A Short Wealth Creation Guide: Tips On Saving

Every person has an idea of how much he or she is spending

. Unfortunately, most people spend almost twice as much as they think they do. After a few days these people wonder, Where did all my money go? Well, your money went to the little things. It went to the cigarettes, the coffee, the junk food, the soda, the lunch out, the tequila shots; small items we cant even recall buying.

These small expenses are like little holes on a water tank. You can keep adding water to it, but its almost always empty. The financial losses caused by small expenses seem negligible at first, but as the small losses add up, they slowly become big financial liabilities. If you want to save money, you have to plug some of these holes. Here are some wealth creation tips that may help you.

1.Prepare Your Own Meals

One of the most lucrative businesses you can get into is the food industry. Food preparation is priced at a premium. However, the food industry is a double-edged sword. Your love for good food is also one of the biggest liabilities to your finances. The process of wealth creation requires a few sacrifices. Nice dinners at fancy restaurants just might be one of the sacrifices youll have to make. Save money by preparing your own meals. Having a few dinner outs a week can really hamper your saving potential.

2.Stay Away from Vice

The most devastating thing for your financial dreams is vice. Whatever vices you have is not going to help you save money. Smoking costs money and puts you at risk to a variety of deadly diseases that may require hospitalization. Alcohol does the same thing. It also lowers a persons inhibitions and makes him careless with his money. And gambling? Lets not even go there.

3.Keep Money in the Bank

Compound interest can either make you or break you. A lot of people have built wealth simply through the basic wealth creation process of saving money. As long as youre able to save money, ideally 5% of your salary, youll be fine financially. Saving a few dollars here and there is infinitely better than not saving. Youll be surprised how fast your savings accumulate once you start saving small amounts regularly.

4.Reduce Reuse Recycle

Dont spend on paper plates and paper cups. Washing dishes maybe a pain, but the money you spend on disposable utensils could have been used for something better. Furthermore, such wastes are bad for the environment. Save money by finding ways to reduce your consumption, to reuse your old belongings, and to recycle. You can use old grocery bags as trash bags. You can donate old books and magazines to local schools instead of throwing them away. You can hold a garage sale and sell your old belongings. Your path to wealth creation will be made easier with your commitment to care for the environment.

5.Exercise

One of the best ways to save money is to stay away from big expenses. The wealth creation process requires prudence and diligence on your part to make sure that you dont spend your savings. With regard to big expenses, few can compete with medical bills. Medical bills are expensive. Your best defense against them is to make sure that you dont get sick. Make sure youre eating right and getting proper exercise. As much as possible, you should also take some vitamins. Cutting out vitamins from your budget to save a few dollars is a bad idea. Vitamins strengthen your immune system and can prevent illness and medical expenses.

Most people remember the big purchases they make. When a person buys a car, a television or a home appliance, he probably knows how much it costs. You might be surprised to learn that it isnt a persons occasional big purchases that sabotage his wealth creation efforts the most. Its the regular daily spending on invisible expenses that can drain a persons bank account. If you want to save money, you have to find a way to locate and control these little expenses.

by: Marc Termine

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