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This is a comprehensive list to save money and grow money. There are two ways to have more money. Either by cutting your expenses or by earning more. Putting your hard-earned money at the right place is important to increase the value of money.
Earning, saving and investing along with personal finance education, are all very important to grow wealth. Tracking your expenses, budgeting, and then saving each and every dollar is the key to successfully grow money. Here are some of my favourite and very simple actionable tips to grow wealth when you are really on a tight budget.
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1. Automate your saving
Automate your savings if you really want to save money. If you will wait to save money after your expenses, you will never be able to reach your saving goals. When you have saved enough, you will be able to think about investing your money because now you would have your cushion to any urgent emergencies.
Automate saving any amount of money even if it is 20 dollars a month. It will give a real push to savings.
2. Save on shopping with Ebates and Cashrewards
Make use of all the apps and sites that give you cashback on shopping. Check in-store as well as online about the prices of items you want to purchase. Most of the time, they are at a similar price. If you do not find a difference in price then buy online and get some cashback. Ebates and cashrewards are good sites to get cashback on shopping.
3. Bank accounts you can open your accounts with
Open bank accounts which pay you more. Though saving rates on saving accounts in banks is the lowest, but some money in saving accounts is good as it is the safest and risk-free method. Chose those accounts that don’t have a monthly fee.
Investing in other types of methods have some risks but if you have money in your savings account, it will be possible to take some risks with investing. Some money should be there in saving account like Emergency Fund. It should be easily accessible whenever required. Building your emergency fund will let you have some peace of mind. Keep this money strictly for an emergency.
4. Start saving early
Start saving as early as possible. If you start saving early, you will have to shell out less from your pocket for the same returns. There will be a huge difference in the amount of money you will need to save if you start saving in the ’20s than the money you will need to save in your 30’s.
But it doesn’t matter where you are today with your savings and with your age, just start saving. Saving comes first and then you can think of investing your money so that you can have better returns. Start saving some percentage of you earning right away.
5. Start earning more
There are two ways to build wealth. Either cut your spending or start earning more. I think both are important. Cutting spending on unnecessary things and starting some side hustle to earn more is the best thing. Some people started their side hustles part-time and has made it their full-time job ( business).
If you have some idea and want to start some side hustle, just take action. The Internet has opened so many doors to increase your earnings. Many Online stores are a huge success. There are stories of so many bloggers who are making good money.
6. Invest in financial self-help books
This is so important because no one teaches us in schools and colleges about how to manage your personal finance. Learn how to manage your hard-earned money from self-help finance books which teaches the proven methods. Personal finance is not fully understood unless you learn by yourself how to manage your money.
Before taking your first step into investing, it is important to have basic knowledge of investing. And take the help of any investment professional until you feel comfortable yourself.
7. Cut your spending on non-essential items
Some of the items you spend money are not essential. For example, having two cars when you need one. Spending money on white shirts when you already have 20 white shirts. These are just examples.
Everybody has a tendency to get obsessed with some things which we buy more than needed. Stop this and save that money to grow further.
Because items purchased always diminish in value, it is better to invest that money into something which grows in value.
8. Make your time more productive
Time is money. Right things done at the right time will fetch you success in the form of money and other rewards. We all know that Money is an important reward. Money cannot buy happiness but can buy those things which makes you happy. Having money takes the stress of money off your mind.
If you have some idea or activity to start, start it right away. Don’t procrastinate and be lazy. Taking action is the first step and the most difficult one.
9. Track your behaviour of spending and work on improving it
Along with savings, this is also important. You can never predict where your money is going and where are you spending unnecessarily. Budgeting and saving come after tracking your spending. After you know your spending habits, you will definitely be able to save some money by cutting unnecessary spending.
10. Pay bills on time
Paying bills on time is so important because some energy companies give you pay on time discount and you save a good chunk of money. I have an example from this month. Due to so many things going on life, I just forgot a bill to pay. And can you believe me, I had to pay an extra 80 dollars. Normally I have a direct debit with companies but this month I just changed our energy company and wanted to see the difference.
And I missed the due date. I felt so bad after. And I negotiated with the company they helped me by reducing the bill but even then, I had to deal with the loss.
11. Enjoy life guilt-free life with right amount of spending on enjoyment
Spending too much on anything is not good but depriving yourself is neither. We are here to live one life, it is best to live it fully. But in these changing economies, you cannot think of only entertainment. Rather, being conservative is the key along with spending on the things which are necessary.
There are too many distractions to spend money. It better to look for deals or go to free places to enjoy life.
12. Don’t touch your savings
Now as you have automated your savings, don’t touch them. Keep your retirement fund for strict retirement. And have your emergency fund for strictly for emergencies. Your determination is the biggest virtue which you need for growing your wealth.
13. Plan your big purchases ahead
Planning big purchases ahead will save you from squeezing money from already saved money whether it is an emergency fund or the fund which you have kept for other necessary happenings of life.
Start planning early and save money. Because when you have already planned your big purchases, you can buy those things when prices are the lowest.
14. Start investing with Raiz to save and grow money
Investing helps in growing your wealth and do the magic of compounded interest. If you have never invested and is scared of the volatility of stock markets, start with micro-investing. Raiz is a micro-investing app which invests very small amounts of money by rounding off your purchases.
This is a good option if you haven’t started investing money yet. Small amounts of money will not bother you but will make a huge difference in the long run.
15. Have your financial goals in place
Setting financial goals will let you have a focus on what to do next for growing your money. Always set SMART goals for your money management. Classify your goals into long term, short term and mid-term goals. To have a clear focus, set a time limit for your goals.
Start with setting short term goals. When you will be able to crush your short term goals, midterm and long term financial goals would be easy to set and accomplish.
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These are my thoughts on how to save and grow money. If you have some ideas, please share in comments.
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