Save and Get Ahead Financially

We all want financial security and financial independence. Below are some top ways to get ahead financially and save some money.

1. Pay off your debts fast

Pay off your bad consumer debts such as credit cards first, and then any deductible debts arising from investments. Aim to make extra repayments, especially for personal loans and credit cards. Having consumer debt from holidays and other personal expenditures is like being in jail. Many people have had to look for second jobs just to keep afloat when paying such debts off. As each debt is paid, trust me you will have more options. You will only work because you enjoy it, not because you need the money. Less debt gives you more options. Even paying a bit down on your home loan gives you a sense of freedom, that this debt is being reduced.



2. Pay yourself first

You have worked hard for your dough, by being of service to other people. You need to reward yourself for that service. At least 10% (if not more) of what you earn is yours to keep. Set up an automatic savings program, or manually transfer 10% of your income into your savings account or mortgage, and use this money to invest and/or pay off debts. You will be surprised by how hard the other 90% works for you in paying your bills and in living. You will be amazed at how quickly this money adds up.

3. Save Your Coins

Saving your coins is also a great way to get ahead. When out shopping I always pay cash with notes. All coins, both the gold and silver need to be put away in a money box at the end of each day. Doing this, your coins will quickly add up. Regardless as to how heavy your money box is, at the end of each month take it to your bank (at a branch with a coin counting machine) and deposit into your account. Then put another 10% aside as savings to not touch, and/or into your home loan as extra repayments again. You will be amazed at how much you have available to bank in coins, no matter how small. This could be around $50-150 a month you used to spend on junk.



4. Use the 24 hour rule

If you see something that is on sale and you think "Oh I like that". Think again. Things are only on sale if you really need them. Ask yourself that question. If the answer is still yes 24 hours later, go out and buy that item. The majority of the time the answer is no, and you won't miss that treat. Nothing wrong with buying treats, yet only buy them sparingly when you know you have worked so hard in order to enjoy and appreciate them. This is a great rule to apply when buying anything with a credit card. Only use credit cards as convenience tools. Transfer the money straight away.






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