Friday, December 11, 2015

How to Free Yourself from the 'I'm Poor' Mentality

Financial fears prevent you from taking financial risks, accepting new opportunities and making monetary decisions. They interfere with your financial security and freedom and hold you back from achieving financial success throughout your life.

Start Saving Early - You might have to live paycheck-to-paycheck when you start your career. However, you can start saving a small amount of money every month and put it in your savings account.

Come out from the Fear of Debt - While it may seem impossible to resolve all your debts, you can grow a large savings to cover your unexpected expenses and put down more cash while borrowing.

Look for Affordable Housing Options - Go for smaller and affordable housing options so that you have enough funds to cover other expenses. Grow a savings and diversify your investment to afford a house.

Build an Emergency Fund - You can overcome your fear of losing your job by building an emergency fund. You should save 6-8 months of earnings in your emergency fund. You should also keep sufficient funds in your regular checking account.

Protect Your Identity - You should take certain preventive measures to protect your identity. You should not carry your social security card in your pocket. You can opt for debit or credit cards which have secure payment options.

Save for Retirement - You can go for company’s retirement and pension plans as soon as you enter the employment. You can save a few hundred dollars every month which will give you more value in the future.

 Know Your Investment Options - Don’t put all your money into the stock market. You should be aware of all the low and high risk investment options. You should go for an investment option with which you are most comfort.

Friday, December 4, 2015

Best Ways to Save Money from Scratch

There are thousands of people all over the world who find it tough to save cash for a rainy day.You can save money from scratch. All you need is a few simple ideas. It will not be easy, especially in the beginning, but once you see it through with patience, you will benefit from it greatly. 

Keep a record: A smart way to save cash is to keep a record of your monthly expenditure. This way, you can make sure that you do not spend more than the last month. 

Use coupons: Using coupons when you go shopping for groceries and other household items can save you a significant amount of money.

Buy necessities in bulk: Everyday essentials like toilet paper, detergents, trash bags, etc. are best bought in bulk to help you save money.

Use coupons: Using coupons when you go shopping for groceries and other household items can save you a significant amount of money.

Create homemade gifts: Greeting cards and gifts cost a lot these days. One way to save cash is to make your own gifts for any occasion. This way, you spend less and also make a personal gift that means much more than store-bought gifts.
Entertain at home: Instead of going out with friends for a movie or dinner, stay home and prepare food and entertain your friends at home. You save a lot of cash this way!

Be frugal with kids: Kids’ stuff is expensive nowadays so you should cut down on entertaining your kids outside. Spend time with your kids at home and play games, read books, etc. together.

Repair clothes: Do not throw away old clothes that can still be mended. You can always wear them when you need to do chores around the house.

Cut down on fast food: Instead of spending money on pizzas, burgers, etc. cook at home and have a healthier meal and save money at the same time.

Give up alcohol and cigarettes: Smoking and drinking alcohol is a waste of good money. You would be surprised to know just how much money you spend on these habits every month. Do a quick calculation and you will see why it is best to quit these vices.

Save energy: Simple things like turning off lights that you do not need and switching off the AC if it is not that hot can help you save a large sum of money on energy bills. Plus, you help the environment by saving energy.