9 Simple Habits for Achieving Financial Freedom and Wellbeing

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Photo by Amy Hirschi from Unsplash

We all want financial comfort and to live a life where money is not a problem. Unfortunately, only a few people realize that gaining this comfort is easy with the right skills and knowledge. 

You might find them dealing with debt, frivolous spending, and other issues. However, anyone can turn their ordeals around by using these 9 simple habits to achieve financial freedom.

Set Financial Goals

Saying you want financial freedom is not enough. Why do you want to make money? Are you trying to offset some debt? Do you need money for a vacation, a wedding, or even medical expenses after retirement? Besides knowing what you need the money for, you need to set specific deadlines and amounts. Having all these in mind increases your odds of achieving your goals.

Invest as Much as You Can 

Making investments is one of the surest ways to accumulate money. Granted, investments take a long time before you see significant growth, but it will be worth it in the end. Not only does it help you save your money, but it also helps you accumulate it. 

Many people are weary of bad stock markets, which is valid, but ultimately the stock market has proven to be one of the best ways to grow your money. 

You can start by opening an online brokerage account where you can learn to invest, create a portfolio, and invest money at your convenience. 

Save Automatically

Whether you admit it or not, it is easy to spend money you can quickly access. Therefore, you should consider creating an automatic savings account. 

With this account, you can save money without having to manually do it. Essentially, funds would be withdrawn automatically into an emergency fund. 

It is best to have this money withdrawn the same day you get paid. This way, the money never touches your hand. 

Another great way to save would be to make automatic contributions to your brokerage account.

money piggybank

Don’t be Afraid to Negotiate 

People tend not to negotiate for services and goods because they might be shy and worry about looking cheap. However, you should always try and overlook these worries and negotiate. By doing so, you could save thousands of dollars yearly.

The best places to negotiate are small businesses because they are typically open to it, especially if you are a frequent buyer or buy in bulk.

Lead a Minimalistic Lifestyle

Living a frugal lifestyle is not as hard as you would believe. If you truly dedicate time and effort to leading a satisfactory life using less, you can easily achieve the lifestyle. In fact, living below your means before (or even after) gaining affluence is advice most wealthy people would give.

The most important factor in adopting a frugal lifestyle is being able to differentiate between what you need and what you want. If you can distinguish between the two, you can increase your financial health.

Monitor Your Credit Score

A credit score determines several financial factors, such as interest rates when purchasing a car or how much you pay for an insurance premium. 

It also helps lenders determine whether or not to give you a loan. While some platforms offer loans to anyone (even people with bad credit), it is always best to have an acceptable credit score.

This score is important because if a creditor sees that you have reckless financial habits, they would assume you are also reckless regarding things such as your health, drinking, and others. Therefore, it is essential that you check your credit report regularly and try as much as possible to maintain a good credit score.

Create Another Source of Income

Having a 9 to 5 job is great because it offers stability, but if you want to attain financial freedom, you might want to consider finding another source of income. 

One way you can do this is to start a business, perhaps doing something you consider a hobby. 

Keep in mind that passive income is the best option, and trading your time for money won’t work, seeing as you already have a day job.

Learn All About Financing

Gaining financial literacy is integral to financial freedom. This is because it offers you the knowledge and understanding of the soundest and most effective money practices.

In order to make smart money decisions, you need to understand all that financing entails, such as taxes, budgeting, debt management, and more.

Hence, you should keep abreast with the latest financial news, stock market developments, and tax laws and make necessary changes to your finances.

Hire a Financial Advisor

Name: Photo by Amy Hirschi from Unsplash

Alt text: Two women discussing in an official setting

Knowing all there is to know about finances is vital, but it might be a good idea to hire an excellent financial advisor. 

After growing your wealth to a certain extent, be it liquid or fixed assets, you should turn to a financial advisor to guide you on how to move forward. 

You might be able to navigate things on your own, but having a professional to guide you will make the process smoother.


Everyone strives for financial freedom, and most believe it is hard to achieve. However, achieving this goal is uncomplicated. All you need are discipline, knowledge, and patients. Hopefully, you can use the nine tips in the article to achieve your financial freedom and wellbeing.