To Achieve… To Succeeed…

Millionaire Money Habits

April 27th, 2009 at 10:32 am

Start with Saving More Money Every Month

You can focus on making more money or you can focus on spending less. Beyond that, there really aren’t many more options to put more cash in your bank account. The latter (playing financial defense), is the process of finding inefficiencies in your spending, reducing the amount of unnecessary spending, and keeping your cost of living to a reasonable level.

Spending less money is often the first piece of advice financial planners offer to those who are looking for ways to have more money. That’s probably because it’s the easiest and the quickest to achieve. You can instantly cancel subscriptions, stop eating out, and turn up/down your thermostat. Finding ways to increase your income, however, takes a little planning, creativity and action.

It’s a fantastic place to start because it makes you take a good hard look at your current situation and get a grasp of how money runs your life. In order to effectively plan to save money, you have to look at how you are currently spending it. When you analyze your personal income statement and realize how much money is actually coming in versus what is going out, it can be a real eye opener.

When you become consciously aware how quickly little expenses quickly add up exponentially by the end of the month, it becomes a motivating to be more cautious with the way you spend your hard earned money.

As you learn to keep more of your money, you can take the steps necessary to get out of debt faster or boost your investment portfolio. Suddenly you’re turning your savings into asset ownership, which allows you to make more money and increase your net worth.

Take one step at a time, but start with taking a good look at where your money is currently going. You might be surprised at what you uncover.

Millionaire Money Habit: You work hard for your money, so be sure you’re spending it on the things you really enjoy rather than throwing it away on things you don’t even realize.

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  • SaveBuyLive
    8:16 am on April 28th, 2009 1

    Before I consciously decided to track my spending I would try to save money, succeed for one month, fail the next month and then just kind of shrug and carry on as usual.

    Once I started tracking my spending I was able to make informed choices about what to cut back on in order to start saving money. Nothing provides you a swift kick in the pants to cut back on spending like an “I spend how much on XYZ a month!?!?” moment.

    I’d like to point out that tracking your spending, saving money and keeping a budget doesn’t mean that your quality of life is going to decrease. It can actually improve as you’ll be able to divert spending away from things that don’t provide you with much perceived value to those that provide with a great deal of value and happiness.

  • Sherin
    4:48 am on April 29th, 2009 2

    A through knowledge and saving habit from 4 areas enable a person to save enormous money.

    1. Budgeting
    2. Shopping
    3. Banking
    4. Credit card use

    the basic requirement is ti equip with all the necessary skills required to deal with each of the above areas. I have personal experience on this and it enabling me saving considerable amount in each month.


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