17 Ways Of How To Save Money In The Current Economy
17 Ways Of How To Save Money In The Current Economy
The fact of the matter is that there will always be ups & downs,
both in life and with the economy.
And - when there are downs people tend to spend to feel good.
So - many end up in worse debt because of their depressed state.
So – how does this affect you and your current situation? Are you struggling or are you thriving? It is easy to get down and feel deflated, BUT it is how we think that really makes the biggest difference. It is in HOW we can focus in another area in order to create solutions.
It may seem strange in some ways but – we can actually thrive in downturns. We can save money of course way more than we do, but we may also take opportunities which others miss. Most people watch the News and then panic about everything they see and read.
But I am talking about the fact that although we are currently in a financial crisis or economic downturn, we don’t need to focus on that as most people do.
This can actually even be a good thing!
How Would That Be Greg? Well – it is because people HAVE TO think outside the box when it comes to saving and spending TODAY – and when there are potentially destructive circumstances we need to change what we do.
Sometimes FORCED action is good, because we have to re-invent ourselves and our circumstances.
I will give you an example: My business working from home online means that no matter what is going on around me I can still thrive and create a great revenue stream because, ‘what i do’ is mostly virtual. I offer Coaching also, but this can be done via Zoom or skype and my books can be written online and bought online. I can also sell courses, affiliate products and anything else which relates to me and my brand.
That’s me but others are doing the same and much better than I am.
Some people have been able to create more business as a result of the economic downturn by offering specific solutions to those who are suffering.
This Is actually A GREAT THING! WHY? When there is mass panic about money is when most WEALTHY MINDED people make more money because everyone else is hanging on for dear life WHILST THE WEALTHY HAVE OPPORTUNITIES TO TAKE MORE risks.
So how can you save more money now and create a secure future? You can start by looking at your shopping list and general expenses.
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How To Save Money:
How much rubbish do you buy? How much is spent on Cereal for example? I know that myself and my girlfriend will buy just one cereal that is healthy so, not only are we spending less on cereal but we might even BE HEALTHIER in the long run. It doesn’t take much imagination to begin breaking down your monthly expenses and cutting back on wasteful items.
17 Ways Of How To Save Money In The Current Economy
What you might even do is go for a smaller car?
Or even wipeout an expense that is not actually needed anymore? Let’s say you go to the Gym ok, well how much do you pay per month? $30, $70? Well try,swimming,walking,badminton,cycling,press ups, situps? You can save your monthly Gym costs right there.
EVEN getting your hair cut, do you go expensive or cheap? You are getting the idea by now!:)
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How To Save Money: Breaking Down Expenses
Look at all of your outgoings, then eliminate any that are not needed at all!
Adjust the expenses to cheaper versions of what you buy, like value groceries. After that you can look at your fixes, what do I mean? Well Alcahol,smoking,junk food,commercial coffee shops, general luxuries that you really could WITH LESS OF, especially for your health. TRY CUTTING BACK!!
How To Save Money: Savings
Let’s say that you can save $50 per month, well that’s $600 per year or $6000 over ten years, or $18,000 over 30 years.
It won’t take much to get to that level of saving and then – when you retire you will have maybe $20k in savings that you didn’t really miss. Or you could reinvest that money into a business area or property for example. If there are ways to increase it then of course this can be a great move.
This all depends on your ability to save more. It might even allow you retire a few years earlier.
So what are you doing to secure your future now?
Are You preparing For A Great Financial Future!
NOTE: THIS VIDEO IS 12 YEARS OLD and it shows. I just wanted to make a point really that the principles don’t change. We still need to plan. Even though some of what I touched on then is now different the idea of mastering your money isn’t.
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17 Ways Of How To Save Money In The Current Economy
HOT TIPS : Here are a list of helpful ways to start saving!
17 Ways Of How To Save Money In The Current Economy
1 Drive the car less (if you can!) OR buy a smaller car, it will save you a ton of money on fuel/Gas not to mention Insurance and Tax.
2 Quit the Gym membership and use free exercise mostly like running,swimming,Yoga or walking.
3 Cut out luxury food items all together or at least keep them to special occasions or weekends.
4 Cut down on drinking, smoking, junk food, and material spending (i.e clothes, jewelry). If you already have a nice black shirt why get another? Think twice about when you would spend and notice yourself.
5 Make your own breakfast and Sandwiches for work. A lot cheaper.
6 Drink less commercial coffee. Just 1 cup less a day could be $60 to $120+ per month in your pocket easily. You could save that money for a wedding, holiday or invest it into a low to medium cost investment.
7 Try to download free information from the internet instead of buying books all the time. It’s an online library. I buy books as I love the real thing – but if it is to help you save then why bother.
8 If you can grow fruit and vegetables then grow them. This includes growing herbs and keeping chickens too. What can you do more of to not rely on Supermarkets? Plus be sure to use vouchers, offers and discounts when you do need to shop in certain places.
9 Break down Monthly bills and subscriptions and cut them in half. What are you spending on monthly that you could stop now? What do you NEED versus WANT? Big difference.
10 Don’t be always drawn into commercial adverts or shops. Walk away and realize what you have just saved money on. Browse and enjoy it. And then now and then treat yourself. It feels amazing.
11 If you want a particular item let’s say sunglasses and they are $170. Look online first and buy the item for less, but at a similar quality – it’s what I do. You don’t need the brand name necessarily.
12 Check your car yourself, Oil, Water and tyres and you will need less services. Also keep the tyres pumped up as it saves on fuel.
13 Do you have old video’s or books? Or any items you can throw on E-Bay? Check the loft you might have an antique you could sell. Research suggests that most homes have around £3k of stuff lying around the home. Sell it and invest in your business or save it to grow it.
14 Start a small low cost business on the side. ( I recommend an online Business like mine and perhaps a Coach or consultancy as the start up costs are very small and because of low start up and low overheads you can start quickly!) Learn more here.
15 Get rid of Credit Cards and just keep One (for investing) and realise that they are not money they are debt! Only buy what you can afford. If you can consolidate your Credit cards into one manageable monthly sum to avoid paying the high interest rates then speak to your financial adviser or mortgage adviser about setting up a healthier repayment.
16 Look at your daily spending habits and work out what you are spending each week and month, then try and cut it in half.
17 IF you run a business hire an expert to help you define what costs you need and to get your numbers in check. Then you can see what needs letting go of. A part of business growth comes from also cutting back on wasted expenses. Speak to an accountant about this or hire a Business expert.
How To Save Money: Looking for an extra way to build your income?
How ever hard it is in the current economic climate there are answers.
Personally – I have implemented many ways to cut back and even cut out some of my expenses.
If this is the case then I can also recommend that you begin to start your own business ON THE SIDE, but wait don’t panic I am not suggesting you spend money right now I am simply suggesting a solution to your long term finances. If the job isn’t cutting it for you then I strongly recommend LOOKING AT YOUR OPTIONS WHILST YOU ARE IN JOB! But keep the job as security until you scale a side business.
How To Save Money: What Options?
I have spent over 12 years and £50k learning from the best in my industry and I now work for myself creating several streams of income so I can only speak from my own experience, but you don’t need to do that. I have even created a course for beginners in how to create a micro business from ideas and passions into a market need and create a $10k per month business. You can check it out here if you are able to stay accountable for your actions.
This course has every tool and resource you could need to guide you to making a great income from home.
NOTE: Something which I have found very useful to me is with understanding money more – so, knowing my numbers and seeing where they are going. Also – looking at savings sites, but also how to increase revenue and keeping accounts separate. This defines each area – and if you ever get into financial difficulty you will not lose everything as you kept personal away from professional.
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Tools and resources:
CLICK HERE FOR 72 FREE SAVINGS TOOLS FROM DOUGH ROLLER
10 BEST TOOLS TO HELP YOU SAVE FROM LIFE HACK
7 BEST BUDGET APPS FOR 2020 FROM NERD WALLET
HOW TO START A $10k per month MICRO BUSINESS LIKE MINE FROM HOME
65 PIECES OF ADVICE ON HOW TO SURVIVAL WISDOM FROM THE SURVIVAL MOM
Wanna Share my ’16 Ways Of How To Save Money In The Current Economy?’ Be My Guest! It might just help someone else to benefit from this also?
As always
I wish you the very best
Greg
p.s if you would rather work with a Coach to help you build the business then book in a FREE Planning strategy call with me @ www.GregDeTisi.com
17 Ways Of How To Save Money In The Current Economy
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