On the eve of India's 71st Independence Day, the Indian rupee hit 70 against the US dollar (USD) for the first time.

The rupee has been on a downward spiral throughout 2018 after starting the year at 63.67, falling over 8% so far this year against the US dollar, reported several media outlets.

And the proceedings beg the question, what does an individual's financial freedom really mean in a context where the value of money waxes and wanes according to economic and political vagaries.

But then, maybe, we can just focus on the microrealities of our own spending and saving patterns to earn some amount of financial independence because really, that is all we have any control over.

This is Rakesh and on our series of Independence Day podcasts here on Digging Deeper with Moneycontrol, we will focus on how with a few simple strategies, we can create little pockets of financial well-being and develop habits that set us free rather than tie us down.