No matter what anybody else says, money is the most important thing in the world. Those who say that money doesn’t matter usually have a lot and don’t realize how hard it is when it runs out. Only those who experienced what it’s really like when you don’t have enough for something you really need will agree with the statement above.
But whether you agree or not is irrelevant, what’s important is how you manage the money you have and what you can do in order to save as much as possible for when you truly need it.
Here are a couple of ways to save money.
The first thing you should do is – eliminate your debt.
In order to save money, you have to minimize the costs you are obligated to pay each month. The interest will eat your money away if you don’t take care of it as soon as possible. Don’t try to open a savings account if you haven’t paid what you owe. The reason for this is very simple – just compare the interest rate of your debt and the interest rate of your savings account and you will easily reach a conclusion.
The second most important thing is to set a savings goal. It’s crucial to know what you’re saving for. Whether it’s a new car, a vacation with your family or something smaller like a TV or an Iphone, it’s smart to have a predetermined goal. This way you will restrain yourself from taking money out of the savings account until you’ve acquired what you were saving for.
The third thing, and at the same time one of the most important things, is discipline. You should make a savings plan and stick to it. You should always pay yourself first (your savings account) and view it as any other kind of obligation. You can look at your savings account as if it was similar to an electricity bill and regularly deposit a predetermined amount of money every month or every two weeks.
This way you will create a commitment which, if you fulfill regularly, will help you achieve any goal you desire.
Now, this fourth thing is optional since not a lot of people can pull it off, but if you really want to save money and achieve your goals as quickly as possible, you should quit smoking. Of course, for a regular smoker who smokes thirty cigarettes a day, it’s certainly not an easy task, but if you do manage to quit, you will save roughly three thousand dollars a year. Imagine that. Assume you stopped smoking ten years ago and all the money you spent on smoking is currently in your savings account. That wouldn’t accumulate to fifteen thousand dollars, but a lot more due to a growing interest rate.
Today, if you had quit ten years ago, you could have bought a nice car with a price of twenty thousand dollars.
Think about everything you could achieve if you only put a little bit more effort in your savings plan.
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