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Fund Your Traveling By Making These 7 Simple Lifestyle Changes

Fund Your Traveling By Making These 7 Simple Lifestyle Changes

Have you ever been consumed by wanderlust? No one can blame you for having a strong desire to travel. After all, traveling offers several health benefits and can completely change your life for the better. Of course, while you may love the idea of going away somewhere, most of us just can’t afford it. Or can we?

If you want to travel bad enough, then saving the money for a memorable trip doesn’t need to be that difficult. While there are numerous ways you can save money while traveling, there are also plenty of easy ways you can save up cash ahead of your voyage.

Make these simple life changes, and you will soon build up enough of a fund to make that trip you’ve been dreaming of.

1. Keep track of your spending

This first thing you should do is take a note of all your spending and analyze it. If you’re not giving your expenditures much thought, then it can be far too easy to overspend. Besides taking note of all your bills and direct debits, you should also start noting down your daily spends.

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If you take the time closely look at your spending, you are guaranteed to find something that you are unnecessarily spending money on each month. You may not even realize you were wasting that money on a forgotten direct debit; you would be surprised how often this happens.

You can use apps such Dollarbird, Mint, Goodbudget and Level Money to make keeping track of your outgoings quick and straightforward. Divide your spending up by categories, create budgets, and get a good overview of where your money goes each month. This overview will help you to identify areas where you can save money.

2. Pay by cash

We get it, paying by card is so much more convenient. However, research confirms that people spend more money when they pay by card than when they do by cash.

When paying pay by cash, you can easily see how much you are spending and how much money you have left over. Get yourself organized and schedule withdrawals in advance to help you manage your spending.

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3. Swap meat for veggies

There are plenty of great reasons to become a vegetarian and saving money is one of them. In fact, cutting meat from your diet could end up saving you as much as $750 a year.

You don’t have to go completely without meat, but just swapping a few of your weekly meals for vegetarian options can make a big difference.

4. Eat before you shop

Have you ever gone to the grocery store on an empty stomach and ended up buying way more than you planned to? Not only can this be terrible for you diet, since you tend to reach for junk food, but it can also be bad news for your wallet.

Research has found that shopping when you’re hungry not only makes you buy more food, but it also promotes the acquisition of non-food objects. In a study published in the PNAS, researchers found that hungry shoppers spent as much as 60% more than others. Next time you plan on hitting the shops, make sure you have something to eat first.

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5. Drink homemade coffee

Those daily cups of coffee you buy from your local coffee shop? Bad news – it costs you about $1,100 a year. While you may not be ready to kick the caffeine habit altogether, you can save money by making your coffee at home.

Don’t worry; you can still make delicious coffee at home on a budget using freshly ground coffee and a French Press.

6. Have homemade meals

Just like swapping your morning cup of coffee for the homemade variety, eating breakfast at home and bringing your lunch to work can make a significant impact on your cash flow each month.

It may take some getting used to as you need to plan ahead, but you will get used to the routine. Plus, if you bring all of your own stuff into work every day, you can end up saving anywhere from $2,000 to $4,200 over a year’s time.

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7. Cut cable

Cable bills in America have been on the rise, with the average household spending $64.41 a month or about $768 a year. The thing is, there are many cheaper alternatives available these days that will provide you with enough entertainment options for the entire family. You can try a third-party service such as Netflix, which costs $9.99 a month, Amazon Prime at $99 a year or Hulu Plus, which costs $7.99 a month.

If you prefer to stick to television, but usually only watch the same few channels, you can still lower costs by buying a package of channels. Sling TV does a base package called “The Best of Live TV,” which is $20 a month and includes 19 of the most popular channels. Add-on packs are an extra $5 each per month, so you can tailor it to your family’s needs and still save money.

Featured photo credit: Unsplash via unsplash.com

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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