5 Ways to Become Financially Strong in Life
Practical money-saving tips
Aren't you living to earn more money!
Everybody on earth is doing the same thing and you are no exception to it and nor I am.
When I landed my first job after college. In 8 months I spent double amount I was earning. Also used 3 credit cards. It made me financially weak. I borrowed money from friends and paid for my house rent. I was totally broken.
Have you stuck in a similar situation? Isn't it relevant to yours? I started reading and following some money-saving blogs and books, but all that I used my creative rules that helped me to save more money.
I am following these rules from the past one year, and they are workable. You need to follow them.
1. I started saving more
I was spending more on night parties and restaurant on weekend paying friends bills. Also, after getting my first job, I started wasting money on my clothing.
I started cutting out all my expenses. For that, I started making a list of things which I really need. I stopped using expensive things and stopped partying on weekends.
Saving more helped me to get some more amount for investment. I found out other money-making options.
2. Make a list of things you buy in markets
What happens when you go in the market without making a prior list of items. You spend on unnecessary things. You purchase what you see in the market. If you are serious about saving money, then start making list using google notes.
I saved 150 dollars per month by using a to-do list; it helped me to save more.
3.Look for passive income sources
Passive income can be a game-changer in life. When I was in college, I was out of money. I started thinking about passive income sources. I watched 100 videos on YouTube and finally; I took writing as the best side business.
Still, I write for my clients. I write on medium and HubPages. I am earning a living by writing. Now my passive income pays my all bills. I am a different person now because passive income helped me to grow financially.
Try to look for passive income. You can make some side hustle. At first, it looks small, but after some time it grows potentially.
4. Start investing
I started investing in stocks when I was in my college. You can't believe it but I purchased my first stock at $3 and now its value is more than $20.
I use most of my earnings in stock investment. Stock investment is critical. If you learned how to invest long term in stock, you can earn more from it.
In 21-century inflation rate is very high. Try to invest more than saving. Investment can change your life.
there are Many examples of persons who have changed their life with only investment. Start investing from day 1 and money will follow you.
5. Live away from impulsive shopping
We shop from amazon or eBay because it is easy to shop here. E-commerce sites give us more shopping options, unlike retail stores. When we open the amazon window, we see the variety. E-commerce sites give us options in colour and price that make us buy products on their shopping sites.
They have the best marketing strategy, and they are making us purchase their products. Stay away from them. I am not opposed to amazon shopping but always remember my rule of making list to purchase anything. Don't spend your hard-earned money easily.
You need little discipline and awareness if you want to grow financially. Let us summarise our learning.
- Start saving
- Make a list of things you need to purchase
- Look for passive income
- Start investing
- Aware of impulsive shopping
Happy saving and Happy Investing!