Hello Riters, hope you are having a good time, enjoying yourself and making loads of Money. No? Yes? well regardless, these tips will help you grow your wealth. So lets dive in! (Opinion Alert – most of these below are my personal opinion)
5 Tips to Save your Money
- Automate your Savings – yes! you need to Automate this. As they say out of sight is out of mind, every first of month or whenever your Income gets credited Automate a recurring deposit to another account that you can’t / won’t access for your expenses. Even if its just 10% of your Income, over time it can grow to a substantial amount which you can later Invest. Remember Save first spend later.
- Don’t Shop when you are hungry – Please avoid running to a mart or your favorite restaurant at the very moment you are hungry. Plan it well before or else your mind will be fogged by that juicy extra Guacamole or that Cheese round the corner.
- Get your Caffeine fix at home – You may need to avoid daily Chai Point Tea or that Starbucks Coffee as a recurring soul not so satiating. Instead buy a Coffee Maker (Indians out there just get that pan) and have some mouth watering Dark Roast Ethiopian Coffee, and you can get the cost down from few dollars to few cents (150 Rupees to just 20 rupees).
- 30 Day Rule – This one is controversial, good to have, not exactly saver but a thumb rule to save on expensive expenditures. Whenever you want to make a big purchase like that Gucci Scarf , sleep on it not one day but full month, yes, unless its peanuts money for you, wait till that luxury is yours, so when you buy it you know you really need it!
- Cut those Credit Cards – Stop those Credit bills from drowning you in debt. Only own the card if you can repay it! Yes, if you can’t pay on time, ditch it! This one really depends if you sure can repay within a month go ahead and avail those extra points and benefits, but if you can’t destroy, burn it to grounds or just put it away from your sight.
Thank you for reading, if you are already following Two or more of these tips do let us know how is it going. Keep Learning.