It is important to learn how to save money, otherwise it will never improve your situation. You may already have a high debt at home and just want to start paying it off; The ideas in this article will help you do that too.

This article is primarily for people who have no assets or savings and need to start all over again. It is important to have this basic skill. Without it, you will not learn to manage money. So even if they give you a large sum of money, you wouldn’t know how to handle it, if you don’t have this ability.

So this is for people who want to buy a house (or an asset) and have no savings to do so. This will teach you how to save. The easiest way is to save 10% (or more) of your income.

Income from your self-employment won’t be taxed until you file your taxes, so you need to save money for this too.

So the best way to save 10% is to have your employer deposit 10% of your salary in another bank account, perhaps a bank that is not in your town or city and does not have an access card or Internet access . . So 10% just goes into your week and you don’t even know it.

Then you can spend the rest. This is an obviously slow process to get rich and if your income is $ 50,000 then only $ 5000 will go a year. But it’s better than nothing.

So that’s the BEST way to do it. You know why? Because you don’t see it so you can’t spend it.

If you wait until your payment enters your bank account and then transfer it yourself or have a direct debit set up, it is not the same, as you read the chapter on goal setting.

If you have a goal of buying a $ 300,000 home within a year, you will need the deposit and closing costs.

Let’s say you need $ 40,000, so divide it up weekly. Assuming your income is $ 50,000, 10% of that amount is $ 5,000, so you need to get an additional $ 35,000.

When this happens, you should notice them. There is a name for this, but we will call it ‘luck’ and when things start to fall into place then you will seize every opportunity that comes your way.

If your goal was a home in 1 year, you are now on your way to buying your first home. If you already have a home, you are paying for it faster now. Why do you want to pay off your home loan faster?

The reason you want to do this is that you can use the equity, which is the difference of what you owe and how much it is worth, to buy another home, rent it, or future investments. Wealth is not created by owing a lot of money, you have to start paying it off. Then you start to build equity.

The reason you want to buy another home is that, in the long run, it will give you asset growth and income in the form of rent.

You need asset and income growth to become a millionaire.

OK now back to savings. Here’s another idea or additional way.

Drop all your coins into a jar at the end of the day. Do not harden the jar.

When it’s full, take it to the bank and collect the money.

Don’t spend it on a night out; transfer it to the bank account out of town.

Another way is to really save on your daily expenses.

Stop buying a daily coffee.

Don’t take the car to work and take the bus.

Shop at the largest mall in the lowest socioeconomic area closest to you.

Why? Because the supermarket there will be cheaper than those in the middle class areas.

Pack your lunch at home and take it to work, this can save you $ 50 a week, and guess where that $ 50 a week goes? Bank account out of town.

Stop going to movies and dinners.

Cut your credit card (s) if you have them, and never use them again.

If you need credit card numbers to buy things online, get a MasterCard or Visa debit card.

Pay them off ASAP and never, ever use one again.

No one you have ever seen with multiple credit cards and balances transferred each month is rich.

As for the points? Who cares, you won’t take any plane rides until you’re rich.

Control the use of utilities, take shorter showers, do not use heating or air conditioning devices unless necessary, turn off the lights, watch less television; it’s rubbish anyway and you need a good night’s sleep so you can go clean at 230am anyway. (See how having additional jobs / sources of income will save you money in other areas?)

Don’t have a mobile phone unless you need it for work. If you want to talk to people, tell them to come visit you.

Do not have anything that costs you money, that does not help you earn money.

Think if this is going to help me make money, if I don’t get rid of it, don’t buy it or don’t use it.

Sell ​​it on eBay.

Food: do not buy junk food, you will lose weight and it is always more expensive than fruits and vegetables.

Fruits and vegetables are usually cheaper in the outer suburbs that are close to fruit and vegetable growing areas, so shop there.

Maybe it’s cheaper to live there too, so maybe you move there.

If you rent, get the cheapest apartment or house and find someone to share with you or rent free rooms.

If you have a mortgage then you need to start paying it off, if it’s too high and it’s a good time to sell, sell the house and buy something cheaper that you can afford.

Rent any vacant room or space that can be rented.

Pay your mortgage loan biweekly if it is a variable loan.

You will save money.

If you have a high income, look for loans where your income can go directly.

If you don’t need your car, sell it.

If you can take a bus or train to work and decided that the cleaning and lawn mowing business weren’t for you, then sell it.

You can buy one later when you get rich.

If you need to go to a place where a train or bus cannot rent a car.

I could go on to how to find ways to save money, but you get the idea, look at everything you do, and eliminate what you don’t need.

You don’t need cable TV, I don’t care who you are.

If you want to save money, get rid of it.

I know people whose loans are in arrears, and yet when you look at their bank statement, they have internet, cell phones, and cable.

Clearly, watching sitcom reruns is more important than staying at home for some people.

You might think but if I get rid of this or that or stop going to the movies every week with my friends or go out to drink and spend $ 200 on Saturday night you will run out of friends and everyone will make fun of you at work because you don’t you did watch the 9 hour 2 1/2 man cable marathon.

Look at your friends, next door neighbors, or co-workers.

They are rich?

They could have the latest car, a big-screen TV, and come out in the newest clothes three times a week, but if you can calculate their salary and they don’t get up at 2:30 a.m. to go clean, then they are basically one. stay away from bankruptcy.

If you want to be rich you have to do things differently from others, if not, everyone would be rich.

If you don’t have a couple of investment properties and have to check your bank account balance at the ATM before buying your lunch, you’re not rich.

You need to find new friends who are just like you.

Wealth-minded people who are or want to be rich.

Sometimes these people will introduce you to an idea, a real estate development, or a way to make money that you can benefit from.

Whereas your friends only worry if you are wearing the right clothes to go to the club tonight.

Most people are one step away from bankruptcy and you don’t want to be that way and that’s why you are reading this book.

If you wanted to be one step away from bankruptcy, you wouldn’t have bothered to read this.

So you need to save money and look for ways to cut your expenses, although it may have increased with the added income, now is the time to ‘seize the day’ and ‘make hay while the sun is shining’, to put it to good use. to all the extra money.

Yes, if you increase your income, you can simply spend it and impress your friends with the latest big screen televisions and electronic devices, and you do not need to deposit it on a credit card either.

But this is not the point.

You are making money so you can get rich and if you follow my simple advice then you are more likely to get rich.

And telling your old friends who go to parties, buy the latest gadgets, and are in vogue that you’re now a millionaire in 5 years is going to sound pretty good.

Sure they laughed at you then, but when they get kicked out of their house for not paying the mortgage rent and you have 5 houses and you can buy a big screen TV with cash, then you will be the one laughing.

So you need to start saving money and then look at all the ways you can save money.

Without pain there is no gain.

So you could be reading this and not wasting your money now, you just don’t have enough money.

The only way to improve your situation is to increase your income.

If you don’t have the money to buy a mop or vacuum, or you don’t have a car, then you need to have a smaller goal.

I would suggest getting a second job, or finding a higher paying first job, and then starting saving so that you can start your business.

If you can’t afford to save because you have too much debt, let’s say you have personal loans and credit cards and you are already behind on these payments, then you really need to earn the most money and pay them off.

There is no point in saving money if you have $ 80,000 in unsecured debt at 20% interest. You need to focus and pay for it.

If you have a car in financing, decide if you need it so that you can earn a second income, or if it is better to sell it and reduce your debt.

And break your credit cards right now and never get one again.

Saving money is the most important thing you will need to learn, whether it is buying cheap food or saving 10% of your salary every week, if you have nothing saved now, you need to learn how to do it.

Saving money is the most important lesson you must learn, because you can earn all the money you want; If you don’t save it, you will never be rich.