Do you manage your money or does money manage you?
Money Planet* You can watch full video from our expert here
When it comes to money, you have two options:
• You control money.
• Money controls you.
How do you take control of money? It all starts by taking control of your expenses. But, be careful! One of the biggest mistakes people make when trying to control their money is holding onto every cent. They think getting rich is all about saving all of their money and never buying anything. Not only is this a recipe for unhappiness, but it’s not effective.
The best strategy is to earn more (multiple sources of income!) and fully control our expenses. Here are a few ways that you can do that:
Cashback credit cards
✓ Bonus programs and loyalty awards
✓ Tax deductions
✓ Spending plans (e.g. only shopping with a list)
✓ Reduce expenses on non-profitable assets (e.g. only buy what’s need for long-term goals)
✓ Ready to take control of your money? Let’s go!
Step 1: Set long-term goals
Step 2: Control your costs
Step 3: Optimise your costs
Here are a few insider tips to maximise your success:
✓ Set long-term goals. Decide what’s truly important and write it down. If something doesn’t relate to your long-term goals, don’t buy it.
✓ No more impulse buys. Only make planned purchases.
✓ Research and review before you buy. Look at the pros/cons, and key features before you invest.
✓ Look at the affect of planning. Would it cost less if you had planned sooner?
✓ Before you buy anything, ask yourself:
• Do I really need this?
• Do I need it now?
• If I buy it later, will it cost less?
• Can I find a way to not need this by changing my plans or habits?
• Have I looked for a lower price?
• Have I looked for a substitute?
• Can I get a discount here?
• Can I buy this directly from the supplier?
•Can I buy this in bulk and save money?
• Is there a technology that would replace this physical product?
• Can I get a tax deduction?
• Can I use legal tricks to reduce mandatory expenses?
Learn more:
• How much does your time cost?
• Is it worth to put money in the bank?
• Insurance: is it so necessary?
• How to get multiple sources of income?
• How to know your profit potential?
• How to make money on stocks?