Getting rich does not require only hard work, the reason why rich people get richer is because they put their money where it will increase while the hustling people do everything to show the world they are rich when they really aren't. if only we can adopt a moderate mode of living, live below our means instead of above, then money will meet money inside our pocket.
Moderate living can help you gather and safe money over time, here are ways to start living moderately and safe more;
1. Set a goal
If you have a goal, that would be your motivation for living moderately so you can save up to achieve that goal. Create a roadmap of where you are now and where you'd like to be. After setting the goal, find out how much you need to achieve your goal and map out where you intend to pinch the money from and how long it will take for the money to add up.
2. Have a budget
Make a list of all the important things to spend money on monthly such as food, transport and other necessities then put the amount in front of each. Make a list of whatever else you've been spending on that you can do without. Once you know how much you spend monthly, subtract it from your salary/earnings keep the rest. That's the amount you'll be saving to achieve your goal.
3. Track expenses
The amount you spend monthly might not be accurate if you don't track how much you spend every month. At the end of each day, calculate how much you spent and on what do this for 30 days in a month to find out where your money goes and where you have to cut out money from. When you start tracking your expenses, you might be surprised at how much you spend on things you don't need.
4. Live below your means
The number one problem most people have is living above their means, you collect 50,000 naira a month and live in a 200,000 naira apartment how will you pay for it? After making a budget, stick to it, that doesn't mean stop enjoying yourself but weighing what you want against your basic needs.
5. Pay up your debt
If you have extra money at the end of the month, it should be saved unless you still have some debts on ground. PAy up your debt so you can be free of he shackles and make good decisions with your money. Once you aren't in debt, you can live according to budget conveniently.
6. Find ways to have more money and spend less
The best way to build wealth is to increase the money that's entering while reducing the money that's going out. Do small small businesses that can bring money, work towards getting a promotion then reduce how much you spend.
7. Think of tomorrow
While you're still happy about the money you've accumulated due to your frugal lifestyle, it's easy to go back to your old ways in the name of celebration. Think past today's needs and focus on the gains of building wealth, never for one minute think you have it all instead keep looking for ways to save more and spend less.
Comments
Comments
