Financial freedom—having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family— is an important goal for many people. It also means growing a nest egg that will allow you to retire or pursue any career you want—without being driven by the need to earn a certain amount each year.

Unfortunately, too many people fall far short of financial freedom. Even without occasional financial emergencies, escalating debt due to overspending is a constant burden that keeps them from reaching their goals. When a major crisis—such as a hurricane, an earthquake, or a pandemic—completely disrupts all plans, additional holes in safety nets are revealed.

Here are 5 ways to get on path.

1. Set Life Goals

What is financial freedom to you? Everyone has a general desire for it, but that's too vague a goal. You need to get specific about amounts and deadlines. The more specific your goals, the higher the likelihood of achieving them.

Write down these three objectives: 1) what your lifestyle requires; 2) how much you should have in your bank account to make that possible; and 3) what age is the deadline to save that amount.

Next, count backward from your deadline age to your current age and establish financial mileposts at regular intervals between the two dates. Write all amounts and deadlines down carefully and put the goal sheet at the front of your financial binder.

2. Make a Monthly Budget

Making a make monthly budget—and sticking to it—is the best way to guarantee that all bills are paid and savings are on track. It’s also a regular routine that reinforces your goals and bolsters resolve against the temptation to splurge.

3. Start Investing Now

Bad stock markets—known as bear markets—can make people question the wisdom of investing, but historically there has been no better way to grow your money. The magic of compound interests alone will grow your money exponentially, but you do need a lot of time to achieve meaningful growth.

However, remember that—for everyone except professional investors—it would be a mistake to attempt the kind of stock picking made famous by billionaires like Warren Buffet. Instead, open an online brokerege account  that makes it easy for you to learn how to invest create a manageable portfolio, and make weekly or monthly contributions to it automatically.

5. Live Below Your Means

Mastering a frugal lifestyle means developing a mindset focused on living a good life with less—and it's easier than you think. In fact, before rising to affluence, many wealthy individuals developed the habit of living below their means.

This isn’t a challenge to adopt a minimalist lifestyle. It simply means learning to distinguish between the things you need and the things you want—and then making small adjustments that drive big gains for your financial health.

7. Negotiate for Goods and Services

Many Americans are hesitant to negotiate for goods and services, because they're afraid that it makes them seem cheap. Conquer this fear and you could save thousands each year. Small businesses, in particular, tend to be open to negotiation, so buying in bulk or positioning yourself as a repeat customer can open the door to good discounts.