FCP S3E5 - Can Saving Money Lead to Freedom?

Financial Conversation Podcast

Can money buy you freedom? We think so. We're sure you've heard that money can't buy you happiness but freedom is much different from happiness. Happiness can be a temporary emotion and it's never really wise to base your emotions on money and what money can buy you.

On the other hand, what you do with your money can help provide you with freedom. When you manage your money properly and save up for your goals and the future, you'll be setting yourself up for a better quality of life.

This week on the podcast, we're discussing how saving money can be used as a tool to help you gain freedom.

The First Step, Defining Freedom

If you want to use money to gain more freedom, first you need to define what freedom means to you. Freedom means something a little different for all of us. Generally, however, freedom means you have options and can make your own choices without letting factors like money hold you back.

If you want to quit your job to pursue something you're more passionate about, having money saved up can provide you with the freedom to make that decision. If you're in a bad relationship but you're financially stable, you'll have a better sense of freedom needed to walk away without worrying about finances.

Freedom could mean being able to travel when you want or take time off work for health reasons instead of stressing out about not being able to earn a paycheck.

We may not realize it, but money is a lead cause of stress. It can really make you feel trapped especially if you're dealing with issues like debt, having a low income, paying too many bills, etc.

Saving money means you're prioritizing your freedom (whatever that looks like) and giving yourself more options so you can live a life you truly want to live.

Buying Back Your Time

One of the big ways saving can provide you with freedom is that it helps you buy back your time. Time is one of the most important assets we have in life because once it's gone, we can't get more of it.

If you've ever fallen for click bait on the internet and watched a video or read an article that wasn't interesting to you in the slightest, you've probably gotten mad at yourself for wasting time that you can never get back.

Time is so important and we all need to make sure we're spending the bulk of our time on what matters most to use. Once you figure out how you want to spend a majority of your time, you can start to use the money you saved to "buy your time back" from activities that aren't as important or valuable to you.

Some people want to retire early and live a life of more freedom. Others want to cut out time-consuming responsibilities like landscaping, cleaning, running errands, and working overtime. Whatever you preference is, you can save money to meet those goals whether that means investing aggressively or outsourcing tasks.

Ready to learn how to start saving money so you can gain more freedom along with the mindset shifts you need to make in order to be successful? Check out these week's episode. We'll be giving you some motivation and practical tips you can start putting to use ASAP.

In This Episode, We Discuss

• 2:00 - Why people think they can't spend money at all while saving
• 5:45 - Saving is hard, but it's worth it!
• 11:50 - The problem with instant gratification
• 13:15 - How saving money has given us freedom

Related Links to Check Out:

• The Road to Financial Wellness
• The Importance of Defining Your Values
• How to Practice Delayed Gratification
• How to Save Money on Travel
• Afford Anything

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