Well hey there and welcome to this first episode of the Financial Fix Up Podcast. I’m your host, Sarah Brumley and I’m so happy that you’re joining me today and taking this step toward better managing your finances and achieving the financial freedom you dream about. If we’ve never met before, I am a wife of 18 years, a mom to three – two teenagers and a toddler – and I’m the face behind the financial blog lemonblessings.com where you can find all kinds of budgeting and household management resources.
Today I want to share what financial freedom actually means to me. This phrase is thrown around a lot in the financial world, and everyone has a slightly different take on it, but if you’re going to embrace this podcast and know for sure it’s for you, then it’s probably a good idea that you know what my take on financial freedom is. Because ultimately this view on financial freedom – which is really just three things – is going to be the foundation for this entire podcast.
Alrighty?
So, without further ado, I’m going to share the three things I believe define financial freedom.
Achieving the Goals and Outcomes that Matter to You
First and foremost, I believe that financial freedom is achieving the goals and outcomes that matter to you.
These goals could include:
- Debt payoff (credit cards, student loans, medical bills)
- Savings (emergency fund, general savings)
- Investing (college fund for kid, retirement)
- Vacation
- Ability to give gifts over the holidays
- Feed your family each week
- Home ownership
- Quitting or changing your employment situation
…and there are many other financial goals you might want to include on your list.
Here’s the deal, though, I don’t believe that financial freedom is the same for every single person – nor should it be. My belief is that your financial freedom should be directly tied to the goals you have and the results you want to see.
So, as you’ll find out going forward, I place a huge emphasis on getting those goals really honed in so that you know the steps you personally need to take in order to get those results and achieving your financial freedom.
Not Feeling Enslaved or Suffocated by Bills
Secondly, I believe that financial freedom comes when you are not feeling enslaved or suffocated by bills. It doesn’t mean you don’t have bills or financial responsibilities, but that you have flexibility within your budget each month.
And you can find this feeling even when you are still living paycheck to paycheck so don’t think you have to have a million dollars in savings to make that happen. No. The idea here is that within your monthly budget you have some flexibility and wiggle room to accommodate more pressing needs – whether that’s new shoes for a kiddo, an emergency medical situation, or whatever else it might be.
The key here is that you are still able to maintain your lifestyle and achieve your big goal results, too.
So not feeling enslaved or suffocated by bills is, to me, a huge indicator of financial freedom.
Optimism About the Future
Finally, I believe that financial freedom is all giving yourself the ability to be optimistic about the future.
It could be optimism around knowing that things will be better next month, year, and well into the future due to the effort you’re putting in now.
It might be optimism surrounding the next life stage – whether that’s getting married, having kids, sending those kids to college, or just surviving kindergarten with your little one.
Any situation or opportunity that you feel more optimistic about because of your financial situation – that, to me, indicates a form of financial freedom.
Financial Freedom Examples
I do want to caution you not to think of financial freedom as a one and done. As we move through this process of bettering your financial situation, you’ll feel more and more financial freedom along the way.
In the very beginning, financial freedom might look something like:
- Not having to dig for coins in the couch to buy groceries
- The ability to make it to the end of the month with money still in the account and no overdraft fees
- Opportunity to purchase new shoes for your growing kiddo without putting them on credit
And those are just the beginning. As you keep going, it gets more pronounced;
- Paying off a credit card and no longer having to make that payment
- Emergency fund in tact and ready for use
- Ability to pay for a vacation, purchase a house, or host that big Christmas gathering
…and it could just be as simple as being able to give to someone else in need because you have more than YOU need at this moment.
That’s financial freedom.
It’s not having a gazillion dollars in the bank or a mansion or a yacht (although those might be your goals) but first and foremost…it’s about the little things along the way.
It’s about taking those uncomfortable situations that could have otherwise been lemons and turning them into blessings – for yourself, for your family, and for others around you.
So, if that’s what you want, then you’re in the right place. Those results are exactly what we’re striving for here on the Financial Fix Up Podcast.
Can I promise you it’ll be easy? No I can’t. But what I can tell you is that if you stick with it, you’ll see big results. Not to mention, we’re going to have some fun along the way, too!
Take the Financial Freedom Challenge
So, here’s your challenge for today: Take the time to determine what your definition of financial freedom is. What are you striving for? What results do you want to see? Only when you are super clear on that will you be able to take the best steps toward success.
Whatever you decide, just know that I’m cheering you on. You’ve got this! Have an amazing day and I’ll chat with you next time!
