"If you know how to spend less than you get, you have the philosopher's stone" ? Benjamin Franklin
Ok, so how do you do it? It seems like any time I try to spend less, a new expense comes charging (so to speak) through the door. Here are a few suggestions I've gathered:
1. Robert Kiyosaki, investor, entrepreneur, and millionaire, says in his book, "Rich Dad, Poor Dad," that one essential is paying yourself first. That is, determine what amount of your income you're not going to spend (i.e. you'll save or invest it instead), and then stick with it. Even if it's just $10 per payday, do not let anything force you to spend that money.
2. Raise your standards. Take a month and calculate the amount of money you spend on snacks, sodas, fast food, and other junk that doesn't last beyond the moment. As much as possible, dispense with frivolous spending, but at the same time don't be afraid to reward yourself with big things. By refusing to spend on cheap or useless "stuff" you'll have more available for things you really want. Rewarding yourself when you can accomplishes two things. It gives you a motive for saving and it gives you tangible evidence of your new found financial success.
3. Instead of thinking in terms of what you can afford, think in terms of what you really need. Don't take out a mortgage for the maximum you qualify for. Lower the limits on your credit cards. Pay cash whenever possible to avoid paying interest. Learn to practice "purchasing patience" ? wait overnight or longer when possible before buying so that you break the habit of spending on a whim.
4. If you haven't already, create for yourself a financial buffer and don't dip into it except for extraordinary circumstances. Some say you should have at least one month of living expenses set aside. Some say it should be two. I even know some who aren't comfortable unless they have at least a six month cushion!
These, and other simple strategies can help you keep more of your money in your own pocket and set you on the path to financial independence.
Leonard Hopkins is an internet entrepreneur and small businessman. He edits two blogs, http://www.moneyrant.com and http://www.moneyrant.com
Alexis limo rentals ..At any time in history, no matter what the current... Read More
As many people have observed, "Success leaves clues." If you... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
Let's begin easing you out of the pits. I mean,... Read More
The vast majority of working people are in debt. The... Read More
Parents must give serious thought to protecting their family through... Read More
If you don't have discipline then walk away from the... Read More
This new way is catching on around the world. People... Read More
Financial planning at an early age may seem complicated, however... Read More
"If you know how to spend less than you get,... Read More
The four main steps in building a wealth cycle foundation... Read More
Many people assume that the offshore world is accessible only... Read More
"The quickest way to wealthThat I've found to be true;Is... Read More
Some people in this world are thinking that their poor... Read More
We will start the Financial Fitness System with the assumption... Read More
Everyone wants to be wealthy, but most of us do... Read More
To budget, to have a budget and to be on... Read More
Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn... Read More
There is no need to use the many middleman websites... Read More
Self-Made Millionaires are not smarter or better than you. They... Read More
Everyone dreams of early retirement. The idea of no longer... Read More
I have a good friend who works in an area... Read More
Whenever we read about building wealth or even attend a... Read More
Planning for the undesired, accidents and possible unknowns in life.... Read More
Simple tips on saving can very often make quite a... Read More
car service from Midway Alsip ..Loose change that is, if you want a easy way... Read More
Do you like so many others feel, that even if... Read More
There are few things in life that are more stressful... Read More
Recently I was reading a book called The Millionaire Mind.... Read More
Let's quickly review the principles discussed in the first part... Read More
"If you know how to spend less than you get,... Read More
Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More
Retirement Planning the Offshore Way Why do so many of... Read More
Recently, one late winter night, my four-year old son and... Read More
Very few people whom I know are familiar with the... Read More
I want to share an experience I had in common... Read More
Here are some thoughts about the morphing of thought and... Read More
To budget, to have a budget and to be on... Read More
Self-Made Millionaires are not smarter or better than you. They... Read More
At any time in history, no matter what the current... Read More
There could not be a better time to mull over... Read More
Have you ever asked yourself what your highest income producing... Read More
It's no secret that the market goes UP...the market, goes... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
"My people are destroyed for lack of knowledge." Hosea 4:6... Read More
In his best selling book, "Rich Dad, Poor Dad, Robert... Read More
Although there are advantages to selling other people`s products and... Read More
"It's the business of your life?and you're the CEO!" Gala... Read More
What is your attitude towards having wealth? Do you believe... Read More
Everyone wants to be wealthy. Only a few actually achieve... Read More
Wealth Building |