Saving For A Rainy Day
In an economy at present, many of us struggle with the ability to save for a rainy day, but I am here to tell you that it can be done! You may ask, but "how can you save for a rainy day in such tough times?" My answer to that question is this, have you ever thought about how much buying a cup of coffee 2 to 3 times per week can add up? A medium cup of coffee from one of the top leading brands can cost anywhere from $2 to $3 plus per cup.
Can you imagine if you were saving those $2 and $3 per cup of coffee, per week? That's $6 to $9 per week spent on coffee. Add all of those unnecessary spending up, and you're looking at $24 to $36 per month if you were spending at one of those top leading brands. Not to mention if you bought anything else. These cost adds up and could be applied to cover other important expenditures i.e. credit card debts, student loans, mortgages etc., which brings me to the next topic; Paying-off debts.
Paying-off debts can seem as a never-ending cycle UNLESS, you start making more conscious decisions; starting out small, then working your way up to greater decisions. Making well informed decisions of not spending $24 to $36 per month on coffee, and applying those funds to your credit cards, student loans, or mortgage etc., will yield results of lowering the amount you pay in interest i.e. the higher the balance owed on a debt, that is attached to an interest rate, the higher amount you will pay in interest, and again, that's wasting money unnecessarily. These are some of the things that can affect how soon you reach financial freedom.
Financial freedom is not just being free of debt, but it is encompassed by the ability of releasing yourself of unnecessary stress related to your finances. Financial freedom is also about being able to live life and not just exist; being able to take that vacation you have always dreamed of, being able to spend more time with your friends, and family. The ability to expand on who you are as an individual i.e. it could mean having more time to volunteer at different organizations that support good causes, or being able to donate monetarily to those organizations. Moreover, having financial freedom can help to build your spirituality by allowing you to focus more on the important things in life; just being able to get out of bed, or to even open your eyes to see a new day, or the fact that you were granted another chance at accomplishing your goals.
Financial freedom is also about helping you to grow in your personal relationships. How many relationship or marriages fall apart due to financial stress or burdens? Many couples struggle with managing financial burdens in their relationships, and as a result, those burdens put a strain on the relationship which unfortunately often ends up in couples going their separate ways.
To wrap things up, as you can see, from the simple things such as buying a cup of coffee, contributes to your future and your success. Life becomes the decisions we make, big or small; the deposits we make into our lives today, will be the investments we reap in the future. ~ Author Mahogany Law