The 50 Most Important Signs of Financial Freedom Revealed – Including Mortgage Paid Off And Debt Free | Personal finance | Finances
Not being afraid of your account balance, just like flying in first class – and being able to buy branded products instead of own brands.
But more than half of adults (53 percent) don’t think they will ever be financially free.
A Barclays spokesman who commissioned the study said: “Getting to a point where you no longer have to worry about money may seem like a pipe dream, but there are steps you can take to help you to get there.
“The earlier in life you can start saving, the sooner you will achieve financial freedom.
“But even for those who realized a little later in life that they need to take control of their finances, it is possible to achieve that balance.”
The study also found that the average adult who believes they will eventually achieve financial freedom thinks they are almost 12 years away from it.
Other important signs of financial freedom are the ability to take care of yourself, not have to work full time, and have the money to do home improvement without having to save.
For almost one in ten, however, he wishes nothing more than to be able to buy his team’s new football shirt as soon as it appears.
One in four adults fear not saving enough each month to meet their financial goals, while 12 percent don’t know how to most effectively manage their money.
And on average, the British would have to earn just under £ 60,000 a year not to worry about money.
Two-thirds also think that for them financial freedom does not consist of achieving all of their financial goals – they can still feel this simply by feeling like they are in control of their money on a daily basis.
To achieve this, according to the study conducted through OnePoll, 21 percent made a conscious effort to understand where their money goes each month.
The same crowd try not to compare their financial situation to that of others, and 19 percent find it helpful to have clear financial goals.
The Barclays spokesman added, “Financial freedom doesn’t have to mean you have enough money in the bank to buy what you want.
“You can feel free financially and still have certain goals to accomplish, like paying back your mortgage or even doing things like car payments.
“Really, what we found in this survey is that financial freedom is very much a state of mind – something tangible for one may not work for another.”
THE FIVE TIPS FOR FINANCIAL WELL-BEING:
- Before you start paying off your debt, take a step back and think about how much you owe in total, when, ideally, you would like it paid off, and how much you can afford to repay each month.
- Now, if you set aside small amounts and slowly increase the amount, you can get your journey started. Savings Challenges can help build your fund such as the 52 Week Challenge where you deposit £ 1 the first week and add £ 1 each week, leaving you with an impressive £ 1,378 in savings by the end of the year. Tools like the Barclays Savings Goal tool can help you track your progress.
- If you’re saving for longer term goals like retirement, children’s education, or future financial freedom, it’s worth considering an investment. If you are unsure where to start, many banks and / or investment platforms offer “ready-made funds” based on your level of risk and managed on your behalf.
- By using the monthly disposable income or extra money from a raise or bonus, you can reduce your mortgage balance faster and thus make significant long-term savings on the interest you pay.
- Write down all of the things you think you really want to spend money on, then compare that to what you are currently spending money on during the month. This should give you an idea of areas where you could potentially cut back on spending since you wouldn’t be paying for it today.
THE TOP 50 SIGNS OF FINANCIAL FREEDOM:
- Have no debt
- The mortgage is paid off
- I am confident that I will be able to cover any unexpected costs
- I feel like I have my finances under control
- Save money every month
- Have disposable income at the end of the month
- Pay all bills in full every month
- Put savings aside for rainy days
- Don’t worry about when it’s payday
- Pay for things without checking your bank balance first
- To be able to enjoy the lifestyle I want without having to worry about money
- Being able to indulge in things carefree
- Don’t be afraid to check your bank balance
- Don’t count down the days until payday
- To be able to self-medicate without having to worry about my bank balance
- Can go on vacation spontaneously without having to save beforehand
- To be able to make improvements to the home without having to save
- Quitting being able to work full time
- Owning property instead of renting
- I feel more secure about my future financial situation
- Car is bought directly
- I don’t feel like I need to check my account balance regularly
- You don’t have to pay attention to the price of things when shopping
- On the way to early retirement
- To have enough money to live my dream life
- To be able to treat my family and friends
- To be able to choose anything from the menu while eating and not worry about the bill
- I feel like I can give my family a better life
- No compromises when it comes to gifts for Christmas or birthdays
- Have more than one vacation abroad per year
- Be able to buy a round without worrying about money – or what people choose
- Go to restaurants regularly
- No need to wait for sales to buy desirable items
- Routinely staying in four- or five-star hotels
- Spontaneously splash on something you don’t really need, e.g. a fancy air cooler, a classy floor mop
- Fill your car completely with fuel instead of just a few pounds
- Owning more than one property
- Can fly in Business Class or higher as standard
- The possibility of taking the children / grandchildren with you for many days
- Do the grocery store in a high-end supermarket
- If you can take your parents out to dinner
- Regular visits to the hair salon / barber
- Have a cleaner
- To be able to buy the latest television
- Don’t have a student loan
- Buying branded products instead of own-brand items
- I never look in my closet thinking I have nothing to wear
- To be able to buy designer clothes regularly
- Have multiple TV subscription packages
- Have your own bathroom