Saving and Building your wealth can be one of the most gratifying feelings in any individuals’ life. I mean, who wouldn’t want to live a life where all the debts are paid off and you needn’t worry about the bills? For some, that alone is enough motivation to buck up on their financial journey; whereas for others, it starts off as a game. But either way, if you put your head to it, I believe you too can achieve what you set out to do.
The world around us paints a fancy picture of what rich can be defined as, and for many of us, it may seem like an impossible dream to achieve. But the actual harsh reality is that most wealthy people are just like us. They just have better tips for saving, investing and doubling their income.
So, before I delve into the tips, I want to remind you that saving money and increasing wealth isn’t an overnight process. Rather they are habits and behaviors that help you grow wealth, over time.
1. Invest your money
Investing at a young age helps you gain more time in hand for your money to grow. Try to save up a portion of your salary by putting them into high-interest savings. Be consistent and make it a habit. Those small amounts can turn into something big in a couple of years.
2. Save as much money as you can
Whenever possible, try saving than splurging. It’s not enough to just earn money, you’ve got to save it as well. Always remember that with each dollar you save, you’re buying yourself some of the freedom. Freedom to retire early, freedom to travel without the stress of having enough, freedom to spend your time doing what you love.
3. Change your perspective on money
Today, money has been looked up with a notion of greed attached to it. And a lot of individuals contemplate with that. But money is an important commodity and it allows us to make long-term decisions through it. Change and see the difference money can make in your life.
4. Stay away from plastic
Optimizing your spending habit can help you stay out of debt. Get in the habit of buying what is really needed and skipping expenses that isn’t going to aid you. This will help you stay away from credit cards and avoid long bill payments.
5. Have money goals
This is my absolute favorite because not only does it help me gain a clearer perspective in saving, it also helps me set out my financial goals and to when I can achieve them. Don’t be afraid to challenge yourself to set realistic goals and planning out every day. It’s okay to know what you need.
6. Track your spending
You can never save if more money leaves your wallet than coming in. So in order to ensure that you’re earning more than spending, track them daily. Keep a tiny notebook or design an excel sheet and see where exactly the money goes. This will help you prioritize your spending and also cut costs when not needed.
7. Surround yourself with smart earners
I’m no one to judge but spending time with people who are high earners and know about investing will automatically make you save as well. It’s like the peer pressure theory. If you’re more around with people who spend and splurge, you’ll end up doing the same, rather be around people who know the right knowledge to save and know how to do the same with wealth.
8. Admire success and don’t worry
Money is never the ultimate answer to everything, so use it wisely. The idea is that every dollar that passes through into your pockets are a seed to your financial future and you have the power to either plant it big or chop it at the roots. But to get to the stage to earn big takes time and that’s okay. Rest assured if your rules to saving are responsible, gaining and developing prosperity is inevitable.
Hence, admire the idea of gaining money but don’t misuse the power you get out of it. Unfortunately, a lot of people make silly mistakes while saving and investing, which finds them crashing to rock bottom. So, try redefining the ideology of getting rich and see how you can gain the real freedom to make choices that make you happy.