Living a balanced life is everyone's dream. It's very hard to imagine a person who prefers to experience distress in any of the different aspects of his/her life. However, of course, it's normal for problems to crop up from time to time. You just have to start worrying when you feel that these issues are recurring and seriously affecting the quality of your life. This might be a good opportunity for you to take a closer look and examine where things might have went wrong.
Oola is a kind of lifestyle that considers different areas in your life and ensures that there is balance among them. It is based on the international bestselling book, "Oola: Find Balance in an Unbalanced World".
The Oola philosophy focuses on 7 F's namely fitness, finance, family, field (career), faith, friends, and fun. All of these can impact the way you live, and specifically with finance, it can derail all the other areas of your life.
Money is simply too important to ignore. It can lead to broken marriages, or it can hinder you from pursuing your dreams — which are enough to devastate you or make you discontented with life. Thus, you should begin working on attaining financial freedom right now.
What is financial freedom?
Financial freedom is more than just having enough money for needs, wants, and emergencies; it is beyond being debt-free.
LuckScout elaborates on this by stating that money is also linked to time and location; hence, financial freedom means that you can take things at a moderate pace and that you are not tied down to any specific location. You don't need to work 10 hours or more per day, and you can go any place you wish to visit without it affecting your livelihood.
How can I achieve financial freedom?
1. Create a written monthly budget
You really do need to sit down and write all your expenses on a piece of paper before each month starts. Create a budget and make sure that every penny you earn will go to worthwhile and necessary things. Categorize your expenses so that you can prioritize and cut back on the less important ones. You have to be strict in setting your boundaries so that you can be effective on this. If you're a bit techie or prone to losing or forgetting where you've placed certain papers, you can create a spreadsheet file on your computer or use financial apps to keep track of all your expenses.
2. Pay off all your debts
The only way you can maximize your money is to have your full income at your disposal — and this is possible only when you are debt-free. Don't let yourself be buried in car loans and credit card bills. It's hard to settle the balances in one go, so if you don't have the capacity to do that, ensure a steady progress instead by paying off your debts little by little. Also, prepare a plan so that once you're free of debts, you are able to maintain that for the rest of your life.
3. Know your investment options
Remember to create a plan for your long-term financial goals too. Make sure you have retirement savings and college funds for your kids so that you can be more confident about the future. You can also invest in real estate or mutual funds. There are lots of options that you can explore, and you can learn about them by researching or consulting a financial advisor.
Managing finances is never easy. There is no one magic trick that you can use to answer your money issues. Financial freedom requires a lot of discipline and strategy. There may be slip-ups along the way, but with these two qualities, you can surely overcome the challenges.