Achieving financial freedom

Trying to make ends meet with your sky-high living expenses, increasing debt situations, excessive spending opportunities and those instant gratification
enticements are just a few problems that can prevent you from achieving financial freedom.

You can reclaim and reach financial freedom once you have paid off your debt, established an emergency fund for yourself or your household and have the income to attain your life goals while also meeting your living costs.

Here are five everyday obstacles that can withhold you from achieving financial freedom, as well as suggestions on how to overcome them:

  1. Low income: If you earn less than what you owe and have more “month than money” left each month, your income is insufficient.

Increase your income by justifying a raise. Or, take on a new job that pays more (finding a better job opportunity can take time and endurance, but it is possible). And, why not do what you are good at and start a side hustle? Do you have access to a computer, and are you a respectable writer or editor? Why not try your hand at freelancing? Do you enjoy cooking and have a stove available?

  1. Undefined & unset financial goals: When you know what you are working towards and what you need to achieve within a specific time frame (short-term or long-term goals), you will have the necessary direction and motivation to reach your objectives. Having no money aspirations will have the opposite effect.

Establish and maintain clear money goals. Grab a piece of paper and a pen, or compile a categorised list (with a final deadline) and save it on your mobile/computer/laptop. Review your list regularly, and remember to add your “goal achievement dates” to your calendar.

  1. Lack of financial education: While you may not have had the opportunity to learn how money works, pushing yourself to gain a basic understanding of personal finance can help you immensely.

Make use of the resources available to you and expand your knowledge. You’ll be surprised how many educational channels there are. Listen to trusted experts via podcasts, watch informative videos, read blogs and books, or consult with a reputable expert to help you make sound financial decisions.

  1. Fear of responsibility/commitment: Even the most knowledgeable person you know can be afraid of achieving financial freedom and fail to commit to financial priorities. Can you relate?

Financial freedom is not a walk in the park, but it is doable by adding intentional behavioural tweaks throughout your daily routine. You can stick to your budget, turn away from impulsive purchases, avoid taking on additional debt and instead focus on your “needs” rather than your “wants”.


  1. Disorganisation or poor prioritisation: You can’t save for that holiday when you still have to pay off various debts, now can you? Organise your finances and add a “priority list”. It is beneficial to have a financial plan in place – create a budget, add your goals accordingly, and indicate your top financial priorities. Whether it’s, to pay off your debts one by one or to save for a short-term goal.
  • Oberholzer is debt adviser at DebtSafe

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