how to achieve financial freedom in 9 simple steps

‘how to achieve financial freedom’, is something we all desperately wanna know, right? one thing teens hate more than anything today is being financially dependent on their parents. and we mean, we get it. at this age, we just wanna do cool stuff and where do cool stuff come from? money, of course. the only relationship we wanna get into is with money. we all know that it is undoubtedly the best partner ever. although we all want to become more independent when it comes to money, very often we cannot


now when you have big plans for going on an expensive date or hangin’ out with your pals, you don’t have to butter your mom for how beautiful she’s looking. neither do you have to do 5 tasks for your older sibling in exchange for money, wanna know why? cause we are gonna tell you how to get financial freedom without any hassle.


so without wasting any more time, let’s reveal the mystery of how to take a step towards financial independence without trying hard.


9 steps to get financial freedom in India


1. make an expense tracker

how to achieve financial freedom - make an expense tracker

your tracker is your one true friend, with all your expense insights it can have the answer on - how to achieve financial freedom. so the first step towards financial freedom is to track your expenses and put a red flag on whatever’s making you spend a lot.


set up a monthly budget and make sure to make your expenditure accordingly. obviously, if you manage to save some extra money, you can put it in your emergency piggy bank. and of course, you can utilize it later when the need be. this tracker will teach you how to manage your money wisely. keeping a check on monthly expenses is the most important personal finance tip for everyone.


2. start savings ASAP

how to achieve financial freedom - do savings

no, we’re absolutely not trynna be the joy killers over here. the easiest way to have financial independence during the prime of your life is to save the bucks. imagine a relative visiting you and giving you let’s say 2500, now instead of spending it right away on the things you do not require, you can simply put it in a piggy bank. one day when you feel like buying your fav game or anything literally, you remember that you saved and bam, you bought something on your own. the secret over here is to treat your savings as an expense the next time you feel like buyin’ something.


set a savings goal, whether we talk about pocket money or money that your nani gave you. savings would never disappoint you during times of emergency. so the simplest answer to how to get financial freedom would be “SAVINGS”.here are other ways you can try to manage your personal finance.


3. understand your goals

understand your goals - how to achieve financial freedom in india

we don’t wanna sound old schoolish but honestly, writing down your goal is the best way to move closer to financial freedom. why are you saving money? is it because you are having huge plans for your boo for a one year anniversary? or to save money for your dream college? you would be able to execute things better if you have a plan of action in place.


so the main question is how to do it? make a note of the top 10 things you are saving and investing for. write down how much are you planning to save or invest and what’s the deadline for it. you’ll automatically be more aware the next time you’re splurging on any item that you don’t require. lastly, don’t forget to keep a realistic goal. if you are going too hard on your budget, chances are you’ll just fail. smart goals are the direct answer to your question of financial freedom. based on your future goals you can start investing and saving today. here are the top tips on investing as a teenager in India.


4. start a side hustle

how to achieve financial freedom in India - start a side hustle

if you are wondering how to achieve financial freedom in India, this is quite honestly what you were looking for. there’s always this one thing that we folks are super passionate about. whether we speak of fashion, finance, environment or ANYTHING! And starting with a side hustle is the easiest way to the gate of financial freedom.


there are a number of sites online that allow you to write for them. all you need to do is create a sample work that you can send across, fix a legitimate rate for your article, and you’re home. as a matter of fact, if you’re a writer, we have news for you. instead of looking for other places to freelance, send us your resume and get a chance to work with us and earn good bucks. here are top ways to make money as teenagers in India

(P.s- we’ll be waiting to witness your talent :p)


5. differentiate b/w wants and needs

how to achieve financial freedom - differentiate between needs and wants

you’ll know that you have cracked the code of financial freedom when you start figuring out the difference b/w your wants & needs. try to understand what needs your immediate attention and only spend on that stuff.


there are a lot of things that we buy not because we need them but because we just want them. however, in the end, we fall short on money for the important stuff. once you have saved some money you can invest the saved money in different ways and you can treat yourself with whatever you want.


6. learn about scholarships

how to achieve financial freedom - learn about savings

getting a scholarship is quite easy these days because, unlike the old days, now teens have access to scholarships in a wide variety of fields. make sure to run through the websites and know about the scholarship of your field. prepare for it and make sure to give your best in the test.


it’s not about how much money you are getting in a scholarship. of course, if you are getting rewarded with a huge amount it’s a reason to celebrate but any reward is a reward, big or small. scholarships usually solve the mystery of ‘how to achieve financial freedom’ easily. so go, bag a scholarship and enjoy your teen life at its best.


7. get in crypto investing and trading

how to achieve financial freedom - start investing and trading

if done right, this may be the most beneficial thing you can ever do to become financially independent. however, trading is kind of a cautious area cause the concept of ‘high risk, high rewards’ is applied in this. let’s say you have some money sitting idly in your bank account, how can you make it double up? well, we say quite easy, invest in crypto.


all you gotta do is search for good projects that are not only stable but also cheap. some of the tokens that you can invest in are - matic (polygon), ada (cardano), eth (ethereum).check out the cheapest cryptocurrencies to invest in India.


there are many crypto wallets in India like Wazirx, Coin DCX to invest in cryptocurrency. just put in a small amount of money when the prices are really low and wait for the magic to happen.


8. don’t opt for too many lenders

financial freedom - dont get too many debt

when you have the liberty of shopping from too many cards, you forget about your financial status for a while. and at the end of the month, when you have to repay the debts, you wanna pull all your hair off (trust us, we know the feeling. Been there done that)


you can just take money from 1 lender and repay your debt on time. make sure to opt for the company that charges the lowest debt.


9. more ideas on how to increase your income

ideas for how to achieve financial freedom

we’re gonna be very honest, in 2021 there are a lot of ways by which you can be financially independent. but, the process always starts with smart spending. once you have got a hold of your spending habits, you can try out literally endless things to make some bucks and give your old folks some rest.


some of the things which you can try out are -

  • put up the kinds of stuff you have used on sales (like video games, expensive dresses that you do not wear anymore, movies etc)

  • offer some help in exchange for money. (tutor someone, do household chores, write an assignment for your elder sibling)

  • sing/play instruments at a cafe

  • participate in online contests

  • fill online surveys

check out top ways to make money as a teenager in India in 2022


bonus tip

10. get an akudo card

Akudo Blog - Prepaid payment app for teenagers

getting a personalised prepaid bank is not a dream anymore for teenagers. in a world where only adults have access to cards, we teens are way underestimated for our financial skills. with the fast-moving world, we have more idea about shopping and grabbing em’ discounts than our parents.


so folks, don’t forget to get yourself an akudo card if you are a teen who’s looking out to have a smarter life. and as they say, happiness is doubled when shared so if you know someone who can make use of an akudo card, don’t forget to refer it to them and get your hands on a referral bonus. so if you have not been able to crack the code of ‘how to achieve financial freedom’ this is your one-stop solution.

p.s- you also get exciting cashback every time you make transactions from your akudo card.


hopefully, we have helped you in getting the answer to "how to achieve financial independence". you do not really have to follow each and every step but make sure to determine what works out for you and then make a practice to follow it from your heart. we thought it was high time we teens start showing the world that we are more than someone who makes regrettable life choices and then whines about it. (as much as we love to do that :p)


now that you have learnt a thing or two, go start making some bucks. and frenz, do not forget to treat yourself cause you are already in the area of financial freedom. so nothing should keep you away from celebrating a bit.


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