7 Easy Ways To Save More Money💰Kehinde LAWAL
I just read an insightful article by Cowrywise titled, “How to save more money by changing your lifestyle.” I would summarise the article below👇.
But first and foremost I must say that I’m not a big fan of saving. I don’t SAVE to SAVE, I SAVE to INVEST.
This is because when you save and leave your money in your savings account for long, the return with interest is barely able to beat inflation of about 13%.
I only use savings to pull-up money together within 6 month, afterwhich I invest the money in assets that’s brings in income.
Leaving your money in your savings account for a very long period of time only reduces its purchasing power. So before you read this article and start saving blindly, know why you want to save.
7 Easy Ways To Save More Money
1. Eat out less:
Yes, if you eat out less you would save more money. But don’t get me wrong – I’m not saying you should not eat outside, just make sure you reduce the amount of money and times you eat outside.
In my on case, I eat swallows outside and cook most other things at home. You got to find a middle ground.
2. Consolidate your entertainment
Yes! This goes to people who subscribe monthly for DStv, Netflix, Iroko etc. You got to stop or reduce all your cable subscription to one. The internet might be all you need to enjoy yourself and keep up to date with trends.
Mind you, this just my view. If you’re not like me that likes YouTube, then reduce your cable subscription to just one.
3. Stop trying to look rich
Basically, each and everyone of us is guilty of this behavior.
“We buy the things we don’t need with the money we don’t have to impress people that probably don’t care”….Tyler Durden.
I would advise you stay broke while you’re growing your wealth.
4. Don’t spend what you are yet to earn
This resonates a lot with me. I know many people (including myself) who would even spend all their salary before they get paid. It’s a bad habit, especially when all you do is spend it on things that don’t generate any revenue.
If at all you would spend any money you’re yet to receive, use it to buy things that would generate more money. That way, you would have more money altogether.
5. So you want to club?
I’m sorry to say this, “if you’re not financially boyant (I mean wealthy), the beginning of clubbing is the beginning of your brokeness.”
The above statement is very true to me. I could remember vividly how I spent #30,000 naira at a bar on a Friday night, when I didn’t even earn up to that monthly.
It took long before I could recover 😁😁😁.
6. Why keep huge cash in the bank?
It makes know sense to keep huge money for long in a bank that pays 3% interest per annum when inflation is 13% annually.
An alternative would be to invest your money in mutual funds that pays 14% annually or even stocks or Bitcoin.
Note that I’m not recommending you buy any of them. Always do your research and consult a professional.
7. Automate your savings
Hope you enjoyed this article.
Have any question? Don’t hesitate to drop it in the comments section below 👇.
Thanks for reading through. And until next time keep hustling.