Become Financially Independent
As 4th of July is closing in on us this weekend, many of us are preparing to celebrate during the three day weekend. Why not use this time to ponder about becoming financially free?
Some things to consider and start doing now to help you become financially independent in the future.
Automatic Money Savings
This one is simple. Make your savings automatic instead of having to manually input your savings into your bank account every check. The less effort that it takes to save, the more likely you are to contribute to your savings. Whereas you are less likely to save if you have to manually input your savings.
When money is taken straight from your paycheck and directly deposited into your savings or 401k account- you are boosting your wealth. Paying yourself first means you don’t see that money so you won’t even consider missing it. Avoid the mistakes that many of us make when we pay ourselves last. When you do that, often there is nothing left!
Take Care of That Mortgage Payment
Many American homeowners are on the path to refinance their home. If you have already refinanced or don’t qualify for one, you might be thinking about other options you have to save on your mortgage payment. Why not try rounding up your payments?
Let’s say you have a monthly mortgage payment of $954.83. If you round up your payment to $1,000 you will pay off your debt two years and five months earlier than expected! By simply paying an extra $45.17 per month. It’s the simple things in life that are often the most overlooked. Head over to our mortgage calculators to check out what rounding up your payments can do for you.
Establish A Budget
Another simple yet affective activity that will help you become financially independent, establishing a budget. Spending more than you earn is never smart. Yet many Americans spend more than they can afford to! Live within your means, or better yet, live BELOW your means. You must establish a budget system if you want to one day become financially independent. By not establishing one you will almost always spend more money than you should.
Focus On The Future
Do you have food on your plate, gas in your car and a roof over your head? Then you would consider yourself as doing well, right? Many people only think about right now, but you’ve got to think ahead. Ask yourself where you see yourself in 5 years. What are your aspirations right now and how are you acting on those to get to where you want to be? Develop a 5 year plan and work on it every single day. Consistency is key, especially when working on improving yourself. Don’t cheat either because you would only be cheating yourself.
Implement these actions into your life now and you will see the growth and benefits in no time. Saving money is no easy task but once you master it you will be glad that you started when you did.
As your San Diego Real Estate experts, Realty Executives Dillon can assist you in the sale or purchase of your next home. Contact us should you have any questions. Now enjoy that Summer Sun!
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