Today, I want to share with you the story of how I got my financial independence back…
I’ve always liked writing. I even made my wife fall in love with me by writing her a poem on our 10th date. So, naturally, I believed that my writings would make me rich and famous, but guess what? Life had other plans for me. I thought that finishing college would grant me a high-paying job that would allow me to buy anything without looking at the price tag.
I couldn’t even speak about financial independence because I was living paycheck to paycheck. Asking my family for help wasn’t an option—they were struggling too. When my wife and I got married, we worked two jobs each just to stay afloat, and most nights, we were eating canned food. It felt like no matter how hard we worked, we were stuck in the same cycle, with no way out. If this sounds familiar, you’re NOT alone!
Many people chase financial freedom, but it always seems out of reach, no matter how hard they try. For years, I was stuck in a terrible cycle of living paycheck to paycheck, drowning in debt, and always worrying about my family’s future.
…Is there a way out?
One day, my wife and I said it was enough—we knew things had to change. The first step was switching our mindsets, and from there, one decision led to another. Slowly but surely, we started making progress, and before we knew it, we had finally turned our lives around. We began by reading books about money and financial independence and took a hard look at our spending habits.
The journey wasn’t easy. We had some rough days and nights, and we asked ourselves if we could ever make it to the other side, and we did. From cutting unnecessary expenses to learning how to make our money work for us, I hope my story will inspire you to say goodbye to those bad financial habits.
It’s time to take control of your life. It’s not about being perfect and saving 80% of your income (let’s face it—that’s unrealistic anyway), but about taking small, consistent actions that can lead to major and lasting changes. If you want to know how I got my financial independence back, keep reading.
1. Education is power
One of the first things that will help you stay on top of your financial game is knowledge. Instead of relying solely on advice from people around you, take it a step further and educate yourself. Listen to podcasts, follow money experts online, invest in financial books, and even consume content based on this subject.
The more you learn about budgeting, inflation, retirement planning, spending habits, and investing, the better choices you’ll make. You’ll start to ask the right questions before making any purchases so you know if those items will help you in the long run or if they’re only based on impulses.
Don’t be afraid to ask for help, especially if you don’t know where to start. Many experts are willing to offer free tips on their social media pages or schedule free webinars for their communities. I didn’t agree with every financial planner I was following, but I learned a few things from each one of them, and it was easier to form my opinions and practices regarding money.
2. Started being responsible
Another thing that helped me get my financial independence back was being honest with myself. The moment I realized that I was responsible for the situation I was in, my mindset changed.
Of course, it’s important to not blame yourself and talk negatively about your past decisions because it’s only going to make things worse. Accept the fact that you made some mistakes and approach your next stage with understanding and respect. Trust me, it makes a huge difference!
I started tracking every expense—grocery store trips, bills, subscriptions, rent, clothing purchases, entertainment, EVERYTHING! I was no longer ignoring receipts, and I actually spent time understanding my financial situation: how much I owned, how much I earned, how much I needed to earn to have the lifestyle I wanted, how much I was saving, and where my money was actually going.
As you can imagine, the reality hit me hard, but it was needed. Knowing exactly where I was standing allowed me to be more mindful of my resources and empowered me to work towards financial independence.
3. Saying goodbye to unnecessary expenses
I knew that one step that would take me closer to financial independence was setting a budget, but I couldn’t do that until I cut unnecessary expenses cold turkey. After reading several books and listening to podcasts, my wife and I realized that it was our fault that we were eating canned food for dinner.
We went out with our friends twice a month; we had lunch on the go because we worked two jobs; we weren’t home enough so we could cook and take care of ourselves; and when we were home, we were constantly watching TV. I don’t know if you agree with me or not, but I just mentioned some of the worst things you could do for a healthy lifestyle or financial independence!
I used to think we didn’t have money because we just weren’t lucky enough. But the truth was, I wasn’t paying attention to how harmful our spending habits actually were. We cut back on going out and focused on making our lives better—cooking at home, reading instead of endlessly scrolling, and enjoying activities that weren’t just about spending money.
Once you shift your perspective to something that adds to your life, everything changes. For example, once we quit some of our old habits and learned how to make the most with what we had, we realized we were a big part of the problem, not just the lack of money. That’s why I decided to help other people with my journey.
4. Setting a realistic budget
Setting a realistic and sustainable budget was a big turning point for me. I didn’t just write down a simplistic idea of my income and expenses—I allocated every dollar to something, whether it was utilities, rent/mortgage, entertainment, necessities, or savings.
For instance, I didn’t realize how much I spent on convenience purchases, like ordering takeout at work. While having a budget might seem limiting, it’s actually not. It’s a great way to stay focused and always know what your goals are.
I wanted to keep things simple, so I followed the general guidelines: 50% for necessities, 30% for wants, and 20% for savings. This rule was easier to follow than I anticipated, and it gave me control and freedom to get what I wanted.
I knew that sticking to a routine would help me achieve financial independence, and the fact that I was able to pay my bills on time, get what my family needed, and still save was a huge hit. The best part is that my wife followed the same method for her paycheck, and after a few months, the results started being impressive.
5. Creating an emergency fund
Another important step in my financial independence journey was building an emergency fund. At first, I thought setting aside $500-$1000 was just enough, but after reading various financial books, I soon realized I needed at least three months’ worth of living expenses.
I wanted to take it a step further and set aside six months’ worth of expenses. You never know what might happen, especially with inflation constantly rising and the political climate remaining unpredictable.
I set a target for myself and transferred a fixed amount every month into a separate savings account. But here’s the thing. I didn’t want my savings to be associated with an emergency fund, so 20% of my income was actually split in two: 10% for savings and 10% for emergencies.
It took a while to reach my goals, but once I hit that target, I finally felt secure and ready for any potential challenge, whether it was medical bills or car repairs. Even though the amount of money in my bank account was satisfying, I still decided to put 5% of my monthly income toward my emergency fund—just in case.
6. Changing my mindset
This was probably one of the hardest things I’ve ever done because I was so used to being negative. But believe me, it was also one of the best things for me. I realized I had a scarcity mindset—constantly worrying about not having enough, bills piling up, and loaning money just to survive. It was a terrible place to be.
Thinking this way only made me feel stressed, anxious, and angry. Do you know what the worst part was? I knew my mindset was unhealthy, but the way I tried to cope wasn’t any better. Each time I felt overwhelmed, I’d escape by binge-watching shows, working overtime, or going all out with my friends—none of which truly solved the problem.
Scarcity vs. abundance
I noticed that it was only a vicious cycle I was responsible for getting out of. One of the books I read had a chapter dedicated to a scarcity vs. an abundance mindset. Even though I was very skeptical at first and considered it was only going to work for rich people who don’t have that many worries in their lives, my wife convinced me to give it a try. Since we didn’t have a lot of money to begin with, what could’ve happened anyway?
But after a while, I noticed that the simple shift of thinking I was financially independent and could get and do everything I wanted made me more aware of how I was feeling. The majority of my worries regarding not having enough were gone, and my mind was filled with ideas on how to increase my income and grow my savings.
It sounds weird, I know, but I dare you to give it a try. Once you tell yourself that you can have something if you want to, you’ll think of how that item or experience will actually make you feel. It will be a lot easier to say no to different purchases if everything comes from a place of abundance.
This change is hard at first, but it allows you to make confident decisions and take risks, knowing that you can achieve financial independence. It worked for me, and I’m sure it will work for you as well.
7. Getting rid of debt
If you’re in debt, you probably feel that it can be pretty hard to get out of it. For me, it wasn’t good. I constantly felt like I was weighted down and couldn’t properly focus on getting the financial independence I was chasing.
Besides budgeting, one of my main priorities after adopting a new mindset was to tackle my debt head-on. I began by paying off the smallest balances first, and that was the biggest motivation I needed to continue my journey.
Once I felt more confident in my financial abilities, I tackled high-interest debt, such as credit cards. I heard about the snowball method from one of my friends, so I gave it a try. I put every extra dollar toward paying down loans, and it was worth it!
If you’re in a similar situation, I know it can be difficult, but be patient and focus on paying your debt and setting a realistic budget. Once you have that covered, your journey will only get easier. There are many amazing tips on The Price Makers, so if you ever need help with finances or spending less and buying more, we’re here for you!
8. Living below my means
This was probably one of the things that made the biggest difference in my financial independence journey. Since I was used to living paycheck to paycheck for a long time, spending money on different things I didn’t actually need was one of the biggest reasons I was in that situation in the first place.
I noticed that many of the things I wanted were actually societal pressures, not items or experiences that would genuinely bring me happiness. I said no to things that didn’t align with my long-term goals and managed to save a lot of money that way.
Believe it or not, owning less actually made me feel richer. My wife even admitted that having a smaller wardrobe filled with clothes she truly loves and feels great in saved her time and stress every morning.
As for me? I was never the most stylish guy, but simplifying my life gave me the freedom to say “yes” to experiences that genuinely made me happy, rather than agreeing to things just because others expected me to. Cutting the clutter didn’t just clear space in my home—it cleared space in my mind, too, and allowed my savings to grow even more.
9. Investing in my future
Once I got my debt under control and set up my emergency savings and regular savings, I decided it was time to think about investing for my future. I opened an IRA and started putting money into my 401(k) to help secure a comfortable retirement. I want to relax, lie on the beach all day long, sip on cocktails, and spend every day with my wife and the people we love, so I need to be secure.
At first, I felt a bit overwhelmed by the whole investing thing and didn’t know where to start. So, I took some time to educate myself by reading books, browsing blogs, and even joining some free webinars.
I kicked things off with small contributions—just enough to take advantage of my employer’s matching—but as I grew more comfortable, I gradually increased how much I was putting in. Watching my investments grow has been exciting, and it has made me very happy. I knew that I was on the right path and financial independence was closer than I thought.
10. I learned to be patient
I don’t know about you, but I can’t work under pressure and hate doing things unless I have fun. While the initial idea of getting out of debt and reaching financial independence gave me a few headaches, I decided to approach it from a positive place and actually be excited about it.
I celebrated every win and every extra dollar I managed to save, and it kept me going. I knew that I wouldn’t reach my goals overnight, so patience was needed. But I treated everything like a game; it worked like magic.
So, if you’re in a similar situation, I’m here to remind you that it won’t be easy, but you can do this. Don’t be hard on yourself, but be honest about all the unnecessary things you might be buying. Sometimes, it’s not about the money we don’t have, but about the bad decisions we make and lose money.
If you need some help with your journey, I recommend you check out this book. It’s great for helping you kickstart your financial independence journey. Until next time, here’s another post you won’t want to miss: Free Money? Here Are 7 Sure Ways to Get Them
