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Achieving financial freedom is a goal for most people, but what does it really mean to be financially free? Only 33% of adults worldwide are financially literate, according to the Global Financial Literacy Excellence Center. Financial literacy is described as the ability to understand how money works and how to make sound financial decisions so you can confidently manage and grow your money. Living within your means requires discipline, good planning, continuous education and consistency. A budget will help you outline your income and figure out which expenses you can put toward which you can cut out entirely.