How to have more money with little/more income?

Don’t say to yourself I :

  • have little income I can’t Save
  • have more income I don’t have to Save

Everyone has to Save, not that because it’s money but it’s necessary to have money. Saving is easy if you wish to.

1) Warren Buffet tips: [full article]

  •  Spend wisely
    If you buy things you don’t need, you will soon sell things you need.
  • Saving: Save for the unexpected
    Someone’s sitting in the shade today because someone planted a tree a long time ago.
  • Think long-term and be patient
     “No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
  • Borrowing: Limit what you borrow
    You will not become rich by living on borrowed money (credit cards, loans). People initially think that borrowing is manageable. One needs to have a solid plan to pay the debt back and not become its lifetime slave. A debt-free life is the best life.
  • Risk
    Risk comes from not knowing what you’re doing.

2)  Benjamin Franklin tips: [full article]

  • A penny saved is a penny earned.
  • An investment in knowledge always pays the best interest.
  • Having been poor is no shame, being ashamed of it is.
  • He that is of the opinion money will do everything may well be suspected of doing everything for money.
  • Rather go to bed without dinner than to rise in debt.

3) There is a subtle line between misery and spending wisely, so watch for it. So when you have to spend – spend like a King.

4)  Follow 70-20-10 Rule. Divide what you earn. [full article]

  • 70% for living expenses
  • 20% for savings
  • 10% for debt (student loans, car payments, credit cards). If you don’t have debt/credit cards, then you can save this 10%  too.

Any other personal tips please share in comments. I would love to learn.

 

Thanks for reading

Goutham

 

 

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One thought on “How to have more money with little/more income?

  1. Thank you for posting this article.
    I ones made a note of all the expenses I had for a month. I spent 5 minutes a day making list of things I bought that day and how much I spent on it. I did this exercise for 30 days.
    At the end of 30th day, I categorized all my expenses into basic necessities, shopping, eating out etc.
    This helped me realize how much I was spending on unnecessary things and how I can help my savings by making small and simple changes in the way I spend.

    Remembering and noting down everything you spent in a day is kind of boring and might make you feel waste of time, but this exercise was very helpful.

    I hope it helps you.

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