This is a sponsored post written by me on behalf of Capital One 360.
What does it mean to be financially independent? As my oldest son is getting ready to start college in the fall, I’ve thought a lot about what this means. We have told Nathan after he graduates from college we expect him to be financially independent.
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What Does It Mean To Be Financially Independent?
To me, being financially independent means you can afford everything you need without any help. You can afford to pay your mortgage or rent, transportation, food, clothing and entertainment without help from parents, friends, etc. The less you depend on outside sources, the more financially independent you are. It is an ongoing process.
In terms of my son, we told him, we want him to be able to pay for all his own expenses and entertainment once he gets a job after college. That may mean he has to be creative with his finances or get a roommate to help with expenses. He will have to make a lot of spend or save decisions.
We all have to decide what it means to be financially independent for ourselves. I’ve found that as I get older, my definition of being financially independent changes. That’s why I think it’s great that Capital One 360 offers services to help you reach your goals at each stage of your life. Sitting down with someone who knows more about reaching your financial independence goals is a great opportunity. You never know what options are available for you.
5 Tips To Help You Reach Your Financial Independence
In order to reach financial independence, you don’t always need to make big drastic changes to your lifestyle. Starting with small changes can add up over time.
1. Search for the best prices and look for coupons. When we make a major purchase, I always go online and search for the best price and coupons. I will wait for a sale to be sure I get the best price.
2. Use store apps and sign up for newsletters. Many stores have an app that gives you notices about sales and many times you get special prices that are not available anywhere else. I always sign up for newsletters for the stores I shop regularly including my grocery store. I recently saved over $20 by using coupons from a store app.
3. Buying in bulk. I know this is a common tip, but I do this with items other than toilet paper and paper towel. My girls dance competitively and the shoes can be expensive. If I find a great sale on shoes somewhere, I’ll buy the next 2 sizes. That way when they grow out of the shoe, we have a spare and I got a great price. Yes, it has happened where they somehow skipped a whole size and that shoe size wasn’t needed. I just sold it to someone else in the dance studio who needed the shoe size.
4. Selling old electronics. As a tech addict, I like to purchase the latest and greatest, but you can only use so many phones and tablets. I will sell our old electronics on eBay or to family and friends and use that money to buy the newest model. Not everyone needs or wants the latest model, so everyone is happy!
5. Take advantage of rewards. I always sign up for store rewards, frequent flier miles, hotel points and anything else that doesn’t cost me any extra. Our local grocery store offers points towards gas and we always take advantage of that. Sometimes we save over $1.00/gallon on gas. You may not think these rewards are worth it, but they add up.
I’m always looking for new ideas to help me save and be more financially independent. Leave me a comment below with your tips for saving money.
Disclosure: This is a sponsored post written by me on behalf of Capital One 360. All opinions & tips are my own.