Gain Financial Freedom by Taking Financial Control

About 48% of Americans lose sleep over money, according to a survey conducted by Bankrate in 2020. Triggers for sleep loss include financial stressors like the ability to pay for healthcare, save for retirement, or pay off credit card debt. If you can relate and find yourself dreaming of the day you say goodbye to financial stress, it’s time to take financial control.

Financial Control is The First Step to Financial Freedom 

Many stressors are out of your control. However, you should not let managing your money be one of them. Being in control of your finances is achievable for everyone, and it’s the first step towards financial freedom. 

What is Financial Freedom? 

Financial freedom looks a little bit different for everyone. Some envision a life of no debt, while others dream of retiring early. No matter what financial freedom looks like for you, one thing is certain: it’s not about money. It’s about living your best life and sleeping well at night knowing that you:

• Can live life the way you want instead of needing to chase a paycheck
• Are able to pursue your passions and help others
• Can deal with unexpected situations that impact you financially
• Are independent and not reliant on others  

To live life this way, you first need to take financial control. 

The Benefits of Having Financial Control 

The benefits of financial control go well beyond your bank account. They reach into every part of your life, including your mental well being. Below are just a few of the many benefits of achieving financial control and stability in your life. 

You Get to Control Your Time 

Your time is valuable, and having control over your finances saves you time and headaches. Money in your bank account means you get to spend more time with your family and doing what you love. When you are confident you can meet your financial obligations, it gives you the freedom to choose how you spend your time. 

You Can Focus On What You Care About 

When you achieve financial control, you get to free up space to dream. This means you get to focus on things you care about instead of worrying if you can afford to pay your credit card bill this month. 

You Can Bounce Back 

An emergency fund, which is a big part of financial control, means you can rest easier. You know you have money that will cover an unexpected expense, and this allows you to bounce back more easily. 

You Eventually Get to Take More Risks 

Once you achieve complete financial control, this yields itself to financial stability and eventually, financial freedom. This kind of financial security allows you to take risks like changing careers, opening your own business, or indulging in hobbies.

You Increase Your Self-Confidence 

Most importantly, financial control has the psychological benefit of making you feel good. The sense of progress that comes with taking steps towards financial control helps to increase your self-confidence.  

How To Gain Financial Control 

To achieve financial freedom, you must first take financial control.  So, how do you start taking financial control? Let’s walk you through the five major components of financial control:

1. Create a Budget

You need a budget to account for your income and spending and hold yourself accountable. A budget will help you monitor what comes in and what goes out so you can better manage your finances and get closer to achieving your financial goals. It’s the best road map to financial freedom you’ll ever make. 

2. Pay Off Debt

Debt is a crippling expense for many Americans. The interest keeps adding to how much you owe, and if left unpaid, it can get out of control. Make paying off debt a priority for gaining financial control. 

3. Begin Investing 

Retirement is the biggest expense you will ever save for. That is why it needs to start now with smart investment decisions that are aligned with your risk tolerance.

4. Earn Extra Income 

You can’t save what you don’t earn, which is why earning extra income should be a priority for financial control. You can do this by starting a side hustle, asking for a raise, or taking on a second job. 

5. Save Money 

Beyond investing and paying off debt, you will also need to save money for other life events, including emergencies. Make it a regular part of your budget to put away money every month into savings. Each of these steps are simple strategies that can help you gain financial control. It will take discipline, but if you follow these steps, you will be well on your way towards financial freedom. It’s an achievable goal for everyone.

Gain Financial Control and Finally Get Some Shut-Eye 

Everyone can find some peace of mind and sleep well at night if they take some time to face their financial situation. Finch helps customers on their journey towards financial freedom. Our all-in-one account functions like a checking account but carries the benefits of an investment account. This way you can rest easy knowing your money is working for you at all hours of the day and you can spend it the instant you need to.