When it comes to saving money, most of us know that we should Spend less than we earn…. but that’s easier said than done.
We usually work hard on only one part of the coin…. the spending less part. But you can really boost things by finding ways to earn more while being smarter with your spending.
Here are some great money tips by Rockstar Finance::
- Turn your budget upside down! Instead of taking expenses out of your income first and having nothing left for saving, take out money for saving first and then budget for expenses. You’ll be forced to cut expenses rather than forgo your financial future.
- While paying off debt, always make sure you save money too. You not only need to pay off debt but change your mindset to that of a saver. A percentage-based payoff/saving method is a great way to ramp up savings as more debt is paid off.
- Don’t just have an emergency fund – have an emergency plan. Create and write down your emergency plan so if disaster strikes you’ll have one less worry. No one wants to worry about money when they’re sitting in the ICU next to their spouse on a ventilator (trust me on this one). The emergency fund itself will not help you survive financially but executing that plan will!!
- Diversify your income. Look for small new ways to add income streams to your life. Whether that’s selling your old stuff on eBay, making something to sell at markets on weekends, driving a shift per week on Uber, starting a blog and making a few dollars in affiliate commissions or taking a temporary part-time job over the summer – lots of little extra streams of income add up to significant earnings over time.
- Don’t solely focus on reducing your expenses. Increasing your income has unlimited potential and can help your budget in more ways than you can imagine. Just make sure that as your income increases, you have a plan for how to use that extra money. If you spend it all, you’ll be in the same situation.
- Grow your career. It’s likely the only multi-million dollar asset you own and if you work at it a bit you can make it worth a few million more.
- The secret to building wealth isn’t necessarily earning a six-figure income—it’s consistently saving and investing. Tip 2: It’s better to have an imperfect investing strategy than being paralyzed by indecision. Just get started. Your future self will thank you.
- Set aside a weekly or monthly check-in with your money. Celebrate your wins and figure out how to fix your mistakes. (No shame or blame game). Do this as a couple or as a single person!
- Only spend money you already have. It’s deceptively simple, but when you only spend money you already have, you automatically live within your means. This means you end up with MORE money to do the things you love because you aren’t paying extra for every single thing in the form of interest.
- Everything is negotiable. Call your providers (utilities, cable, phone, etc.) and ask for a discount. If they say “no”…. a quick online search will give you a list of the cheapest providers who will be happy to get your business. You might even get cash back for the switch. Refinancing your mortgage is one of these little tweaks that takes just a few hours and can save you thousands of dollars. If you keep making the old payments, you’ll shave months or even years off the life of your loan are well!
Hope you found these helpful and interesting.
I look forward to hearing from you!!
If you found value, please feel free to share!!!
Until next time…..
Althea
PPS. Many of you know that I’m a nurse, but did you know that I have a side hustle? Check out these links…. Fix Your Credit and Earn Extra Income. My goal is to connect people, ideas and resources so that your life is better because I helped you make the right connection!!
I help Busy Nurses & Professionals uncover Alternative Income Options to create an Amazing Life and Thrive!
