It's common sense that the key elements of finacial freedom make up a 3 pronged approach.
Now reducing debt is closely entwined with making and saving money, but is deserving of it's own strategy of attack.
So what am I rambling on about. Well I've been totally inspired by Kylie Ofiu who is aspiring to be a millionaire (cash and/or assets) by 30. I would love to be finacially free, so I've started pitting some of her thoughts and ideas into practice.
Firstly I opened a high interest bank account and set up a direct debit. It's only $5 a week, but it is a start.
I've drawn up another budget. This time I used an Excel spreadsheet that allows me to enter a months income/expenses. The single most important money tip (from my readings and experience) is to manage you finances with a budget.
I've brainstormed some money making ideas. Some a short term, some fit in the grand plan. One idea I'm really excited lover is 'The Rusty Geranium'. I'll do a proper blog post on it later, but basically I've started raising a variety of seeds with the view of selling excess stock over spring/summer.
Another area I'm homing in on is saving money. I've disconnected the landlind (saving about $700), I'm menu planning again (this saves a fair bit, my estimate is about $200 a month gets wasted when I don't menu plan). I've devised a plan to get solar hot water installed, thus saving on my energy bills.
Allow the saved $ at the moment are going into reducing debt and only a tiny bit into savings.
I've also pencilled in reminders into my organiser to spend time on this. Time is now set aside for budget, menu and income planning.
The $100 Christmas is also part of this plan.
It all feels refreshing and empowering. I might not get to a million dollars, but I'm giving it a go.