The easiest way to take control of your finances and move towards financial freedom is to spend less money. It’s really that simple.
You might be thinking “Hang on, if I had financial freedom I would be able to buy whatever I wanted”. But what if you didn’t want to buy anything? Would you have financial freedom then?
Breaking the link between consumerism and happiness will make a huge difference to your finances. It’s not your fault. We’ve all had a lifetime of sophisticated advertising constantly telling us that this car or that mobile phone will make us feel happy. The marketing men (and women) need us to believe that a bigger house or a better holiday is the key to joy. That’s their job and they get paid well for persuading us. But any happiness we feel is fleeting. And if it makes you feel broke at the end of the month then so-called “healthy” consumerism is actively working against our peace of mind.
Someone who spends a thousand pounds has a lot less money than someone who banks a hundred. They just have more stuff. What is going to make you happy long-term? A shiny new toy or a steadily growing bank balance?
Financial freedom does not mean earning loads of money. Sure, that would be fun, but a high income does not guarantee financial freedom. Spending significantly less than you earn does.
So now you might be thinking: “Ugh, frugality, how dull!” But once you start to think of saving money as making money everything changes. Instead of feeling the lack of the pair of new shoes, start thinking how you’ll invest the money you saved.
If you have nothing to invest your returns will be zero.
I’m sure there’s a few of you out there now thinking: “But I like new shoes, I like my new phone. I love holidays and meals out. I like shopping for pretty things for the house.”
But if these things are preventing you from achieving financial freedom, are they really worth it?
Dr Joanna Martin: Founder, oneofmany.co.uk.| Author| Women’s Speaker| Entrepreneur| Ex-doctor| Loud Sister| Baby Wrangler = No professional training but do a fine job nonetheless!