Steps to Grow Your Wealth (and work towards Financial Freedom)

People often believe it will take drastic and sudden change to achieve financial freedom. While many of us hope to win the lotto or have a mysterious older relative leave us with a small fortune, unfortunately this doesn’t happen to a lot of people. That doesn’t mean you can’t reach financial freedom though; here at 123 Financial Group, we can help change your mindset and plan for your future to make your goals achievable. Financial freedom for the majority of us just comes down to a commitment to making the change and having a plan.


Step One: Take Responsibility of your Spending

Anyone can jump onto an app and use a standard budgeting tool or cashflow program. Unfortunately, these don’t work for just anyone because they don’t focus on the real issue: spending responsibility. Sometimes yes, we do need to buy new clothes or treat ourselves to some yummy take-away meals rather than planned dinners, but do we really need to do this as often as we like to?

While everyone wants to enjoy life, sometimes you need to plan for the bigger picture and take into account your financial goals. No one is saying that by skipping the avo on toast you’ll suddenly save enough for a mortgage, but little steps do make an impact and taking more financial responsibility towards a budget can actually work. If you have a clear mindset towards success and you feel like you’re clearly working towards your financial goals, you’ll be happier to eat at home and dig through your wardrobe to find lesser-worn clothing rather than buying new things on a regular basis (plus the environmental benefits – reduce, reuse and re-wear, right?).

We’re not saying you can’t treat yourself and go out with friends or that you need to drastically change your lifestyle – but just think more about your spending habits and recognise that if you want to make a change and achieve your goal, it’s important to take responsibility of your funds.


Step Two: Try to make more Income

Once you’re taking responsibility of your finances and you have clear goals for success, it’s always worth a shot to try and get some extra income. If you have the time, trying to gain further education is always beneficial and can lead to new job opportunities, or a rise in your current position (which usually means a raise).

Alternatively, you can try to create income via hobbies or skills you have and are passionate for – a side hustle of painting plant pots might not be enough to pay your bills, but the profits you make could add some extra cash to your savings while you get to do something you enjoy. If you can create something, chances are someone else can’t and would love to buy your product.

If you don’t have the free time for extra education or a side job, consider the value you bring to your current position. What do you do outstandingly well in your role that you should be paid more for? Have you taken on extra responsibilities and not had this reflected in your pay? Have a chat to your boss and bring this up with them – let them know that you feel the work you put in and the benefits you bring the company are worth some extra bucks.

While its intimidating to speak about these things with an employer, chances are they can see the benefits you bring and will be happy to renegotiate pay. If this happens, it can mean some serious extra income for you and hey, every little bit helps.


Step Three: Invest in Financial Advice

Even if you have confidence in yourself and believe you’ll be financially responsible, it doesn’t hurt to let someone know your financial goals and plans. Having someone else aware can help keep you accountable and provide support.

If you choose a family member or friend to hold you accountable, make sure that they have a clear understanding of your approach. Remember though that you want advice from someone who actually knows more than you do. If you want to make a drastic financial change and save every dollar you can, let them know so they can keep you on track and help prevent any extra dinners out. But if your approach is just to cut down on the extras, while still going out and treating yourself occasionally, also make that clear so you don’t feel guilty and restricted by them for still spending some cash.

Alternatively, you can invest in financial advice from a professional.

It can be a lot to try and keep track of everything yourself and to have that motivation to keep saving and making the necessary changes; having a professional give advice and support can make a huge difference. Financial planners spend their day keeping track of other people’s finances, providing advice on savings and lifestyle changes, and helping provide support as you work towards your financial goals. If you have a serious life event that you’re saving for, or even if you just want to make some consistent change so you have a nice little nest for whatever your future holds, financial advice can help give you a clear direction. They’ll also let you know the best way to hold your savings and funds, and can often provide information on investing or borrowing if that’s something you’re considering.


If you need help with creating a financial plan or if you want assistance with staying on track, give us a call and book in with a financial adviser.

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