• Saturday, July 20, 2024
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BusinessDay

Could you give up these 5 things for financial freedom?

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Every now and again, I like to think about the decisions I’ve made — and how making sacrifices now will benefit me later.

My current living situation is less than fabulous, but I’ve begun to adapt and call a 900 square foot trailer my temporary home.

I remember that by doing what is financially smart now, I’ll be able to reap the benefits later. This brings to me to the question: what would I be willing to give up for financial freedom?

How about you? Would you be willing to give up any of these five things for financial freedom?

1. A Nice House

I got divorced a little over a year ago. I moved out of the house owned by my husband and me, bought a trailer, and put it on an extra lot my dad owned. This kept my cost of living down while I was getting used to being on my own.

If I hadn’t been forced to find a new living situation, I don’t think I would’ve ever voluntarily moved to a smaller and cheaper place. Though this won’t be my permanent residence, it’s nice to know that I’ll be financially prepared when I do make the move to a nicer home.

2. New Cars

One of my biggest financial regrets was taking out a loan with a 9.5% interest rate on my last vehicle. I also didn’t do much research before buying the vehicle. My previous car kept breaking down, and with a baby on the way, I knew I needed something reliable.

I must have lucked out because I’ve now owned my vehicle for five years and haven’t had a single problem with it. My plan is to drive it until it bites the dust.

3. Vacations

I know a woman who once took out a payday loan to go on vacation. Of all the things to take out an incredibly expensive payday loan on — a vacation!?

Vacations are definitely one line item lacking in my budget. Call me odd, but I’m really not big on traveling. Though they’re important for many people, they’re not a top priority for me.

4. New Clothes

Clothes may be my weakness. It takes a lot of willpower for me to not splurge on clothes when I tag alongside a friend at the mall.

I allow myself a little fun money each month, with the majority being spent on clothes. New clothes make me feel good about myself and, therefore, boost my confidence.

Luckily, I’m more of a bargain shopper than a name brand shopper — but clothes are still one area that I need to work on.

5. Hobbies

My hobbies don’t cost me much, seeing as my favorite things to do are read and write. However, I know a lot of people who have very expensive hobbies.

My dad is a lover of guns, hunting, and target shooting. I know others whose hobbies include horseback riding, four-wheeler racing, and fishing. Those can really add up.

Conclusion

You can’t cut all the fun out of your budget, but it’s nice to know you’d be able to give up some of life’s luxuries if you had to. If you feel like one of these five things is holding you back from financial freedom, then maybe it’s time to make a change