As you tiptoe into the new decade, it’s important to properly identify all your long-term financial goals. Irrespective of whether you’re in college, an intern, or approaching your retirement, it’s imperative to have your financial goals sorted. The next decade is going to have a long-lasting impact on all the aspects of our lives, which includes our finances. You’ll need to etch out a robust and balanced financial plan and executing the same to perfection to get the most out of it in the coming decade. Financial freedom is possible only when you’re able to meet the drastic financial challenges with aplomb.
Here’s a list of some incredible money hacks that would accelerate you towards achieving complete financial freedom in the new decade:
- Financial Plan: Instead of focusing on just earning or saving money, you need to create a financial plan that includes everything from your financial goals (both long-term as well as short-term), income, expenses, and savings. This will give you a fair idea as to what needs to be modified in which part, so as to maximize your savings and grow your money. A top tool that can help you with all of this is Mint Financial.
- Work as Per Your Budget: Creating a monthly and yearly budget can help you stick to your short-term as well as long-term expenses. Mint Financial is a great tool that can help you with this.
- Automate savings: Put your money in online savings account that offer higher interest rates than bank-based savings accounts. There are many great apps that can do this for you! The top app recommended for doing this is Acorns.
- Get a Term Life Insurance Plan ASAP: Buying term life insurance can be less expensive when you’re younger. Thus, even if you’re a little late, you need to buy a plan as soon as possible to prevent buying the same at a higher price later.
- Create a No-Expense Day Every Week: There’s no better way to save money than not spending a penny on a particular day of a week. Set aside one day in a week when you don’t spend anything, which ultimately helps you save at least a two hundred dollars.
- Don’t Order Food Online: Home cooked food tastes better and costs lesser than food ordered online. You can always go for occasional treats to a restaurant or order food online but not as frequently as you might be doing now.
- Ask for a Raise: If you’ve been working for your present employer without a raise for a couple of years, it’s time to ask for a raise. A higher salary obviously helps you save more and invest money in lucrative investment plans.
- Keep an emergency fund: Make sure that you always have an emergency fund to pay for unexpected costs that might arise, and that need to be paid for right away to ensure no additional problems occur from it. If for some reason you don’t currently have one, and a financial emergency has occurred that needs to be taken care of, there is a solution that you can use to pay for this short-term financial emergency. This very helpful service is tax advance online.
Besides the above tips, you can always find your own little ways of saving more and growing your money to achieve financial freedom. It’s always good to be creative while finding new ways to support your income and also saving the extra money for your future.