Blame it on social media along with the good old peer pressure, but this generation of young adults is being led largely by the vibe and the mindset of YOLO and FOMO. There are so many things to do, things to buy, places to see, gadgets to buy, or restaurants to try that there isn’t always enough time or money to do so. The worst is if the person gets drowned in too many loans and credit card debts while trying to keep up with the modern lifestyle. Are you a young adult? It is not too late to start. Here are some general yet simple financial freedom tips that can improve your financial metrics.

• Read: How to Save Money | Ideas for a Two-Income Household

Financial Freedom Tips That You Can Easily Apply in Your Life

These things may sound too simple, but reminding yourself about these things every day will help you stay on track and focus on your end goals. It is not about saving up millions every payday, but saving up until you reach your first million and beyond.

1. Practice delayed gratification.

You don’t necessarily have to buy that new gadget or outfit right now. Save a part of your salary every payday and consider it as savings that you do not touch. Add to that if you get incentives or bonuses.

2. Look for cheaper alternatives.

We need things because we need to live. Our families need a lot of things as well and these are non-negotiables. However, many young people go for branded stuff, especially with phones, bags, shoes, and even flip flops and even, would you believe– water bottles? While it is true that there are many items out there that cost quite a lot because of their quality, there are some things that you can use for a long time — even without the coveted logo.

3. Stop comparing yourself with others.

A lot of our problems start when we start coveting what others have (that includes husbands). Maybe you can use what you see as an inspiration to work smarter and earn more but then again, go back to #1 again.

4. Do not try to impress your peers.

When you go out with a certain circle of friends, it feels like you have to keep up with them. This includes outings, cosmetics, weekend trips, outfits, food choices, and the like. There are groups that do not only want you to be on the same level with them, but it seems like there is competition among the members on who has the best, biggest, or brightest stuff or achievement.

• Read: 9 Ways a Freelancer Can Prepare for the Future

The fact is, if you need to do that with your friends, then you may not be real friends after all. Keep your priorities in check because these people may not be there for you in the long haul.

5. Take calculated risks.

You can put some money in investments where your money is going to earn over time. Or you can have a side hustle, like an online business, or a sideline gig without sacrificing too much of your health. Just go with your instincts or passions, as we do not have the same direction or purpose in life.

The point here is not having to go broke and take out a loan in order to keep up with a certain lifestyle. Debt is like a shackle that will hold you back. You can start your venture with part of the money you have saved plus you can also take out a business loan. It may be wise to borrow money online to use as part of your capital so that you still have some liquidity left. Then manage your business wisely.

In Conclusion

Make it a lifestyle to practice and prioritize savings. But savings doesn’t mean living miserably. It is nice to have a balanced life where you are healthy and earning well. Then you get to enjoy the emotional rewards of your hard work, as this will help you push forward to achieve financial freedom.

However, the cost of our lifestyle should never exceed our income. Save up for your rewards, like for travel or some of the things you like. Instead, learn to live simply, as many of the things we accumulate are not really necessities in this life.