This post is written in partnership with Canvas Credit Union. All thoughts and opinions are my own.
As summer begins to wane, and the school year draws near, it’s an opportune time to reevaluate your finances. Financial wellness is fundamental at Canvas Credit Union, but it’s also an important pillar of overall wellbeing. Earlier this year, we talked about how financial wellness plays out in our everyday lives — from providing a sense of security to allowing for spontaneity — as well as tips for establishing healthy saving habits. As we close out the seventh month of the year, let’s dive into financial freedom and the power of setting financial boundaries.
What Is Financial Freedom?
By definition, financial freedom means you are able to make life decisions without being overly stressed about the financial implications. In other words, you control your finances instead of being controlled by them. Due to smart budgeting and preparation, your savings account gives you peace of mind.
It’s important to understand that financial freedom isn’t a quick fix or an overnight strategy. It’s also not a hall pass for being free of the responsibility of handling your money in a smart manner. Rather, it’s the opposite. Achieving financial freedom is a muscle that needs flexing on a constant basis. Having complete control of your finances requires due diligence and conscious spending. That’s where Canvas Credit Union can help.
How To Achieve Financial Freedom
In terms of achieving financial freedom, there are many different ways to go about it. First and foremost, define what financial freedom means to you. It might look something like this:
- Financial freedom allows me to prioritize a career I love without worrying about how much my salary is
- Financial freedom gives me the ability to take a trip to Europe every year without straining my budget
- Financial freedom ensures I have money saved in case of an emergency sickness or accident
- Financial freedom helps me donate a small sum to a charity of my choice every December
The next step to achieving financial freedom is learning how to manage your money, continue to pay off debt, and make a career choice that is interesting to you, fulfills a passion, and supports your goals of financial security. You’ll also want to tap into investment options and continue to strategize on your finances every year. Again, that’s where Canvas Credit Union can support you.