Freedom First Advice Center

Building wealth and achieving financial freedom stem from your ability to save money. Or better put, from spending less than you make. This holds true regardless of how much you earn. It’s not uncommon to hear about celebrities who earned millions of dollars, filing for bankruptcy later in life. You’ll also hear stories of couples earning modest incomes who go on to retire as millionaires.

The best way to ensure you’re saving regularly is through budgeting. Not only does it help you end the month with money left over, but it allows you to identify expenses you can cut to free up additional funds.

Put your budget to work for you by reviewing six common mistakes people make when budgeting – and learn how to avoid them.

We all have them. We know they cost a small fortune. Yet, instead of canceling subscriptions, we find ourselves subscribing to even more. Businesses across all industries have found creative ways to cash in on this profitable business model – and consumers can’t resist clicking “subscribe.”

While you and your wallet know it’s time to break up with some of your subscriptions, it’s not always as easy as it sounds. The following guide will shed light on the financial toll these monthly fees take on your budget – and walk you through how to regain your hard-earned money. But first, let’s look at how subscriptions took over our lives and wallets.

Identity theft is a serious crime that can have detrimental consequences on your finances and credit score. Unfortunately, most people don’t realize their personal information was stolen until weeks or months later. So, whether you fell prey to a scam or were a victim of a data breach, it’s crucial you act swiftly.

Use the following seven steps to get your finances back under your control and prevent further damage to your credit score.

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.

Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority as it will pave the way for what’s next in life.

Use the following eight tips to strengthen your financial position and lay the groundwork for the goals you hope to achieve.

Receiving a tax refund is exciting and can give you a much-needed financial boost. However, it’s important to remember that this isn’t just free cash. Your tax refund is essentially money you lent to the government, which is now being returned to you. So, it’s in your best interest to use this money wisely.

How can you spend this money so that it helps improve your financial position? The answer to that question will largely depend on your age. The following suggestions explain how to effectively use your tax refund based on your current life stage.

It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.

Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity.

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Certificates of Deposit. Higher saving yields provide greater earning potential.

However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.

Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding balances.

As you scroll through the news headlines, predictions of a looming recession are becoming more frequent. If you were in the workforce during the Great Recession of ’08, you know the one word that usually follows “recession” is “layoffs.” Add in the rising interest rates caused by inflation, and many debt-heavy businesses are likely already looking at staff reductions.

Even if you feel secure in your job, crafting a strategy to deal with a hypothetical layoff never hurts. Doing so will help familiarize you with the steps to take, and you could assist friends and family members who aren’t so lucky.

The following guide will walk you through steps you should take if you face an unexpected job loss.

It’s never fun when life throws you a sudden, unexpected financial curveball. And unfortunately, these challenges always seem to pop up when you least expect them. Ideally, the hurdle isn’t too tall, and you can cover the costs with your emergency fund. But these challenges are often more severe – and usually no fault of your own. Instances might include unplanned medical expenses, a sudden job loss, or a significant home repair. The good news is there are solutions available to help you get back on financial track. But they will require you to be proactive and address the challenges head-on. The following steps provide a roadmap for dealing with significant financial obstacles.

As the busy holiday season comes to an end, people around the world use New Year’s Day as a launching pad to improve themselves. Consistently among the top resolutions is bettering one’s financial position.

However, while you have the best intentions, many find financial resolutions more challenging to keep. Last year’s spending and financial decisions don’t simply disappear because it’s a new year. Instead, if you’re like most, you probably have a heaping credit card bill from the holidays staring back at you.

The trick with setting and keeping financial resolutions is preparation. The following guide will detail the framework you can follow to ensure you’re ready to start financially fresh in the new year.