Financial freedom is when you have clarity around what you want to accomplish in life, the confidence to trust your money decisions, and a plan that releases you from financial stress & worry.

After a decade of hacking my way through my own financial freedom journey and four years as a money coach, I've summarized my experience into a practical 10-step financial freedom checklist. [Download the checklist here] While my journey took over a decade (I was without a coach or a mentor), with the right tools and support, I am confident that you can achieve financial freedom in considerably less time using the following framework.

Financial Freedom Checklist

Identify Your Passionate "Why"

Identify your strong, passionate "Why" to fuel your financial journey. Establish a sense of purpose and determine what inspires you to win with money. Learn more here: https://www.savvyfinancecoach.com/why.

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Develop Financial Awareness

Many individuals don’t understand why money is so tight or why there's a shortfall at the end of the month. They wonder why basic saving, paying off debt, and contributing to retirement remain challenges. This is where cultivating financial awareness becomes crucial. If this resonates with you, take the following steps: review your bank statements from the past 3-6 months. Identify spending trends, categories, and any surprising revelations. Identify areas for improvement and implement those improvements going forward.

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Identify Core Values

Develop and understand your core values. Aligning your core values with your money decisions and actions will facilitate better decision-making and will propel you towards your financial goals.

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Recognize Money Scripts and Challenges

Deep-seated money beliefs form the foundation for many individuals' ineffective and potentially self-destructive financial behaviors. Often referred to as "money scripts," these beliefs are tied to powerful emotions, making them highly resistant to change. Therefore, recognizing, understanding and challenging these money scripts play crucial roles in fostering lasting financial change.

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Set and Prioritize Goals

Goal setting is a powerful tool, as Tony Robbins aptly puts it: “setting goals is the first step in turning the invisible into the visible.” Here's a concise approach: spend 5-10 minutes jotting down your financial goals (as many as you can think of) and categorize them into short-term (<1 year), medium-term (3-5 years), and long-term (over 5 years). Prioritize the goals within each category. Commence with the highest priority goal in each category using the SMART goal framework and take consistent weekly actions until completion. Only add new goals when you've completed a goal or successfully implemented the process, avoiding overwhelm by being mindful of your capacity.

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Monthly Money Plan

Create and stick to a monthly money plan that reflects your "Why," core values, and goals. Utilize strategies to reduce overspending and create financial stability. For an in-depth tutorial of the Savvy Money Plan, join the Savvy FC mailing list and receive a free copy of the webinar HERE.

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Prepare for Emergencies

Emergencies happen, be prepared with an adequate emergency fund so that emergencies don’t derail your financial goals (read more here: https://www.savvyfinancecoach.com/emergency-fund).

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Tackle Debt and Maintain Credit Health

Evaluate and understand your credit health and debt situation. While debt can be a useful tool, it’s more commonly a burden. Assess your debt situation and formulate a payoff strategy if necessary. For consumer debt, I recommend using the free tools provided by Undebt.it (https://undebt.it/). Additionally, the significance of credit health extends beyond securing loans; it influences insurance premiums, housing options, and employment opportunities. Therefore, it is crucial to comprehend, establish, and enhance your credit health. For credit health, I recommend using the free tools provided by Credit Karma (https://www.creditkarma.com/).  

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Financial Independence and Retirement Plan

Envision your life in retirement and work with a certified financial planner (CFP®) and a trusted accountant to develop a personalized retirement savings and tax strategy. When it comes to investing and retirement advice, my favorite expert is Clark Howard: https://clark.com/personal-finance-credit/investing-retirement/what-is-a-financial-advisor/.

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Establish a Trusted Team for Wealth-Building, Legacy Planning & Risk Management

When building wealth, having a trusted team of experienced financial professionals is to your benefit. An estate attorney develops documents that protect your assets and your family in accordance with your wishes after death. A CFP® acts in your best interest to provide comprehensive financial advice and planning services in areas such as investments, retirement, and risk management. Through strategic tax planning, a quality accountant provides valuable insights to help individuals or businesses optimize financial decisions and maintain fiscal health. Be wary of insurance brokers. Insurance brokers typically collect commissions from selling you their products, which I believe is a conflict of interest. When it comes to insurance, your CFP® should be able to steer you towards trustworthy insurance resources and products.