Wealth and riches are desired by all but elusive to most but is there a way to obtain the bank balance you desire? Well….maybe! It comes down to a combination of patience , luck and skill but with the right combination and if you can ride the storm you may just get there , think long term not instant cash
1 The question of necessity
Do you need shoes or another gadget to clutter the drawers? If the answer is ” no but I want it” don’t buy it!! Put the money into a good high interest savings account and leave it alone. Everytime you have the urge to splurge look how much you have saved from not splurging on things that I bet you don’t even miss.
Write a budget, a generous one that allows you some fun money and treats and then work out how much you can realistically save, don’t set this too high as you’ll be setting yourself up for failure and you’ll have to withdraw savings mid month. Also contributing to pension plan will benefit you further down the line when you finally have the leisure time to spend your hard earned money
3 Have a life audit.
Do you need a brand new car or would a second hand make more sense? And that spare room for we might need it one day if we have a child could that be earning money instead of sitting empty how about a lodger?
Do you really need a Coffee on the way to work every morning? How about an extra 10 minutes in bed and making one when you arrive at a fraction of the cost? Same goes for lunch, make a sandwich or cook an extra portion the night before if you cut your daily coffee and lunch you can save around 2,000 a year!
4 Shop about.
Make sure you are getting the best price for everything! Mobile phone, gas,electric, petrol,sky tv,landline if you save 10 a month on each of these thats another £720 anually freed up. Cut coupons , use comparison websites and become cash savvy!
5 Invest in bricks and mortar
Property is generally a good investment and if you own more than one you can earn an income from rental along your coupon clipping and penny pinching should help you raise a deposit and one a tennant is in their the rent usually covers mortgage payments and by retirement age you could well be in possession of one or more mortgage free properties to live in or Cash out to fund your round the world adventures!
Mad about Parenting and all things family related. I am a mum of 3 and would prefer to put my degree to good use sharing my opinions with others online. Check out my full blog here..