By Guest Writer: Mugabi Patsy
The reality is that not so many people are willing to talk about their broke days because it is a rather intimidating conversation. The good news is that something can be done to turn the ever-avoided conversation into one on financial freedom. Here are 5 centsible hacks for a broke free 2020.
Life is full of unexpected surprises and having an emergency fund makes a big difference. Saving money for a rainy day is a gradual process but action must be taken today. The easiest way to do this is to open a savings account with your bank. Another way is to intentionally dedicate your time and effort to the 52-savings week challenge.
Passive income is the money you do not have to work actively for or maintain. This means you can make money even while you sleep. Passive income gives you the greatest financial freedom because it as simple as investing in stocks or renting out your empty apartment as an Airbnb.
Medical bills are quite costly and may stifle your financial freedom in terms of treatments and other health checks. However, exercising regularly and eating right not only helps your health flourish but also personal finances.
When the money you owe to someone accumulates over time it strains you financially because of the interest accrued. Sometimes it gets extremely bad, and it worsens when there is hardly any chance to escape. Making periodic payments to clear your debt opens up the door to your financial freedom.
When it comes to large purchases or an impulsive buy for expensive product, I have grown accustomed to writing it down in my journal first. I wait it out 30 days after. When this tenure collapse and I still need it, I make the purchase right away. However, if by the time the 30 days pass and I have forgotten about it , then I have saved money by not purchasing something I do not need.
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