Saturday, April 3, 2021

How To Save $100,000 FAST | Money Saving Tips For Beginners

How To Save $100,000 FAST | Money Saving Tips For Beginners 

Let's talk about how to save money by revealing the method that I used to save over $100K by the age of 22. Today I'm going to be sharing my money saving tips and strategy in an easy to follow step by step guide. Money Saving Tip #1: Track your money and use a budget.Nowadays it’s even easier to do this as you can download a budgetting app like Yolt or Mint. By tracking everything it gives you a much better idea of your financial situation and once you understand where your money is actually going you can take much better control of it. Money Saving Tip #2: Set some saving targets Without a target it is very hard to save any money because as soon as something shiny and new comes along you end up spending all your money and having to start from zero. Money Saving Tip #3: Set some rules for yourself. I fully committed to these rules and I printed them out and stuck them on my bathroom mirror. Everyday I would read them so that I would stay on track, it made it a lot easier for me to make the right choices when I was tempted to give up. Money Saving Tip #4: Start by paying Off All High Interest debts. There is really no point having money in a savings account paying 1-2 % interest if you are still paying down a loan that’s charging 20+% interest. By paying that off that it's like getting a 20% return on the stock market, which is pretty spectacular. Money Saving Tip #5: Live Frugally. Lots of people think that being frugal means you have to cut back on everything including the things you love to do but I don’t think that’s true. It’s all about looking for alternatives that cost you a little bit less money.. Money Saving Tip #6: Increasing your Income. Most of the people I have met are either very good at saving money or very good at earning money but in order to be truly wealthy you need to be good at both. Money Saving Tip #7: Invest in assets. Once I had 15K saved up I got a 30 year mortage on a small apartment. I initially moved in but I quickly realised this was a bad idea as I had bought a liability that would drain money from me every month making it nearly impossible to save. I had to turn it into an asset so I decided to rent it out and move in with my girlfriend. The rent was paying off the mortgage and also giving me a bit of extra money left over which I continued to save. 

No comments:

Post a Comment