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Financial Freedom 101- Cultivate A Saving Culture If You Are Interested in Eating Life from a Big Spoon

Written by Posted On Wednesday, 23 March 2016 07:53
Financial Freedom 101- Cultivate A Saving Culture If You Are Interested in Eating Life from a Big Spoon

They say that great wealth lies not in the possession of massive assets but the possession of few wants. This statement couldn't be any true as far as the culture of saving and making smart investments go. A good chunk of the working population today is struggling to live from hand-to-mouth only because they can't rein in their unhealthy spending habits. It is as if the straightforward fact that the more you spend today, the less you'll have tomorrow, has been completely ignored, forgotten and overall despised.

The results are pretty evident - more people are sinking into financial debt and oblivion than ever before. If anything, it is estimated that over 67% of the formal working population reach retirement age without any decent savings or asset nest to show for all the hard years of toil and sweat. But the good news is that you can avoid this seemingly harmless pitfall regardless of how old you are right now.

Here's how.

Start Today, Get Organized

Truth be told, very few of us ever keep meticulous budgets to track the amount we spend per day, month or six months. Yet, you still expect to save enough cash in several months time to purchase that villa you have been eyeing or that plush apartment in a leafy part of the town.

But, like always, it's never too late to start. The baby steps typically comprise of embracing frugality in not just one but several spheres of your life. So don't be afraid to pinch pennies here and there as you go about your day-to-day life nor should you be ashamed of saying no to spending pressure from your friends. Make every penny count and you will see your nest grow larger by the day.

Speaking of which, one of the best ways to implement this culture is by writing down every expense you regularly incur, either per month or per year- be it fuel, rent, entertainment or food. Set aside enough money for this.

Then look for ways of cutting down on miscellaneous costs or impulse and luxury shopping. In fact, if you are not sure how much money you're sinking in per month, then this budget calculator can go a long way in keeping that in check.

Don't Just Focus on Saving, Harness Your Earning Potential As Well

The reason it's so hard for many people to save money nowadays stems from the fact that very few of us invest in opportunities to earn more money. As much as it is important to keep track of your investments and spending habits, it is much more vital to look for ways to better yourself either culturally or educationally and put yourself in a position to make even more money.

And the importance of this can't be underlined any clearer than by looking at the current prohibitive property prices that are discouraging young people from owning homes while depending on only a single source of income.

In other words, not unless you're aggressive enough to save harder, and, more importantly, look for better sources of income, then be prepared to remain stuck in the rat race of modern living for quite some time.

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Kerry

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