net income, you should take note of when you get paid so you can easily streamline it with your monthly expenses. With a better knowledge of this, you can now begin to create a limit on your spending and expenses where necessary. Pen down all your monthly expenses and deduct that from your income and the difference will be the money you have available for any other living expenses.
2. Build Multiple Streams of Income
Look for other creative ways to create sustainable and consistent passive income no matter how small because over time it makes a difference. Find a ‘side gig’. As someone rightly said “slow money is better than no money’. This could be anything that can boost your income and give you a good return as well appreciate in value over time.
3. Get Your Priorities Right
Decide what expenses are most important to you each month. What you need to do is to simply become more financially aware of the expenses that really matters and the ones that doesn’t. Decide to be more responsible, cultivate good financial disciplines and curb the temptations to give into lifestyle inflation or lead you to debt.
Cheers to Your Financial Freedom!
