How save and make money
Many people are financially struggling these days. The problem is, most of us feel like we don’t have any control over our financial situation. The truth is, we do have a measure of control. We can save money in our budget and make more to increase our personal income to live better and achieve long-term financial security – that’s what this blog post is about.
It’s time to start taking control of your financial situation. It’s time to stop blaming others and start taking responsibility for where you are in life, now. It’s time for you to make a change – because nobody else can do it for you.
This is not about getting rich quick or rolling in money on a daily basis. This is not about spending every penny you earn, but being fiscally responsible and putting money away each month so that tomorrow brings more opportunity and value than yesterday. It’s about planning ahead and saving money – because unlike the big corporations, we have control over our finances (as long as we plan ahead).
Saving money is a great way to have more control over your finances, but most people don’t know how to save money. And if you don’t know how, you’ll never be able to save any! So, let’s discuss some tips on saving money…
Saving Money – Tip #1: Cut Your Expenses Slowly
This is probably the most important tip that I can give you in this post. And it will require a change in mindset to begin implementing it. It’s going to require effort and discipline before you make any progress.
That being said, the first step to saving money is cutting your expenses. But don’t rush into it. If you’re not careful, you’ll make some rash decisions that will have long term consequences. The goal is to make slow, consistent changes over time so that you can prevent yourself from making mistakes that could derail your progress later on down the road.
Ask yourself: where can I reduce my monthly expenses? Start small and take this one step at a time. If you can save $100 a month, and you make $1,200 a week, that’s 5% of your income going to savings. If you make $2,000 a week, that’s 10%. That alone is not bad at all. I know people that live paycheck to paycheck who struggle to save 10% of their take-home pay!
For example: say your monthly expense is $1,500/month. You can save $100 by cutting out one monthly expense. Or you can cut your expenses down to $1,300/month by eliminating 2 monthly expenses. You see the point? Cut your expenses one at a time, and gradually build towards the goal of saving more money.
Saving Money – Tip #2: Pay Your Bills on Time
This is something you probably already do, but it’s important enough to mention again here. If you know how, you’ll be able to pay your bills on time without fail. It might seem like a small thing, but it can make a huge difference in your financial situation.
It’s not that big of a jump that you have to learn how to pay your bills. It’s more about becoming aware of exactly how much you owe and when you plan on paying it. Most people are unaware of their financial situation, and if you’re one of them, this tip is for you.
Ask yourself: am I paying my bills on time? If the answer is no, then implement this tip as soon as possible! The sooner, the better. Also, don’t forget to review your budget every month, and make sure that all amounts are accurate.
Saving Money – Tip #3: Look for Insurance Discounts
You want to make sure you’re getting the most value for your money. And that means shopping around for insurance and comparing prices.
You should carry health insurance, car insurance, home insurance, life – supplemental plans, etc. It’s important to know exactly what you’re purchasing and how much it will cost before you buy it. You can save a lot of money on things such as health insurance, car insurance, and home insurance.
Ask yourself: am I carrying the right amount of insurance? Does it provide me with the coverage I need and will it save me money in the long run? If you don’t know the answers to these questions, then it’s time to figure out exactly what you need, and how much that will cost. Don’t forget to shop around before you make any decisions.
Saving Money – Tip #4: Learn How to Invest Wisely
Investing is a great way to save more money. But it can be quite a daunting task for those who don’t know how to invest wisely.
It’s not hard at all. There are plenty of resources online that will teach you how to do this. And if you know what you’re doing, you can start saving money daily with no problem. The more money you save each month, the more money you’ll have down the road when you need it. It helps prevent emergencies from happening in the first place by having a little bit saved up each month.
Ask yourself: am I investing enough? Do I understand all the risks involved in investing? You should invest at least 10% of your income into long term investments. If you can invest more than that, then do it. Start investing as much as you are comfortable with.
Saving Money – Tip #5: Get Out of Debt
Debt is a great way to spend money and waste your hard earned cash. If you carry debt, you’re spending money that you don’t have – whether it’s a car loan, credit card debt, student loans, etc. You should not be carrying any debt if at all possible.
Conclusion
These are some simple ways to start saving money. But the truth is, no amount of money is too much to save. The goal is to save as much as possible, and invest that money well. Make sure you invest quit a bit of money each month so you’ll have a little cash in hand when you need it down the road. It makes life a lot easier in the long run.
If these tips don’t work for you, then I highly encourage you to get some help. There are plenty of people who would be glad to lend a helping hand in this process.
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How save and make money