Now, it’s one thing to realize that inflation is a big threat. It is indeed a big step in the right direction when you realize that you need to start putting money away now so you can have the kind of comfortable retirement you want for yourself. These are great and everything, but understand that deciding to make a change is one thing, actually pulling it off is another thing entirely.
Most people who are looking to grow their money through investment struggle with the challenge of finding money to grow in the first place. For you to invest money, you have to have money to invest. Pretty straightforward. This is where savings come in.
Unfortunately, a lot of Americans have a negative view of savings. I’m not saying that they are completely hostile to it. Instead, they see it as something that “would be nice” if it happened. They don’t see it as something that they have to do. They see it as an option. After all, a lot of households in the United States struggle from paycheck to paycheck.
They do so because they feel that their expenses and liabilities are so heavy that there’s really nothing left over. So month after month, year after year, they struggle trying to find anything to save. Well, if you make these 7 changes to how you handle your money, you will find the cash to invest. You will have some funds to grow for your retirement or for whatever purpose you have in mind in the future.
Set Up a Percentage Based Auto Deposit at Work
There are many banks that work with employers to set up an auto deposit system. This is not a big deal. If your bank doesn’t accommodate it, switch to another bank. This is actually pretty straightforward to set up with the human resources department at your place of work.
Set up a percentage system where you’re not even going to see the money hit your paycheck. The savings are taken off the top. This is very important because the more invisible the savings, the less likely you’re going to screw around with it. The less likely you’re going to feel an emotional attachment to the money you earned because if you do not see it, you will not feel the compulsion to spend it. Pretty straightforward. Once you have set aside account has reached a certain balance, you can then start investing that money.
Consolidate All Your Cards into One Low Interest Card and Save the Difference
One of the most effective and common way Americans dig themselves into a debt hole is through credit cards. They don’t just use one card. They use many different cards and a lot of these cards have high interest rates.
This is why they struggle at the end of the month to pay off all these cards. It’s like playing Whack-a-Mole. Just as soon as one card is paid off, their payments shift to another card that has a huge balance. And on and on it goes.
Instead of running around in circles trying to get your financial house in order, consolidate all your credit cards into one low interest card. This is actually easy to do with a balance transfer low to zero interest programs.
Find a low interest rate card that has such a balance transfer program and save money. How? Instead of paying the interest that you’ve gotten used to, slash that amount by one third and save that amount. Do you see how this works? So you have already trained yourself to paying interest at the end of the month. Slash that to one third and pay it to yourself instead in the form of savings.
Cut Out Soda and Other Food Vices and Invest the Savings
Even if you don’t drink alcohol or smoke tobacco or do drugs, you might still have an addiction. That’s right. One of the most widespread addictions in the United States is the addiction to sugar. Usually, this takes the form of soda.
Do you know how many tablespoons go into one can of soda? It’s sick. And a high sugar diet has been linked to all sorts of health problems ranging from cardiovascular problems, weight problems to, you guessed it, cancer. By cutting out soda and other food vices, you give yourself a few bucks to save. It may not seem like much, but you can scale it up later.
Reduce Your Grocery Expenses By Setting Up Meal Plans and Sticking to Your Shopping List
When you step up and take full control over your household food expenses, you can save quite a bit of money. Too many American households struggle financially because they would go to a grocery store with no shopping list and just buy up stuff that they see. Well, grocery aisles are set up in such a way that they trick you or entice you to buy high cost items without you even being aware of it. Fight back by setting up a strict meal plans and sticking to the shopping list based on those meals you’ve decided to cook for your family for a given period of time.
Consolidate Your Long Term Liabilities
Believe it or not, mortgages can be consolidated. Also, credit cards and student loan debt can be consolidated as well. Look into this. The longer term the liability is, the higher the likelihood you can consolidate it.
Now, keep in mind that you’re not really getting rid of the debt. All you’re doing is setting yourself up so you pay less every month. In exchange for that, though, you’re going to be paying off the debt for a far longer period of time. Finance companies, after all, are not in business to lose money.
Try to Convert Your Unwanted Stuff Into Cash
I don’t care how poor you think you are, if you live in the United States or any “developed” country, you probably have a lot more stuff than you care to realize. You also have a lot more stuff than you actually use on a regular basis. Those are assets. You can turn them into cash. Unless you have some sort of emotional attachment to them, start looking at them as a source of cash that you can use to invest.
Convert Your Spare Time Into Spare Cash For Investment
Thanks to the internet, it has become so much easier to turn spare time into extra cash. How do you do this? Well, you can freelance online. If you know how to listen to English audio, you can freelance as a trancriptionist. If you know how to string words together in a coherent way and stick to basic grammar rules, you can become a freelance writer.
By working for a few hours every single day, the spare time that you could have wasted playing video games or hanging out with buddies and drinking can be turned into cash which you can then grow through investments.
There are many ways to find money to invest. You just have to realize that you have to want to do it. You also have to open your mind to starting savings programs and sticking to them. Click Here for the best way to start investing.
Recommended Read:
Investing For Beginners is the newbie investor book you ABSOLUTELY need to read if you are completely clueless about investing.
This book gives novice investors a clear view of why they should invest, how they should invest, different assets they can invest in, and simple strategies they can use to maximize the growth potential of their investment.
Click on the following links to GET it Now-
Get Audiobook Here or Get Paperback Book Here
