Saving part of what we earn is recommended by most financial advisers because saving and investing is the most predictable path to wealth. Other methods like gambling, online gaming or lotteries are often unpredictable. Everybody can save money matter our background can save part of what we earn. To save more money we need to consider this point:
What if I earn little money?
This is what minority think is a reasonable excuse for not saving, but it’s a lie. No matter what we earn we can save more money through careful planning discipline. It is interesting to know that many high income earners still impose heavy debt upon themselves. They often think they have enough to cover up but it is not often plausible.
Things to avoid
Before you can save more money you need to avoid these:
- Avoid impulse buying.
- Don’t buy things because your friends have them:
Some are friend inclined, they buy things just because their friends have them. Some spend excessively in parties and other social functions. Don’t hunt your finance life to please your friends.
- Don’t buy because want to show off:
This is where most high earners often miss the point. They think that the more they spend the more people will respect them. They want to own flashy cars, flashy phones, and spend most of their income in flashy hotels. They forget that someone somewhere is will always beat them. Your financial success is more important that the praise of men.
- Always buy quality from the cheapest sources: make careful research before buying anything.
Close your eyes rule
Ever since I was small I’ve always followed this rule to save more money. It is often advisable to close our eyes when we are pushed to buy thing we don’t need. We need to avoid buying things because we want to show our class or because our friends are buying them. Whenever our income exceed our expectation, we can save extra money and still work with the same budget. Closing our eyes can help us avoid debt and save more money. In what ways have you saved more money? don’t forget to comment below and share with friends