Are you searching for financial independence?
Good. We are too. Are you wanting to get started but not sure how? Here’s some things we’ve done and continue to do on our journey.
1. You NEED a Budget. Simply start with money in and money out. Take a look at what your income is versus what you spend your money on. Know this info by heart.
2. Evaluate your expenses. Are there expenses you can get rid of? Are there expenses that you have that you don’t need and can be easily canceled?
3. Start tracking your expenses. We use spreadsheets & Expensify to capture images of all receipts. Each month we take the totals in Expensify add them to our spreadsheets and compare to our check register.
4. Consider downsizing. Maybe that 3,000 square foot home is no longer necessary. Could you sell that home and move into a smaller home with a smaller payment? Truth be told, Americans have too much stuff and live in spaces too large that can be very costly!
5. Have things in a storage unit? When’s the last time you’ve gone through that stuff? If possible, get rid of what you can, sell the others, & free yourself of that monthly expense.
6. What about that shiny new car? Have a steep monthly payment? Do this, add up the daily interest you pay on it then time it by the time remaining on the loan. Alarming right? Think about what else you could do with that money.
7. Eat home cooked meals. If you eat out for lunch everyday for work and then eat out regularly for dinner, it ADDS UP! Splurge on fresh food to prepare at the grocery store, food prep meals for breakfast, lunch, & dinner.
8. Suffer from metabolic conditions? INVEST IN YOUR HEALTH! You know what can cause bankruptcy? Your health or lack there of. Do what you can to prevent expensive healthcare bills in the future.
9. Build and maintain an emergency fund. Like Dave Ramsey says, start with $1,000. This should be a priority.