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- Make a budget
Remember, those who fail to plan always plan to fail. This is one of life’s surest principles. You can’t break it! You can only break yourself against it. A budget keeps you aligned, it keeps you in check, it helps you to know where you are going, so you can make better decisions.
- Use the 24 hour Rule
Basically, this rule says you should wait for at least twenty four hours before you buy anything! The trick here is that you may not need that item anymore after the basic twenty four hour period, or better still you may find a cheaper alternative.
- Save the little you have now
Many still make the age-long mistake of waiting till there really have much before attempting to start saving. The question is – how much is much-enough? Start from what you have now to put little bits away. Remember it is little drops that make an ocean.
- Always spend less than you earn
There is a saying that if your outgo exceeds your income, your upkeep will become your downfall! Living below your means will always ensure that you have something to put aside.
- Earn on Your Savings.
Make sure to put your savings to work to earn more or born more children as we say where I come from. Passive incomes are one of the surest ways to grow wealth. Your savings can earn more in a high yielding account or in a deposit scheme that locks up your money while earning your interest!
