Posted on July 8, 2023

One of the biggest struggles of being an adult is managing your finances. It can be challenging to balance your expenses, savings, and everything in between. And let's be honest, there's always something that needs to be paid. It's easy to get overwhelmed and lose control of your finances. But achieving financial literacy and freedom isn't impossible. It's all about making smart choices and taking control of your money. In this blog post, we'll discuss the ultimate adulting hacks that'll help you achieve financial freedom.

Create a budget:

Creating a budget is the most basic yet essential step towards financial freedom. It helps you keep track of your income and expenses, so you know where your money is going. It's easy to get carried away with spending when you don't have a clear understanding of your finances. With a budget, you can allocate the right amount of money towards your expenses and savings. There are numerous budgeting apps available, such as Mint, EveryDollar, and PocketGuard, that you can use to create and track your budget.

Plan for emergencies:

Emergency expenses are inevitable, and they can quickly drain your savings. It's essential to have an emergency fund that you can fall back on during a crisis. This fund should cover at least three to six months of your expenses. Create a separate account for your emergency fund, and make sure you're not tempted to use it for something else.

Put your savings on autopilot:

It's easy to forget to save when you have other expenses to worry about. Setting up an automatic savings plan will ensure that you're consistently saving a portion of your income. You can set up automatic transfers from your checking to your savings account. This way, your savings will grow without much effort on your part.

Cook at home:

Eating out can be expensive and can add up quickly. Cooking at home is not only cost-effective but also a healthier option. Meal prepping is a great way to save time and money. You can prepare your meals for the week in advance and avoid the temptation to eat out.

Understand the difference between want vs. need:

It's essential to understand the difference between what you want and what you need. Wants are things that you desire, but they're not essential for survival. Needs are things that are necessary for your survival and well-being. Prioritizing your needs over your wants can go a long way in saving you money.

Avoid Debt:

Debt can be a significant obstacle on the road to financial freedom. You can avoid debt by living within your means, avoiding unnecessary expenses, and paying your bills on time. Take steps to become debt-free by prioritizing your debt payments and making extra payments when possible.

Invest in yourself:

Investing in yourself is a great way to create opportunities for financial growth. Develop new skills that can help you advance in your career or start your own business. Consider investing in education or personal development courses that can help you move closer to your goals.

Negotiate your bills:

Don't be afraid to negotiate your bills, such as your cable or internet bill. Many companies are willing to negotiate if it means keeping a long-term customer. Call your service provider and ask them if they're willing to offer a lower rate or a discount.

Shop smart:

When shopping, make sure to take advantage of sales, discounts, and coupons. Sign up for store loyalty programs to earn rewards and discounts. Compare prices and shop around before making a purchase. Online shopping can also be a great way to save, as many online retailers offer free shipping and discounts.

Increase your income:

Finally, consider ways to increase your income. This can be through side hustles, taking on extra hours at work, or starting your own business. Evaluate your skills and hobbies to find ways to monetize them. Every little bit of extra income can help you achieve your financial goals faster.

Achieving financial freedom is a journey, and it requires patience, persistence, and discipline. By implementing these ultimate adulting hacks, you'll be one step closer to achieving financial literacy and freedom. It's essential to track your progress, set realistic goals, and celebrate your achievements along the way. Remember, small changes can make a big difference, so start small and keep moving forward towards your financial goals.
If you want financial help for you or a young adult you care about please get in touch. I am happy to help!