How to get started on your journey to financial freedom?

It literally requires one to put one foot in front of the other and step by step. Walking slowly and surely. And please, dont be hard on yourself, it’s a long road. The realisation of where you truly stand may be hard emotionally. the going over budget a few times at the beginning may be demotivating BUT do not stop! Be patient with yourself. Be kind to yourself!

Here are 5 steps I think help with starting the journey to financial freedom.

Step 1

Take a paper copy of your bank statement for the last 12 months and list everything into categories. What you spend on bills, on wants and miscellaneous expenses. From this you can see how much you spend every month.

Step 2

From there write a budget from what you have established from Step 1 as your measure of how and where you spend minus all sources of income you receive

Step 3

List all the debts. List the total debt owed, the interest you are being charged for each and the minimum payment

Step 4

See the budget you have established and for the next 2-3 months see how reflective and realistic it is to your current bills and lifestyle

Step 5

Now that you have seen the budget and where your money goes, it's time to see what you can do to make sure that your income and expenditures are better aligned. What can you cut off to have a budget that works? Where can you cut in order to put more towards your debt?