MC - Deep Dive - Freedom from the monthly terror of EMIs

It is said money can’t buy you happiness, but that has never stopped anyone from trying, has it? In fact, we have come around to believing that money can get you to a place where you can make the choice to be happy...or something like that. 

Financial freedom always brings one thing to mind - our lack of it. For a large majority of Indians, buying a house is one of the biggest dreams and motivations. For a big chunk of that majority, the dream can turn sour somewhere down the line. The financial assistance they signed up for to help buy the dream house, takes a heavy toll on the budget and other life goals. We spend out the first week of every month paying high insurance premiums, expensive personal loans and car loans, calculating the interest on our investments etc. And it is just rinse-repeat every month. Such an existence can quickly become a drudgery which is going nowhere as life passes us by rapidly.  

What can a person do to control, and streamline, his or her finances in such a way that they never have to worry about it?