Saving money is easier than you think…
Here are some personal finance tips which might help you save more:
- Save 50% of your income. If you can’t do this, save more than you spend.
- Invest the difference in stocks or a stock index fund. Get a financial advisor if you need help.
- Track your net worth and spending habits. Use free apps available for smart phones.
- Minimize your investment management fees as the erode gains you make.
- Don’t waste money. For example, rarely eat out. This is one of the biggest expenses you can easily control.
- Start a side business doing offering things that you enjoy. If a little bit of money each month from doing outside work, invest it. You will accumulate significant money in a short while.
- Don’t overspend on a house. Your home is your biggest expense. Keep your mortgage (or rent) expense under 20% of your total income.
- Buy a used car and pay cash.
- Shop around on your big monthly expenses every year. Home insurance, car insurance, internet service, phone service. These are the easies to saving a bit each month.
- Pay off your credit card every month. Don’t carry a balance.
- Keep reading, taking courses, learning new skills. Investing in your knowledge and learning. Your ROI on this investment will be greater than anything else.