It is not easy to save most of the money when you are on a low income scale, but there is a way to eventually save most of your earnings. It has been proven by most people and myself as the online main way to save more money is having a plan and discipline. Since my years a teenager, I was allows finding myself in debt, even when I had my earnings increasing. As time went by I started having interest having financial knowledge and I was able to then save over 80 percent of my earnings by following these life strategies.
1. INCRESING MY STREAMS OF INCOME.
One of the main reasons people fail to save money is because they don’t earn enough, given a situation where your monthly earnings like in many African countries going at $200 a month, which also equates to your monthly spending’s. The only way a person in those regions can manage to save 80 percent of their earnings is by starting a business or find different part time jobs that would see their earnings increase up to a thousand dollars and save $800 monthly.
2. CUTTING DOWN UNNECESARY EXPENSES
It is very hard to cut down expenses when you want to match your earnings to your lifestyle. Most people earn a lot of money but they save almost next to nothing as they feel their public image is more important than saving for your future or rainy day. Just as I it doesn’t really matter if you earn less or more as the most important this is living to the cheapest possible health lifestyle. It makes no sense buying the latest TESLA car which will see its value decline everyday until you gain nothing from, when you can buy an old strong Toyota Hilux at 200 times cheaper price. As to this, for every person to manage to save more money, they will need to evaluate any purchases they make to make sure they are worth the cost and really necessary.
3. SAYING GOODBYE TO TUITION FEES BY ATTAINING FREE ACCREDITED CHEAP OR ONLINE DEGREES.
One of the other thing that has significantly affected peoples saving ability is their student loans. Most graduates who have attained tertiary education have massive student loans which have to be pain with interest. Although on campus experience is good for students, it comes with very high cost unless you manage to get yourself a fully funded scholarship otherwise you will be trapped in debt and save next to nothing. In the modern society, most universities now offer distance and online mode of learning which are way too cheap and can easily be paid by doing simple works as it gives you the flexibility to study at your own purse.
4. SUBSCRIBE TO THE BEST CHEAPEST INSUARANCE FIRM
In the world where we live in, there is a lot of uncertainties, thus we need to have insurance in case of unforeseen circumstances. As much as we need protection in case of uncertain bad events, it is not free and therefore it is important to search through the market place and find the best which meets your needs at the least possible costs. Some people have been spending way a lot of money on insurance that offers same service quality with other company at a lower rate which over the years in accumulation is a total waste of funds.
5. USING A DEBIT CARD WHEN MAKING ANY PURCHASE
Most banks in the world offer points every time you purchase anything either online or in a store which can be convened into cash. The other reason for using a debit card when making any purchase is that you will pay the exact money as the product centrally to cash as in some cases there is no change when its less than 5 cent which when accumulated by the number of purchases with remaining 5 cents in years, will be a lot.
6. LIVING WITH YOUR PARENTS
When you live with your parents, the electricity bills, water bills, internet bills and food bills are all cut out. Most people once they start earning, they tend to leave their parents homes which is good to a freedom stand point but bad to a financial stand point as you will now spend money on rent, water bills, internet and all other expenses that a home would need and you will end up saving you to nothing.
Having to put all these points into practice, you will eventually manage to save almost all your earnings and in no time you will have enough money in your bank to send you to an early retirement.
