3 Skills You Need To Save Money

Saving money is just you are putting money aside for whatever reason it is, but some people seem to be very good at and some not so great. Some save aa good amount and then boom the money is spent, while some save a little, and over time that becomes a lot.

So in this video, I’ll teach you guys about 3 skills you need to become a better saver

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Discipline

The question is, discipline to do what exactly

And the answer is to continuously make a lifestyle out of saving money

Every single time you get paid

Great tool for this: is called reverse budgeting

The idea is simple, your spending revolves around your savings not around your spending.

Some people spend and then save what’s left over

What you are going to do, is save and then spend what you need to spend

But this wat you always take care of business first

Here a Good Challenge:

Try to save 10% of your Paycheck every time you get paid

For at least 6 months

Priorities

This is all about knowing whats important and what’s not important

It’s about knowing when to say yes and when to say no.

Its about know to organize yourself

Great Tool: keep Things separate

So everyone should have a separate savings account from their checking account

This is going to help, since the money is going to bbe outsite and not directly mixed with your checkings

But that’s not all

Priorities is about knowing how to plan effectively also

If you make a habit of first saving and then spending

You’ll know that if you save 10%, and spend 80%, you only have left 10% for fun expenses.

And this is just an example, it would be much better if youy save more but when you first start saving, it should be fun in my opinion its what increases the likely hood that you’ll continue

Cut the Fat

This basically means that if we all took a look at our spending habits we all spend money on something we definitely don’t need ( that’s fat and to much of it as unhealthy and a good amount is just fine)

So no im not asking to cut everytthing that you don’t need

Bbut if you barely have room to save, then its something you need to do

A good tactic is this:

Go to your bank accout and filder transaction by 1 month

And see exactly where you are spendng your money

And remmebebr needs are Shelter, Grocieres, transporation and utilities

And anyhting else is just a want, and see what you can live wihout and whaata you cant live wihtout

Forecammple:

I wouldn’t be able to live without fast internet, so having at least 100megabbytes is important but no one needs 1gb of fast speed, that’s stupid

I wouldn’t be able to live without my protein, but I don’t need a crazy expensive one

And I really need internet on my phone, but I could just get a mint mobile and pay $40 for unlimited internet

Some things to save on:

Reduce your necessary expenses ( housing – downsize, roommates, ) and all the cost associated with housing, reduce insurance costs ( job around and bundle like car and home and increase your deductible if you’re usually healthy, reduce food cost

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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