What does financial freedom mean to you? For many, it is a state of comfort and stability to meet the financial demands for your wants. It entails having enough savings and investments to afford the desired lifestyle and cater to their loved ones. Unfortunately, far too many people often fail at this. They are burdened by mounting debt, financial emergencies, overspending, and other issues that prevent them from achieving their objectives.
Unexpected events such as sudden medical issues or a pandemic can also derail well-put-together financial plans and reveal the gaps in that stability.
At a time like this, when the world is grappling with economic meltdown and health pandemic, the need to stay financially stable has become rather decisive. Here are the three steps to becoming financially free during these challenging times, especially one with many economic surprises.
Set Life Goals
Choose a reasonable and attainable goal and be true to putting in place sustainably firm plans to achieving these goals. Ensure that sure your goals are specific, measurable, achievable, relevant, and time-based. Often, it is difficult to keep track of individual goals due to a lack of focus or losing track of momentum, but consciously measuring your set goals diffuses that difficulty.
Setting realistic and time-bound targets helps you keep track of your progress, especially when you are deliberate and committed to reaching those targets, albeit gradually.
Control Your Spending Habits
There is an instant urge to splurge when the anticipated money we expect hits your account. That instinctive urge to enjoy the present moment without thinking of the future. Nevertheless, it is critical to be prudent at all times to reduce unnecessary pressures on your savings and guarantee that financial security many crave.
In controlling your excessive spending habit and eliminating impulsive purchases, you can stick to a sustainable budget to cover only necessary expenses and save for the proverbial raining days. This way, budgeting appropriately allows you to plan for only the critical needs and sticking to your spending plan helps you manage your finances better.
Managing your spending habit will also keep you out of debt or help you work your way out of debt if you are currently in any debt whatsoever.
This step cannot be over-emphasised as one could easily turn a penny into something bigger, especially while sticking to a tested and sustainable plan that helps you achieve your target.
To help you save deliberately and conveniently towards achieving the much-desired financial freedom, financial organisations have evolved plans to help you put away some money for an exciting objective. One of such organisations is Old Mutual, which has launched its Short-Term Savings Plan to help you beat the economic uncertainties.
With the Old Mutual Short-Term Savings Plan, you can strategically save towards a project for 2-years to enable individuals and businesses to achieve their short-term financial objectives. They added a sweetener that considers today’s world of unpredictability and has added the benefit of a life cover of 1 million Naira to be paid to your chosen beneficiary should life happen while the saving tenure is on.
The plan also has a dynamic arrangement that allows the policyholder to withdraw up to 50% of saved funds during the savings tenure to meet the sudden demand for a cash call.
Go ahead and activate your way to financial freedom. The plan is available to everyone via Old Mutual’s e-commerce portal https://www.oldmutual.com.ng/home/short-term-savings in just a few clicks and within five minutes of their time.