Budgeting For Financial Freedom
How a Value-Based Strategy Can Free You Financially
In our previous blog, Syncing Your Spending with Your Personal Values, we covered the importance of spending responsibly. This involves thinking about your financial goals with each purchase so that you’re able to create a spending plan that reaffirms your beliefs and ultimately makes you feel good about your financial choices.
The b-word no longer carries a stigma of extreme frugality, being broke or killing life’s fun vibe. In fact, it’s quite the opposite. Budgets are a vital piece of accomplishing thriving financial health, vitality, and freedom. Without a clear action plan for how you’ll spend and save your money, you’ll lack the ability to plan appropriately for life’s known and unknown events. So the plan is to unleash your spending power in a way that places financial control back in your court.
If your spending habits support your overall well-being, you’ll experience greater financial balance and feel more confident in your budgeting. The trust you’ll build in yourself will empower you in making sound everyday purchases.
Here are some tips for establishing a plan for financial freedom.
Conduct a 90-day Spending Analysis. Review your spending habits from the past 90 days in order to determine patterns, behaviors, and choices that are aligned with your values and that go against them. Make a list of the reasons why you support or wouldn’t repeat your choices to determine next steps.
Create a realistic monthly budget that supports your short and long-term goals. After determining the reasons behind your spending patterns, you will be better equipped to create a budget that you can believe in and adhere to. Your budget will take your goals into account and provide a clear plan for saving money wherever possible.
Conduct an ongoing monthly review of your spending patterns. After creating and adhering to a budget, it’s important to continue auditing your spending. Doing so will help determine what tweaks the budget requires as well as verifies you’re on the right track.
By making a few simple adjustments to your financial habits and introducing a structured routine to your personal finance choices, you can be well on your way to achieving financial freedom. A values-based financial strategy is a great way to create and stick with a budget that gives you more long-term bang for your buck.
Next Steps: If you want customized help figuring out your debt payoff strategy, let’s chat! Schedule a call with Beyond Money, and let’s get started!