Money Tips: Take Control of Your Finances
It just makes sense to Save. It is no longer optional but a must or necessity to save. But, first you have to know that to build wealth-you have to have some money set aside. Yes, if you do not have anything saved: that’s simply not wealth! Wealth is having something for emergency, not relying on one income stream for all your needs, and knowing you get by living day-by-day. This is now your time to act now and exercise your right to be wealthy by Saving today. It your life, your dollar or your way!
Here are some saving tips to get started:
Let’s look at how our overall income or earnings should be used for such as (Needs-50) (Wants-30) (Savings & Debt Repayment-20%)
In other words, the general 50/30/20 rule is a popular budgeting strategy to consider. Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment.
Save Money on Groceries
Groceries can be a significant expense. Here are some tips to save money:
- Plan & prepare weekly meals.
- Keep an erasable menu board.
- Buy in bulk (when it makes sen$e).
- Keep a look out for sales and coupons.
- Consider generic brands.
- Limit processed foods.
Quick Tip: Buy important household goods when they are on sale & when inventory is low. That way you will always have supplies in surplus or on hand.
Boost Your Savings:
Develop a savings habit. Here are a few ideas:
When you get paid, make it a rule that you will “tax yourself” 10% to SAVE. This includes bonuses, tax refunds, income etc.
Try a no-spend challenge. Try not to spend your entire income items you don’t need or can manage without.
Make it a priority to save. Remember: Wealth is what you have not what you don’t have. Don’t spend your entire income or earnings than say your “broke” and miserable. There are some things you can love without to save.
Quick Tip: Every time you resist an impulse purchase, put that amount of money in your savings account.
Live Frugally:
- Frugality doesn’t mean deprivation. It’s about making smarter choices. Here are some tips:
- Cook more meals at home instead of dining out.
- Brew your own coffee.
- Cancel unused subscriptions.
- Embrace free entertainment (libraries, parks, museums).
