5 Secrets To Saving Money

There is something totally irresistible about the phrase, “do you want to know a secret?” As soon as we hear those words uttered in order, something weird happens to our brains whereby nothing else on earth matters – we just have to know what this secret is.

Anyway, there is a reason we’re telling you this: it’s a sort of safety precaution because we’re about to couple the power of secret-sharing with money-saving advice, which could send your brain into the kind of overdrive where you start drooling.

Yup, we’re about to ask the rhetorical question, “would you be interested in some secrets to money saving?”

Of course you would. Who wouldn’t be? Rich, poor, well-off, closing in on broke – everyone would love to get their hands on the secrets of saving money. But this is going to be especially attractive to those who don’t think they have enough money to start saving, which is one of the most common misconceptions out there.

It’s exciting right. Except, these secrets have actually been circling about the public domain for years and years and years, you just haven’t made the effort to delve into them and see which ones could drastically improve your lot. Well, that’s about to change because we’ve pulled together a list of not-so-secret-money-secrets that will help you tuck a few more dollars away and have you sitting on a pretty penny in the future.

Secret #1: Budgeting Is The Best

The word ‘budgeting’ has this incredible ability to make people roll their eyes, but you’ll only be doing so at your own harm because it’s impossible to save money if you don’t know where your money is going. That’s a truth as gospel as any. It’s a fact and there is absolutely no way of getting around it.

Just think about it for a moment (or as long as it takes you): you can’t possibly know where to cut back on your spending or know where you can make some extra savings if you haven’t the foggiest idea of where your money is actually going. You can’t, which is exactly why you need a budget. All you have to do is sit down for an hour (max.) and look at how much you are spending on the roof over your head, utilities, groceries, debt, and entertainment.

Then, when you have a clearer picture of where your money is going each month, you’ll be able to spot trends and problem areas and react. Simple.

Secret #2: Spend Less Than You Make

The most important piece of money-managing information you will ever hear goes like this: you can’t go bankrupt or broke if you spend less than you make. That is the Holy Grail of money-saving advice. It’s about cash flow. It’s about spending less than you earn. It’s about not spending what you don’t have. The simplest way to think of it is this: if you make a $1000 dollars in a week, and you spend $1100, you’ll be left on -$100, which begs the question: where does that money come from.

Well, statistically, it will be borrowed money of some kind, and that’s where the slippery slope begins because the money you borrow comes with interest and most interest is compounded. Don’t fall into this trap. Whatever you do, don’t fall into the endless claws of debt. It’s the worst. And it will stop you from ever saving what you have.

Secret #3: Ask For Help

As absolutely, totally and unapologetically bonkers it is, the education doesn’t offer money-management advice. It’s entire system is geared toward getting you the best grades so you can get the best paying job, but nothing teaches you about how to save money, which is the undisputed king of getting rich. This is problematic because the world of finance isn’t easy to navigate alone, a bit like the law.

Our advice: go and get financial help everywhere you can. If you want to invest money but haven’t a clue about how to invest or what would be a good investment, speak to an experienced portfolio manager and have them take control of your investment strategy for you. If you are involved in an accident of some kind, speak to someone like www.blumenshinelawgroup.com who can help you get the compensation you deserve.

If you have an idea of where you want to financially by the time you retire but have no idea how to reach those goals, speak to a financial planner and come up with a strategy together. Help is at hand, so make the most of it.

Secret #4: Take Advantage Of Freebies

They say nothing in life is free, but that’s one heck of a lazy outlook on life because there are plenty of things that are cheap. It’s just needs you to be a little bit creative. If you are wasting money on a gym membership because life is too hectic and you can’t find someone to look after your kids, then scrap the gym altogether and subscribe to a home workout channel on YouTube for free.

Take advantage of free-trials, whether that be Amazon prime, Netflix, Spotify or whatever, but make sure you set a reminder for the end-date so that you don’t get snagged by the automatic enrolment. These are all great ways to enjoy something for nothing, which will let you put that money you saved into a savings account and see your wealth build over time. Woohoo.

Secret #5: Only Carry Cash

When debit and credit cards were introduced to wallets around the world, that feeling of spending money started to fade out. It then completely disappeared when contactless card payments become mainstream. This is dangerous, though. It makes it even hard to resists the already irresistible temptation to spend money.

But by getting rid of your cards (read: leaving them at home) and withdrawing your weekly budget amount in cash, you’ll find you are a lot more careful with how you spend what you have. You’ll get that gut-wrenching feeling of actually handing over money and being left with less, which is a great way to check yourself before you wreck yourself.

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