Gaining Financial Freedom - Through Self-Reward

Who doesn't know this situation. The month isn't even halfway through, and you're wondering how you'll make it through the remaining two weeks.

As a student, I know this problem all too well. The topic of "money" has always been like a common thread throughout my entire life. And not necessarily in a positive sense.

However, through my personal development efforts towards financial independence, I've stumbled upon some very interesting tips. And one of them has really stuck in my memory:

The 10% Rule

Reward yourself at the beginning of the new month and save 10% of your income for more financial freedom.

What I mean is that you should finally reward yourself for your hard work, diligence, and everyday sweat. This doesn't mean buying a new Michael Kors watch. It also doesn't mean getting a new Ultra-HD TV just to be happy for a short moment. Nor is it about showing acquaintances what great new item you've acquired. You'll experience true satisfaction when you see how a small sum gradually becomes more over time.

The Hidden Money Drains

Many underestimate the unexpected power of these standing orders. Here a mobile phone contract, there a magazine subscription, or a gym membership. All well and good. I personally need a mobile phone and go to the fitness studio three times a week. But when it comes to saving money, most people think: "I'll just be frugal throughout the month, and at the end, some saved money will definitely remain." You know just as well as I do that in 80% of cases, you actually haven't saved anywhere near 10%!

Be Realistic With Your Goals

You don't have to strictly adhere to these 10%. It should be a guideline for you. If you're convinced you can set aside 20% per month, I'm very happy for you! And if you say more than 5% per month isn't possible, that's completely okay! But you must first be truly aware of how many percent you can responsibly manage. Approach this realistically.