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How to live debt-free and have extra money

Updated on July 10, 2016

Everyone dreams about financial freedom. What financial freedom means to most people is having enough money to pay their bills, plus a little extra for the extra things in life, which they strive to be able to afford.

Unfortunately, there are many common mistakes that people are making which make their lives more expensive. By avoiding some of the common financial pitfalls that the average person makes, you can save loads more money and be able to better understand how to find financial freedom.

Get a spending plan organized

MetLife suggests outlining all of your weekly or monthly expenses in a spending plan so you can understand where you are currently spending your money. There are great websites that will automate this process for you, such as Mint.com. This website takes the information from your debit and credit cards and shows you how much you spend in areas such as groceries, entertainment, cash, debt payments and more.

With this information, you can better understand where to cut back so you are leaving yourself additional funds at the end of each month. Once you have enough left over, put this money into savings bonds or an interest-bearing account, so you can earn even more money on top of your savings.

Direct savings deposits

Once you receive a paycheck, you can organize a direct deduction from your bank account that will go into savings. You can put special restrictions on this account so that it is not accessible to you on a regular basis. This type of forced savings will force you to live on less per month and help you achieve greater financial discipline.

Eliminate the little ”perks”

This means making your coffee at home instead of spending $5 for a luxury coffee beverage. Or you can iron your own clothes instead of taking them to the dry cleaner. Think of the small things you splurge for on a daily basis and think about which of them you can do without. This is a surefire way to save money and will help teach you how to find financial freedom.

Achieving financial freedom sounds a lot easier than it truly is. However, with a little discipline and effort, you can save plenty of money and be on your way to achieving financial freedom. By taking some of these steps, you’ll have the guidance and tools to make the dream of financial freedom a reality and not just a dream.

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