Hello everybody, thank god you have finally landed up the right place!Here you will discover timeless tips to save a ton of money during your lifetime
I know, the web is filled with such articles, but the fundamental problem of such articles is that they do not influence the readers the right way.They are just a bunch of hacks which may or may not be practical to implement.
Even I have read the articles that promises 101 ways to save money, but trust me, it didn’t make much of a difference.
No worries people, I am going to present you with some incredible piece of information that if followed properly, will lead to accumulation of wealth over time.
Remember, everybody gets excited about earning money, but saving and investing (I will cover that in a different article) the earned money actually leads to creation of wealth and prosperity.
Do you know that most lottery winners lose all of their money within few years!
Don’t believe me, no problem, you can click here check out this article to see for yourself!
I guess you have probably got my point by now.Because if you do not appreciate the significance of saving money and building wealth, trust me you will go broke even if I gave you a million dollars!
Again, you guys must be thinking, ‘well, I am different, I will certainly be well off with a million dollars in my account’, check out this article here.
So now you realize how important this article is for your financial success.Good.
So let’s begin.People, you must submit yourself to these advises to make it work.Don’t just read it or share it.
Practice it. I personally follow all these and you know what, many times even I doubted them due to lack of patience.
Fortunately, I was persistent and things fell into place and I fell pretty good about my financial standing.
OK here is my tip #1 to save an insane amount of money
1) Have Multiple Bank accounts
This is a great psychological hack.It triggers something I call bank-isolation.Friends, having multiple bank accounts, enable you to exercise your financial power in a very disciplined way, like a company or a government.
It lets you make purchases strategically rather emotionally and also enables you to achieve your materialistic goals faster, as it primes your mind to become more aware towards that goal.
I know you cannot just keep on opening accounts, but having at least two to three accounts will greatly influence your spending and saving behavior.Building habits though extremely important, is quite difficult for most of us.
Bank-isolation makes the job way easier.You need to give at least 6 months to actually see if it is working.
Trust me, you will thank me for this 🙂
Great, we have started to move towards a better system, lets strengthen it with my tip#2
2) Use credit card, instead of debit.
Let me reveal the secret that many companies follow, they make sure that you pay first, by taking your card information.
This holds true for almost any product or service you can think of!
On the other hand, the system is designed in such a way that getting payment back involves lots of paperwork!
Claiming your insurance or redeeming that perk in your company, is not that straightforward.
If you are employed and working, I guess you understand what I mean.
So why not we leverage the system.
It makes a lot of sense to use credit card, strategically to fulfill our requirements, paying later before the due date.
When you buy now and pay later without any interest, you are actually saving a lot of money, as money looses value with time, in general.
Many people will try to scare you off, but credit card is completely safe, provided you re disciplined enough to pay before due date.
Building wealth requires discipline and patience
No body is born with these qualities, they can easily be practiced and internalized.
But if you think you cannot do this, well then I am sorry, you better close this window and do something else on the internet!
I cannot handle you a magic wand to help you build great wealth!
Trust me on this one.
If you are disciplined, you will never need any magic wand
I strongly suggest you to read about Rose Blmpkin
You will get my point.
Lets move on to tip#3
3) Clear off your bills first.
Again, this is a psychological hack, many fail to appreciate.
If you don’t pay off your bills first, you are taking extra load or burden on your shoulder.
To build wealth, peace of mind and clarity in thought is a must.
How can you ever expect to make wise decisions in your life, when you have the fear of defaulting on bills at the back of your mind?
Pay of the bills and relax. Your life is worth much more. You can use it in incredibly productive manner.Don’t drag on with bills.
Rose Blumkin was able to achieve what she did because of faith and discipline.
You are no different. Have faith in yourself and for god sake discipline yourself.
The bonus of habituating this step is that your chances of getting in a debt trap will be remote
America is in a huge debt currently. You can check real-time debt here.
Imagine how valuable you will be with an incredibly effective debt management system.
In short, you will be on the greener side of grass.
4) Make a master list of all subscriptions.
Technology make life easy.
Hell yes. But as we depend more on it, we don’t use our own brain!
Don’t loose yourself to the comfort provided by subscription services.
Many times you are experimenting with products, discontinue subscription immediately if not satisfied or otherwise.
In any case always keep a master list of all your running subscriptions.It’s your hard-earned money, try not to lose even a penny because of negligence.
5) Start Budgeting.
You have to spend time making this a part of your daily life.You must make a monthly budget and stay within it.
Budgeting helps you to prioritize purchases and prevents you from buying unnecessary stuff.
You know the reason why companies make so much money, because they have excellent systems in place to do budgeting.
Nothing happens in a company or government without a budget.
so why you should not take benefit of this amazing technique of making budgets.
making budget is not that hard.I will uploading an excel template soon to help you out.
6) Avoid FOMO!
FOMO stands for fear of missing out!
This is one of the biggest reason why people end up making stupid decisions only to repent later.
Friends, if you stick to your plan, you are good and you will do great, fear of missing out often forces you to make investment decisions that lead to disasters later in life.
You can know more about FOMO here
FOMO Leads to all market bubbles which eventually explode.
The same happened in 2008 mortgage crisis.
So do not fall it this TRAP!
Wealth builds with patience
Hope you liked my article.Please share it if you found it useful.