Now Reading:

Debt Management Tips to Gain Financial Freedom

Savings, Thrift & Investment	1376 VIEWS
Savings, Thrift & Investment
1376 VIEWS

PROSHARE
PROSHARE

Friday, October 25, 2019 02:00PM / Aqib Raja* / Header Image Credit: InformativeBlogpro

For more than 40 percent of Americans, an unexpected financial emergency would completely derail their financial plans. In fact, the majority of working-age people in this country couldn't even cover an ambulance ride or an unplanned car repair.

Building a path toward financial freedom doesn't have to be a puzzle. Here are 5 steps you can take today to achieve your monetary goals:

Set Up Incremented Transfers

While this isn't exactly a way to generate income, you can trick yourself into living on less income by creating automated transfers with your banking or budgeting app.

Begin by establishing your financial goals, and determining an amount that you can reasonably live on for any given month.

Once you have a bare minimum threshold, you can create savings increments that align with your timeline and lifestyle.

You could choose to increase your monthly savings by five percent each month until you reach a particular number. Or, you can schedule transfers based on expected bills and expenses.

This sneaky tactic is perfect for anyone who wants to improve their spending habits without increasing their debt or workload.

Get an Auto Title Loan

Owning a vehicle is a secure and simple way to borrow thousands of dollars in a short time span. The best part - you never have to give up the keys.

An auto title loan is credit that is borrowed against your car title.

Depending on the value and condition of your vehicle, as well as other factors like income and credit, you could qualify for a loan of $10,000 or more. Request an auto title loan quote to find out if you qualify for enough to reach your financial goals.

If your goals are to repay outstanding balances, this is a practical option if you're able to find a lower interest rate than what you're already paying.

Capitalize on your Savings

If you're not accruing interest with your savings account, you're missing out on free money that adds up as your money sits.

Global banks, credit unions, money markets, and local branches all offer different terms and returns that depend on the user and the institution.

Research which banks and accounts provide the highest return interest rate, and treat your savings like an ongoing investment.

This is a turn-key financial tool that will help you gain economic stability literally while you sleep.

Automatically Route Sum Payments

Do you typically receive a tax return, bonus, or stipend on a periodic basis? While many of us choose to use these intermittent payments to fund a vacation or shopping trip, you could use this to build a decent nest egg.

Even if you receive these payments through your regular payroll, you can usually segment specific amounts to go to multiple accounts.

Route these payments to your savings account so you don't even miss the money once it arrives.

This can help you create a better relationship with your primary source of income, while also pushing you toward your financial goals.

Establishing a stable and successful economic future is a realistic goal for everyone, regardless of someone's income. But, drastically increasing your savings or reducing your debt requires discipline and strategic planning. Consider working these tips into your financial plan to get out of debt and into your future.

*Aqib Raja is a Digital Marketer and IT Professional. You can connect with him on Facebook