10 Ways to Obtain More Financial Freedom in 2023

Financial freedom means having the opportunity to choose what you want in life. It also means that you aren’t stressed out by complicated money matters. Learning to control your debt by committing to paying off your credit cards, getting the cheapest car insurance that still provides adequate coverage, and setting smart financial goals will make 2023 a bright year. But why stop there? Let’s explore additional ways to keep your finances fit and put more green back in your pocket in 2023.

• Kick Debt to the Curb. When you think about it, any kind of debt that you are paying off stalls your progression toward financial freedom. The more debt you have, the more your income will go toward paying finance and interest charges, decreasing your money’s true value. The first thing you can do is work toward paying off all of your debt (credit cards, student loans, etc.) so you can get the ball rolling on investing in your future.
• Re-Consider Your Career Choice. Ask yourself some questions about where you are in your career and where you would like to be. Does your current job offer you opportunities for growth and higher earning potential? If you are stuck, you may not be allowing yourself the space to move into financial freedom.
• Plan Ahead for Large Purchases. Now that you’re not taking on any new debt, you will need to plan ahead for purchases – like vacations. Decide how long you have until the event (or item) needs to be ‘purchased’. Figure out how much you will need for the purchase. From there, determine how much you will need to save every month to be able to afford this item.
• Start a Budget. When you start taking control of your finances, you will not only feel liberated, you’ll also find yourself with extra money. Scrutinizing where money goes will create an attitude of savings, and you’ll be looking around for ways to save money as opposed to carelessly spending it.
• Be Specific About Your Goals. Setting your own financial goals will give you the incentive to obtain financial freedom. Make a list of what you want to accomplish in 2023. To be out of debt, saving for a wedding or retirement, saving for a dream vacation or new car, all are viable and workable goals. Put your goals down on paper, give yourself a deadline, and decide how much needs to be saved for each, and the deadline.
• Have an Emergency Fund. Life happens. There’s nothing to stop your water heater from failing, your roof from leaking or your car from needing repair. You could be on top of savings and clearing out debt and then bam! An unexpected emergency comes along and wipes out your savings. Start saving now – and plan on a 3-6 month buffer of expenses to cover whatever might come along.
• Find Ways to Save Money. Don’t get caught in the trap of paying for a gym membership at the beginning of the year and then never going. Along with avoiding unused memberships, there are plenty of other ways to start saving money, including using cash back apps, finding the cheapest car insurance, buying generic brands, brown bag lunches, brewing your own coffee, and reducing energy costs around the home.
• Invest in Your Health. We all know that it pays to eat healthy and exercise. When you look at it as an investment in yourself and a means to avoid expensive medical care in the future, your lifestyle becomes a catapult toward greater financial freedom. Get regular checkups, screenings, and pay attention to mental and physical warning signs.
• Decide to Live More Frugally. In our materialistic society, it’s easy to impulsively purchase items you don’t need. It takes a lot of self-discipline to take a step back and stop yourself from making small and large purchases that can seductively tantalize. Employ the 48-hour rule. When you see something you want, wait a full 2 days before actually buying it. Fix what is broken and mend what is torn before buying new. Watch YouTube videos to do your own repairs and remember that life is not about keeping up with the Joneses.
• Be Generous. Yes, even though you might feel as though you have nothing to give, when you are generous with others you instill in yourself (and your children) the idea that generosity is invaluable. There are plenty of ways to be generous – help a struggling family with a day or week of groceries, give your time to a local shelter or church, and offer a helping hand to someone who needs it.