From the word itself, it is being free from financial burdens and having enough money to support one self independently.
If you want to achieve financial freedom, you then have to identify the difference between your needs and your wants. And keep in mind that needs are more important than your wants.
Needs - these includes the things that we need in order to survive, this falls under the physiological needs. Physiological needs are food, water, air, sleep Another example of needs is safety needs which includes shelter and health.
Wants - these includes things that are not necessary for us to survive jusy like, car, jewelries, etc. Actually their are a lot.
- We need to prioritize more in our basic needs like foods, water and things that are mentioned above.
Budget your money. Let the equation of your money will be, income less savings equals spendings not income less spendings equals savings. Let your savings be your priority, set a percentage on your income to be your savings, and make the rest of it as the money you are going to use for your daily needs. No matter how low or high your income is, the amount of your savings will still matter.
Debts trigger us to achieve our financial freedom. If you can't pay your debts in an instant, then have a short term goal by paying it on an installment basis until such time that you already paid them off. Note: If you can pay them off as soon as possible, then do it.
If you can't afford something that is not even necesarry, then do not go for it. If having it lets you need to borrow money, then you're just letting yourself to have burden soon on paying that debt, and will make your financial freedom be achieved slower.
It is really automatic that the moment you get of of your house, you can't help but start spending money on unnecessary things. Going on a mall, strolling. Treat yourself once in a while but do not do this almost all of the time. You will run out of money in a short span of time.
Uninstall your online shopping applications in your phone because you will be triggered all the time to buy something because most of the time online shoppings offer sales. And remenber that, not because it is on sale means that you have saved up some money. If it is not necessary then it is always be considered as spendings but if necessary then you have saved up money.
When the moment comes that we retire, money that comes in, will be lessen or worst case is that there is nothing at all if your source of income is just your job. And take note that the cost of living when you still have work will still be the same, so it is important that there is still a portion in your income that will be intention for saving.
Never let your children be your retirement plan
Here in the Philippines, we can't deny the fact that some people will now rely on their children for their daily needs. Yes, children may give them financial support but it is never requirement. Your children will be having their own families and they are now their priorities.
Engage to stock market or any trading like foreign exchange and cryptocurrencies. If your not familiar with these, and you are interested then educate yourself.
Having a small budget at first is just okay, never underestimate the power of compounding (the interest of your money will make interest and so on), with the proper discipline, you will surely achieve your financial freedom.
As the saying goes, "HEALTH IS WEALTH" it is really true because if you are not healthy then all of your hard earned money will just go to your medications, so stay healthy, watch your diet and lifestyle. Take away your vices if you have and live a healthy life.