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How to Achieve Financial Discipline In the Gig Economy Era

Finance is not merely about making money.

For a while now, the thoughts rattling around in my head have been on how I continue to be broke even when I seemingly get a number of gigs flooding in. How can I leverage my time to not only grow my business knowledge in the growing technology dynamism but to also strike a balance without suffocating my finances?

“Finance is not merely about making money. It’s about achieving our deepest goals and protecting the fruits of our labor.” — Robert J. Shiller

Today, there are a number of apps to help you track your spending and to constantly remind you if you are exceeding your threshold but still, it takes one’s discipline to respect what these apps tell us and follow them diligently.

How to Achieve Financial Discipline

Achieving financial discipline is one of the hardest things to pull off as a freelancer especially when you are everything in the ‘business’. You are not too sure about what to buy and what not to, whether to take that trip to Bali or Hawaii without crippling your bank account.

Set financial goals and targets for yourself and abide by them.

Managing finances is heavily dependent on your plans to do so. There is a need to come up with a straight and clear plan for your finances and how to manage them without running on credit or a completely empty bank account. Start by setting short-term goals and slowly transition to the long-term goals and they should be realistic.

Join an Investment Club or Savings and Credit Cooperatives Societies

It’s likely you are not the only one suffering from financial indiscipline and even after you made money last week, you are now wondering what happened to all the money you made. How about you join an investment club to ensure that you may wake up one day and your money has made you lots of more money?

Restructure your lifestyle

If you are a bonafide spendthrift or an impulsive buyer, you are going to have to restructure your flashy lifestyle is to tame your risky spending. I know how it can be quite tempting to buy the latest iPhone or change to new wheels but that only brews a financially demanding lifestyle that will leave you financially crippled.

Live within your means

You can’t be partying every other weekend or hopping on every trip when you know this will possibly affect your finances. Living within your means and planning your spending accordingly can give you enormous chances of financial freedom. Living outside your means is usually catalyzed by peer pressure from your mates and because you want to fit in, you are tempted to spend outside your budget. This is risky.

I blog for believers, spirited optimists, and ambitious movers. I am writing to build a home that will be filled with Ideas & Inspiration.

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