In my quest to get rich, I have found that the key factor to gaining wealth is by saving money. To accumulate money in the bank can happen a lot quicker if you cut back on expenses. That means you have to spend less than the income you are bringing in.
Of course this is easier to say, than actually do, if your expenses are more than your take home pay. If the scale is leaning toward the negative side rather than the positive then you are not going to save any money. And if you are in debt, it’s going to be all the tougher because you can’t get rich if you are in debt.
So how can this be done if you are already scrimping and overextending yourself? Just by changing your spending patterns, focusing on your saving money goal and following these tips on how to save money:
- Get rid of debt first. Being in debt is costing you money with the interest you have to pay on credit cards, loans, etc. Pay down your high interest debt with larger payments and then work on your lower interest debt. The sooner you can get out of debt, the sooner you will be able to save money.
- Stop eating at fast food restaurants and bag a lunch instead, take coffee with you or better yet just fix a nutritious meal and eat at home. Your body will thank you for it and so will your bank balance.
- Make a budget and stick to it. Say no to the fancy shoes and yes to saving money. Plan exactly where your money goes so it doesn’t just disappear down the drain.
- Live by cash only. Credit cards make it easy to get over your head so don’t use them if you don’t have the cash on hand. And with cash you will think twice if you really need to buy those extravagant items or not.
- Use coupons. There is a reason that coupons are popular. Why? Because they can save you money. Look for them before you grocery shop or go for an oil change for your car. You can find them in flyers, newspapers, stores and even online.
- Cut back on household expenses. Save on your electricity bill by turning lights off when not in use and on your heating costs by turning the thermostat down.
- Buy old instead of new. Whether it’s a car, bike or even computer. Sure everything looks nice and shiny when it’s new but it also has a higher price tag. You can accomplish the same with an older year car, second-hand bike or last year’s model computer.
- Add to your income. If you have tried everything and still can’t make ends meet, then the equation is saying you don’t have enough income. By doing side hustles, whether taking a part-time job or working from your home or garage, can get you extra money to save and on your way to getting rich.
Saving money may not be the fastest way to get rich, but it gets you disciplined in the right direction. And as they say a penny saved is a penny earned.
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