Saving money is simpler than people make it out to be. The hardest part is usually the initial process. But there are many gurus out there, from enthusiasts and millionaires like Dave Ramsey, Chris Hogan, Rachel Cruze, and many more who can teach you about saving money without the need of having a personal financial advisor. While this is a hard thing to do, it’s even harder when you’re trying to get yourself out of financial trouble. But there is relief. The first step of any financial freedom program isn’t even to pay off your debt, it’s to save money. Once you have that money saved, you can start to project your goals and have your hind end covered. And there’s many ways to do it. This article will go through a few ways to save money and if you want more go to www.compasswealthpartners.ca.
- Track Your Expenditures
The first thing you need to do is figure out the total weekly, monthly, and even annually relevant expenditures. Get an average of how much you need to pay the bills, big and small, then you move onto the next step.
- Design Your Budget for Your Expenses
The first thing you want to pay is your expenses. Make sure you subtract those from your income first. You need electricity, gas (sometimes), water, rent (or mortgage payment), vehicle payments (including insurance), and what you have left is what you can budget with for other expenses that may be bills but may not be necessary.
- Priorities First
Prioritize your expenses and your earnings. Some places have this lower in the list, but you need to only pay for what you NEED when you’re trying to save money.
- Smart Shopping
Shop wiser. By using the envelope system of whatever means of saving you use, stick with it and don’t overspend. Online coupon sites like DontPayFull help save money. And don’t forget about cash back apps like Ibotta!
- Envelope System?
You can even use an envelope system for budgeting and to keep from overspending. Even if you need to do this, it is a great way to sort out expenses with cash and still put them in a safe place. This will help you stop over spending your money. Look it up.
- Learn Money Saving Tips
Figure out how to save money. Take 10% out of whatever income is left from each paycheck, or each month that is not going to bills and put it into it. If you get paid weekly, take your monthly income and divide the total monthly income left by 4. This will give you how much you save each week.
- Automation is the second key.
You can even automate your savings into something like a savings account or second checking, or even something that you don’t use often like PayPal.
Once you have everything set in stone, and the motivation is final, this is where the fun part comes in. Wait a month or two, and check in on your savings again once everything has been automated. Congratulations! Without the need for Bitcoin, you just created your own fully functional automatic sustainable income solution! Watch your savings increase gradually, but at the same time passively as you have everything you need, and a few things you want. Just be sure you never touch this money no matter how badly you’re tempted to dip into it.