Hello readers I know right here I am blogging about my experiences with In today's world, escaping debt can seem like an insurmountable task. However, there are effective strategies that can help you take control of your finances and work towards a debt-free future. One of the most crucial steps in this journey is developing smart saving habits. Here are some saving tips that can make a significant impact on your financial well-being: First most people will say work harder make more money get more money. That is by far the worse advice you can get and heres why! If you can't manage what your already got because of bad spending habbits then adding more money will just be wasted with you still living paycheck to paycheck and either getting more in debt or it not moving and it gets worse with interest and late fees etc etc. So here are some tips so you can start saving and turn the tables
1. Paying Yourself First: This simple yet powerful concept involves prioritizing your savings by setting aside a portion of your income before addressing any other expenses. By making saving a non-negotiable part of your budget, you ensure that your financial future is secure. This practice instills discipline and helps you build a safety net for unexpected expenses or emergencies. if your new to this start 5 to 10% of your income per week or fortnight depending when you are paid.
2. The Practice of Delaying Gratification: In a world driven by consumerism, delaying gratification can be a game-changer. It involves resisting the temptation to make impulse purchases and instead focusing on long-term financial goals. By embracing delayed gratification, you can avoid unnecessary spending and redirect those funds towards debt repayment or savings, ultimately accelerating your journey towards financial freedom. This strategy was the most effective when it came to me freeing myself from financial debt. Allow me to give you an example on how I delay Gratification I go to a shop I see something that catches my eyes my impulses say buy it now buy it now we've all been there heres a strategy to combat go p look at it for a while think asky yourself do I really want this do I really need this. put it back walk out and sleep on it for 24 hours if you wake up 24 hours later and you still want it as badly then get it. But chances are in 24 hours you will have forgotten about it or realize it wasn't that important to you and you basically just paid yourself not to buy it which you can throw straight into your debt and chip away at it.
3. Avoiding Lifestyle Inflation and Impulse Buys: It's easy to fall into the trap of purchasing the latest gadgets or indulging in luxurious items. However, buying the most expensive thing isn't synonymous with a better quality of life. In fact, it often leads to unnecessary debt. Evaluating whether a purchase aligns with your needs rather than wants can save you from accumulating debt and contribute to your overall financial stability. Recently we had a death in the family and I was suddenly panicking cause I had nothing to wear for the funeral so I went to a Tailor trying to find something affordable. Yeah I know haha no such luck so I settled for what I could find at Kmart found a cheap Blazer and business shirts neck tie's cost me about $90 all up where the tailor $500 to $1000 or higher they were telling me and I certainly was not going to sell my stock just to buy an overpriced suit. turns out the business shirt and blazer was fine there were people at the service who dressed worse than I did.
By embracing these practices, you can build a solid foundation for financial freedom. Paying yourself first, delaying gratification, and resisting unnecessary expenses can pave the way for a debt-free future. It's all about making conscious choices and prioritizing long-term financial well-being over short-term indulgences. I have other tips that I will share in another entry a part 2 to this post.
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