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With Fourth of July around the corner, it’s easy to start thinking about freedom. But this year, I was thinking more about declaring “financial” independence! Like most things in life, financial independence means different things to different people. For some it might mean having the cash you need to buy what you want. For others it might mean early retirement or buying a home. However you define it, I’ve got 3 tips to get you on the fast track to financial independence.
Pay with cash: It’s very difficult to overspend when you only carry cash. Unlike a credit card, where it’s so easy to swipe and forget, when you pay with cash you never have to worry about going over your credit limit or blowing your budget.
Save what you used to spend: We all get used to living on a budget, and when we get a little extra spending money it’s so easy to use it and have nothing to show for it. So why not save the money you’ve gotten used to living without? For example, when you pay off your car, keep paying yourself that monthly payment and put it into a savings fund for your next goal.
Pay your credit card balance at the end of every month: I know it sounds simple, because it is that simple. It’s the best way to limit your spending. If you want to purchase a new computer for $600 and you only have $300, put that $300 in the bank and purchase your computer after you have the other $300 saved. Then you can purchase it using your credit card and benefit from better online pricing or from the buyer’s protection (theft, breakage, & loss) that your card provides.
As we commemorate the 13 colonies declaring themselves a new nation with parades and barbecues, put these 3 tips into action, and you too can celebrate your new found financial independence. (Maybe with fireworks)
*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.