Money makes the world go around. It determines the houses you buy, the vacations you take, and the plans you make. Also, financial independence can help you to live both safely and comfortably, so you will not spend your life counting pennies or worrying about upcoming bills.

Achieving financial freedom doesn’t need to be a pipedream, as you simply need to develop the right savings plan and improve your circumstances to enjoy more money in the bank. To help you do just that, take the following eight steps to a better financial future.

  1. Create a Budget

If you have yet to create a budget, now is the time to get started. Instead of looking at it as a chore, see it as an effective way of improving your finances and future. A monthly budget will ensure you are never left short of cash one month, which can prevent you from defaulting on a bill and accumulating debt.

It will also help you to spot opportunities to make overpayments on a credit card or to put a little extra cash away in a savings account, so you will not spend the money on products you don’t really want or need.

  1. Save with Purpose

While the ultimate goal of saving is to provide you with greater financial independence, it is important to save with purpose. For example, sit down and imagine how you would spend your free time if you had plenty of money in the bank. Every time you are tempted to dip into your savings account, conjure up the images once again, which will prevent your nest egg from dwindling.

  1. Reduce Your Monthly Expenses

To increase the sum of money you deposit into your savings account each month, regularly review your bank and credit card statements to identify ways to reduce your expenses.

For example, cancel a gym membership you barely use, decrease your cable subscription, and take a homemade lunch to work over buying one from a grocery store or restaurant. All you will need to do then is add the money saved into a rainy-day fund.

  1. Plan for a Comfortable Retirement

There will come a day when you will need to close the door to your professional life. When the time comes, you will want to have a considerable amount of cash to fund your retirement. That is why it is essential you start thinking about how you will cope financially once you retire from working life.

Many companies now offer employer-sponsored retirement plans for their staff. For example, Blooom provides a flat monthly fee with a focus on defined contribution plans, such as 401(k)s, and the good news is there is no account minimum. Learn more at

  1. Reduce Your Debt

It might feel impossible to develop a large nest egg if you are constantly making debt repayments. If you want to boost your bank balance and savings every month, you must focus on reducing your debt. Nothing will keep you wide awake late at night quite like financial worries, so consolidate your debts and make overpayments to enjoy financial independence.

It might also be helpful to consult an experienced financial advisor, as they will have expert knowledge on money management, so they can help you to make informed decisions regarding budgeting, investments, and taxes.

  1. Find a New Income Stream

If you have a little time to spare in your schedule, you always could find a new income stream. For example, you could start a side hustle alongside your full- or part-time job. So, the extra money earned could potentially pay a bill or be deposited directly into your savings account each month.

  1. Eliminate Temptation to Avoid Overspending

Can you not resist a discount from your favorite store? Are you always flipping through catalogs to find a new gift for yourself? Eliminate temptation by unsubscribing to catalogs and company email newsletters, so you will not feel a desire to buy products you don’t really need.

  1. Become Financially Literate

If you are truly committed to improving your circumstances, you must learn more about financial management and investing, so you can make smart decisions when it comes to your income and easily reach your goals.


Various research has also found that people who are financially literate are wealthier than those who are not, so it is worth taking the time to learn more about personal finance to boost your bank balance throughout the years.


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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