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 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