MONEY SAVING TRICKS
1. Avoid Social Media
It seems like every time we go on Facebook, Instagram, or any other social media platform ads bombard us. From workout clothes to the hottest new toy. We are exposed to sponsored content like pictures and videos all day long. Besides being terrible for our productivity, these apps are causing us to spend significantly more money which erodes our chance at saving money.
2. Use Automatic Deductions
For those of us who had no control over our spending, automatic deductions will work wonders. If you are unfamiliar with automatic deductions, they work in the following way: whenever you get paid, a portion of your pay is withheld from going into your primary bank account. Typically, people will set up a savings account that the money is routed into which sometimes is not accessible to allow the money to continue to compound.
3. Imagine Your Future Rich Self
Most people believe their future ability to create wealth is in a direct relationship to the environment, in which they were raised. To increase your upside income-generating potential, you first have to expand your mindset. This book will help you become more self-aware about how you look at money and wealth generation. Just click here.
Sure, spending $5 on a Starbucks Coffee doesn’t seem like a big deal, but what if I told you that that $5 could turn into more than a hundred dollars by the time you retire. Then, how would you feel? It is not $5.00… it is the compounding of that $5.00!
Just curious… How many books do you have in your library regarding money and financial education? Change your Mindset Book can be bought for around $5.00 yet most would rather buy a coffee at Starbucks. Why is that?
You might change your mind, right? The next money-saving trick is to imagine your future rich self. Every time you consider a new purchase no matter how big or small ask yourself if spending this money will take you closer or further away from achieving your future rich life.
4. Sleep on Big Purchases
Sleep allows you to save money in two separate ways. First, without proper sleep, your decision-making capabilities diminish and the chance of risky or monetary behavior arises.
So, that car you wouldn’t consider buying may end up in your driveway. Second, sleep allows you the time to contemplate big purchases, take the evening to sleep on large expenditures and allow your unconscious mind to process the information related to the purchase, and then analyze it while you’re dreaming.
5. Use Only Cash
One of the best money-saving tips is to only spend cash whether you’re buying groceries or a new phone. Spending cash makes us notice some monetary effects of our actions.
This is because when we are paying, we are physically handing over money and we see the depletion in our wallets. Whereas, when you use a credit or debit card, the potential to spend seems almost endless. If you don’t want to break a big $50 or $100 bill and you have to lug around loads of change, you may just avoid purchases all together allowing you to save more money than you ever could when relying on credit cards.
6. To Calculate the Cost in Hours
The second to last tip is to convert the cost of your purchases into work hours. For example, if you make $20 an hour at your job and then buying that new $100 T-shirt is 5 hours of your time. Ask yourself, is that shirt worth 5 hours of slaving away at my job?
When you see your purchases in this light, you’ll become more conscious of how much a personal investment it was, making you think twice before spending frivolously and ultimately allowing you to save more money. If you want that new Tee, then sell some of your old clothes on eBay and buy the new Tee with your profits.
7. Generate More Income
The report above is available for free here at SaveYourBucks.com. The truth is, your ability to save is restricted by how much you earn. If you currently make minimum wage, then saving a lot of money will be next to impossible. The only way to improve this situation is to increase your income. For some people, you may pick up another part-time job, doing freelance work or increasing your skills to allow you to earn a higher hourly wage.
Personally, I’ve been able to triple my income over the last four years by completing my master’s degree and getting my CPA designation. But I know accounting isn’t for everyone, so find what works for you, and with this increase in income, you’ll have more money than you’ll ever know what to do with.
I believe the best thing for most people is to start your own side gig where you can control your hours and build up your income. If you choose the right opportunity. Over time, it could become your full-time income source. I have just discovered a great opportunity that is just launching in the United States, you can start part-time and make a significant income. You can get the details here: APLGO Launch.