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

This article is mainly for people who have no assets or savings and need to start from the beginning. It is important to have this basic skill. Without it, you will not learn how to manage money. So even if you are given 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 don’t have the savings to do it. This will teach you how to save. The easiest way is to save 10% (or more) of your income.

Your self-employment income won’t be taxed until you file your taxes, so you need to set aside money for this as well.

So the best way to save 10% is to have your employer deposit 10% of your salary into another bank account, perhaps a bank that isn’t in your town or city and doesn’t have a key card or internet access. . . So 10% just goes towards your week and you don’t even know it.

Then you can spend the rest. This is an obviously slow process to get rich and if your income is $50,000 then only $5000 a year is put aside. But it’s better than nothing.

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

If you wait until your payment goes into your bank account and then transfer it yourself or have a direct debit, it’s not the same thing. So you need to figure out how much you need to save if you have a goal, which you should, since you read the chapter on goal setting.

If you have a goal of buying a $300,000 home a year from now, you’ll need the deposit and closing costs.
Let’s say you need $40,000, so break it down weekly. Assuming your income is $50,000, 10% of it is $5,000, so you need to raise an additional $35,000. While it may sound silly, once you have a goal and start looking for ways to find money, you’ll find that other ideas pop up and other means 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 click together, then you’ll take advantage of every opportunity that comes your way.

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

The reason you want to do this is so you can use the equity, which is the difference between what you owe and how much it’s worth, to buy another home, rent it out, or make future investments. Wealth is not created by owing a lot of money, you have to start paying it off. Then you start building equity.

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

You need the growth of assets and income to become a millionaire.

OK now back to savings. Here is another additional idea or way.

Drop all your coins in 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 bank account outside the city.

Another way is to actually save on your daily expenses.

Stop buying a daily coffee.

Skip the car to work and take the bus instead.

Shop at the largest mall in the lowest socioeconomic area closest to you.

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

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

Stop going out to the movies and dinners.

Cut up 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 off ASAP and never, ever use one again.

No one you’ve ever seen with multiple credit cards and balances transferred each month is rich.

As for the points? Who cares, you won’t take any plane trips until you’re rich.

Control the use of public services, take shorter showers, do not use heating or air conditioning devices unless necessary, turn off the lights, watch less television; It’s rubbish anyway and she needs to get a good sleep so she 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 work. If you want to talk to people, tell them to come visit you.

Do not have anything that costs you money, that does not help you earn money.

Think if 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 is always more expensive 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 you’ll move there.

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

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

Rent out any vacant room or space that can be rented.

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

You will save money.

If you have a high income, look into loans where your income can go directly.

If you don’t need your car, sell it.

If you can take a bus or train to work and you decided that cleaning and lawn mowing businesses were not for you, then sell it.

You can buy one later when you’re rich.

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

I could go on about how to find ways to save money, but you get the idea, look at everything you do and cut out 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 taking home for some people.

You might think but if I ditch 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’ll be friendsless and everyone at work will make fun of you because you didn’t look the 9 hour 2 1/2 men cable marathon.

Look at your friends, next door neighbors, or coworkers.

They are rich?

They might have the latest car, a big screen tv, and come out in the newest clothes three times a week, but if you can figure out their salary and they don’t get up at 2:30 am to go clean, then they’re basically one. get away from bankruptcy.

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

If they don’t own a couple of investment properties and have to check their bank account balance at the ATM before buying their lunch, they’re not rich.

You need to find new friends who are like you.

Wealth-minded people who are rich or want to be.

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

While your friends only care if you are wearing the right clothes to go to the club tonight.

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

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

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

Yes, if you increase your income, you can simply spend it and impress your friends with the latest big screen TVs and electronics, and you don’t have to put it 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 go to parties, buy the latest gadgets and are all the rage that you are now a millionaire 5 years from now is going to sound pretty good.

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

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

No bread, no profit.

So you could 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 don’t have a car, then you need to have a smaller goal.

I would suggest getting a second job, or finding a better 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 you’re already behind on these payments, then you really need to earn as much money as possible and pay them off.

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

If you have a car on financing, decide if you need it so you can earn a second income, or if it’s better to sell it and reduce your debt.

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

Saving money is the most important thing you’ll need to learn, whether it’s buying cheap food or saving 10% of your salary every week, if you don’t have anything saved now, you need to learn how to do it.

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