Tips For Saving Money
Still living from pay to pay? Or envying those great wealth accumulators
and wondering how they did it? Every month you make a resolution of saving
some dollars from your paycheck, but only end up breaking it. Looking for
some magic formula for saving money?
Well, there's no magic formula—only some simple rules to be followed with
determination and persistence.
Have you ever taken consumer credit—the credit used for personal finance?
If not, then that's where you're lacking. Those wealth grabbers, who are
the subject of your envy, have smartly used the borrowed money and became
rich. They didn't hesitate in taking credit, and considered it as a
valuable financial asset.
Credit is not something bad. On the contrary, it makes your life
convenient and prevents you from falling in a tight spot. Yes, I know that
your goal is to be a financially secure individual. We all have the same
goal, don't we? Despite harboring such strong goals, many of us are
scraping every month, with no money left to fall back up on at the end.
I don't intend to entangle you in the intricacies of finance, but want to
present before you, some simple rules that would help in saving some
dough. But promise me that you'll put them to practice regularly. Though
it takes some time—years maybe—to get the full results, yet the trick lies
in perseverance.
Spruce your knowledge—get smart! I'm not telling you to glue your eyes to
the television watching the stock market or enrolling for a finance
degree. What I want you to do is arm yourself with the basics of the
market so that you don't make wrong decisions that cost you money.
Intelligent decisions are the key towards a flourishing business.
Patience pays! Unless you win a lottery, don't think of getting rich
overnight. But with time you can certainly think of owning bundles of
those crispy dollars. So start saving your money as soon as possible. Let
compounding interest bestow you with its benefits. I hope you know about
compound interest—it is the reinvestment of your already invested
earnings. However, don't lose heart when you find your first reinvested
earnings to be a petty amount. Initially, they are small, but over the
years you'll watch them magnify.
Set a flexible goal Don't be a ship without anchor. Set some financial
goals in life so that you know your target. This will boost your
confidence and you'll be able to visualize yourself better in the future
years. I would suggest having flexibility in your goals. This is because
situations are never the same, they keep on changing and you'll have to
change with them too. Hence, you can't be rigid in your ways. Keep
reviewing your goals and—better still—select a good financial advisor that
would assist you in achieving your goals.
Get rid of large debts Want to know a wise way? Start paying off all your
debts that have double-digit interest rates. If you don't do so, you'll
remain chained to these hefty debts for years and end up paying a lofty
amount on interest rates.
Once you get habitualized about keeping aside a small chunk of your income
every month and updating yourself with the business happenings, you'll lay
a strong foundation to build the castle of wealth. The most important
thing is to keep on marching towards your goal persistently.
Now that you're loaded with the money-saving tips, I hope to see you going
around in a sparkling new car after some years!
James Marriott is a finance writer with more than 15 years of experience
in writing financial content, including those related to credit cards,
mortgages, stocks, investments, and funds. He has been with RNCOS, a
premier financial writing services company, for 2 years as head of
financial writing. He is also a regular financial columnist with renowned
business journals. For your comments on the article and further financial
assistance, please contact our staff writer at info@rncos.com.
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