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Save money Simply

August 15, 2019

Saving money is critical in todays business world. We will need that extra cash when you least expect it.

Try these tips to enable you to start saving money.

Spend Significantly Less than You Earn

The first habit is to spend less than you earn. And if you want to build wealth fast you need to spend significantly less than you earn.

You would think that this would be a common sense rule but unfortunately, it’s not. Most people spend a lot more than they earn which is why there’s so much consumer debt. If you can ingrain this one habit at a young age you’ll be on the track to financial freedom.

Invest Your Money at a Young Age

The earlier you start investing the more time your money has to grow. This is why investing at a young age is so crucial.

Even if you only have an extra R100 per week to invest you need to do it. Those small amounts can turn into something huge in twenty to thirty years.

Avoid Debt

Debt should be your enemy. Those of you with mountains of loans have probably already figured this out.

Debt will hold you back from so many financial opportunities. Make it your mission to avoid all forms of consumer debt. If you’re already in debt you need to first work on getting rid of it before you’ll be able to build wealth.

Save as Much Money as You Can

Saving for the sake of saving is pretty pointless. Instead, you should create financial goals like saving for a house, car, or early retirement.

Once you’ve come up with meaningful goals start stashing away as much money as you can. Save for your current goals and for your future.

Find a Career You Enjoy

Last but not least you need to find a career you enjoy. You’re not going to be able to realize your full earning capabilities unless you at least mildly enjoy what you’re doing.

Plus, who wants to work their entire life doing something that they hate? It might take you a while to find that perfect fit but you’ll know when you find it.

Always serves as a peace of mind if you have that extra money available for a rainy day.

By Yaseen Amod of Ideasvoice SA