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How to save money

It is important to learn how to save money, otherwise it will never improve your situation. You may already have a large debt to your home and just want to start paying it off; the ideas in this article will help you do that too.

This article is primarily for people who have no assets or savings and need to start at the beginning. It is important to have this basic skill. Without it, you will not learn to manage money. So even if they gave you a large sum of money, you wouldn’t know how to handle it, if you don’t have this ability.

So this is for people who want to buy a house (or an asset) and have no savings to do so. This will teach you how to save. The easiest way is to save 10% (or more) of your income.

Your self-employed income won’t be taxed until you file your taxes, so you need to have money for this too.

So the best way to save 10% is for your employer to put 10% of your salary in another bank account, perhaps a bank that is not in your town or city and does not have an access card or Internet access. . So 10% just comes into your every week and you don’t even know it.

Then you can spend the rest. Obviously this is a slow process to get rich and if your income is $ 50,000 then it is only $ 5,000 per year. But it’s better than nothing.

So that’s the BEST way to do it. You know why? Because you don’t see it, you can’t spend it.

If you wait until your pay goes into your bank account and then you transfer it yourself or have set up a direct debit, it is not the same, as you read the chapter on goal setting.

If you have a goal of buying a $ 300,000 home in one year, then you will need the deposit and closing costs.

Let’s say you need $ 40,000, so break it down into weekly. Assuming your income is $ 50,000, 10% of it is $ 5,000, so you need to get an additional $ 35,000. Ideas appear and other means will come your way.

When this happens, you should notice them. There’s a name for this, but we’ll call it ‘luck’ and when things start to fall into place, then take every opportunity that comes your way.

If your goal was a home in 1 year, you are now on your way to buying your first home. If you already have a home, you are paying for it faster now. Why do you want to pay off your home loan faster?

The reason you want to do this is that you can use equity, which is the difference of what you owe and how much it is worth, to buy another home, rent it, or future investments. Wealth is not built on owing a lot of money, you must start paying it off. Then you start to build equity.

The reason you want to buy another home is that in the long run it will give you asset growth and income in the form of rent.

You need asset growth and income to become a millionaire.

Okay, now let’s get back to savings. Here’s another idea or additional way.

Drop all your coins into a jar at the end of the day. Do not harden the jar.

When it’s full, take it to the bank and collect the money.

Don’t spend it on a night out; transfer it to the out of town bank account.

Another way is to really save on your daily expenses.

Stop buying a daily coffee.

Do not take the car to work and take the bus.

Shop at the largest mall in the lowest social and economic area closest to you.

Why? Because the supermarkets there will be cheaper than those in the middle class areas.

Pack your lunch at home and take it to work, this can save you $ 50 a week, and guess where the $ 50 a week goes. Bank account out of town.

Stop going out to the movies and to dinner.

Cut off your credit card (s) if you have them, and never use them again.

If you need credit card numbers to buy things online, get a MasterCard or Visa debit card.

Pay them ASAP and never use one again.

No one you’ve ever seen with multiple credit cards and carry-over balances every month is rich.

As for points? Who cares, he won’t take any plane rides until he’s rich.

Watch the use of utilities, take shorter showers, do not use heating or cooling devices unless necessary, turn off the lights, watch less TV; it’s rubbish anyway and you need a good night’s sleep so you can go clean at 230am anyway. . (Do you see how having additional jobs / sources of income will save you money in other areas?)

Don’t have a mobile phone unless you need it for your business. If you want to talk to people, tell them to come visit you.

Do not have anything that is costing you money, that will not help you earn money.

I think this is going to help me earn money, if I don’t get rid of it, don’t buy it or don’t use it.

Sell ​​it on eBay.

Food: do not buy junk food, you will lose weight and it always has a higher price than fruits and vegetables.

Fruits and vegetables are usually cheaper in the outer suburbs that are close to fruit and vegetable growing areas, so shop there.

Maybe it’s cheaper to live there too, so maybe move there.

If you rent, get the cheapest apartment or house, and get someone to share with you or rent free rooms.

If you have a mortgage then you need to start paying it off, if it is too high and it is a good time to sell, sell the house and buy something cheaper than you can afford.

Rent any room or free space that can be rented.

Pay off your mortgage loan biweekly if it is a variable loan.

You will save money.

If you have a high income, look for loans where your income can go directly to them.

If you don’t need your car, sell it.

If you can take a bus or train to work and decided that the cleaning and lawn mowing business weren’t for you, then sell it.

You can buy one later when you are rich.

If you need to go somewhere where a train or bus cannot rent a car.

I could go on and on about finding ways to save money, but you get the idea, look at everything you do, and remove what you don’t need.

You don’t need cable TV, I don’t care who you are.

If you want to save money, get rid of it.

I know people whose loans are behind, and yet when you look at their bank statement, they have internet, cell phones, and cable.

Clearly, watching sitcom reruns is more important than keeping your house for some people.

You might think, but if I get rid of this or that or stop going to the movies every week with my friends or go out drinking and spend $ 200 on Saturday night, you will run out of friends and everyone will make fun of you at work. Why did not you do it. Watch the 9 hour 2 and a half man cable marathon.

Look at your friends, neighbors, or co-workers.

They are rich?

They could have the latest car and a big screen TV and go out in the latest clothes three times a week, but if you can calculate their salary and they don’t get up at 230 AM. M. To go cleaning, then they are basically one. stay away from bankruptcy.

If you want to be rich you have to do things differently from anyone else, otherwise everyone would be rich.

If you don’t have a couple of investment properties and have to check your bank account balance at the ATM before you buy your lunch, you are not rich.

You need to find new friends who are just like you.

Wealthy minded people who are rich or want to be.

Sometimes these people will give you an idea, a real estate development, or a way to make money that you can benefit from.

Whereas your friends only care if you are wearing the right clothes for the club tonight.

Most people are one step away from bankruptcy and you don’t want to be that way and that is why you are reading this book.

If you wanted to be one step away from bankruptcy, you wouldn’t have bothered to read this.

So you need to save money and look for ways to cut your expenses, although it may have increased with the added income, now is the time to ‘seize the day’ and ‘make hay while the sun is shining’. to make good use of all the extra money.

Yes, if you increase your income, you can spend it and impress your friends with the latest big screen TVs and electronics, and you don’t need to put them on a credit card either.

But this is not the point.

You are making money so you can get rich and if you follow my simple advice then you are more likely to get rich.

And telling your old friends who are partying, buying more gadgets and are in vogue that you are now a millionaire in 5 years is going to sound pretty good.

Sure they laughed at you then, but when they get kicked out of their house for not paying the mortgage rent and you have 5 houses and can buy a big screen TV with cash, then you will be the one laughing.

So you need to start saving money and then look at all the ways you can save money.

Without pain there is no gain.

So you may be reading this and not wasting your money now, you just don’t have enough money.

The only way to improve your situation is to increase your income.

If you don’t have the money to buy a mop or vacuum, or you don’t have a car, then you should have a lower goal.

I would suggest getting a second job, or finding a higher paying first job, and then start saving so you can start your business.

If you can’t afford to save because you have too much debt, let’s say you have personal loans and credit cards and are already behind on these payments, then you really need to earn that much money and pay them off.

There is no one-time savings money if you have $ 80,000 in unsecured debt at 20% interest. You need to focus and pay for it.

If you have a financed car, decide if you need it so that you can generate a second income or if it is better to sell it and reduce your debt.

And break your credit cards right now and never get one again.

Saving money is the most important thing you will need to learn, whether it is buying cheap food or saving 10% of your salary every week, if you have nothing saved now, you need to learn how to do it.

Saving money is the most important lesson to learn, because you can earn as much money as you want; If you don’t save it, you will never be rich.

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