Now I don't believe in relying on saving from one source of income. If you would like to acquire wealth in the long run, you need multiple streams of income. Period. That's my informed opinion.
1. Define a goal. Why are you saving? Should you be saving? Are you a great financial manager or do you exhaust your income and go over budget? You have to be honest with yourself.
Ok back to the point. I've attended money management seminars this year, mixture of biblical and circular. I learnt a few things and trends when it comes to wealthy people. I hope you find it useful! :)
1. Define a goal. Why are you saving? Should you be saving? Are you a great financial manager or do you exhaust your income and go over budget? You have to be honest with yourself.
2. 10:70:10:10
For example...Tithe: Monthly living: Short term savings: Long term savings.
This is an income split ratio. How I try to break up my income. You can choose to follow that example or come up with a ratio that works for you. But keep it across all your incomes.
This is an income split ratio. How I try to break up my income. You can choose to follow that example or come up with a ratio that works for you. But keep it across all your incomes.
3. Be strict and patient. Look, its not everything you must buy. Set up standing orders to help move your money to an external savings account. If you don't have a bank account, get one that suits you. For example, a student account, grad account, high interest account etc.
4. Give, in all your good deeds, remember to give and genuinely help others. As you help, you will be blessed. Not necessarily with money, but it could be with opportunities.
5. Do not rely solely on one income to build your savings. Develop a proactive mind. Solve problems, use your talents and skills to create business opportunities for yourself.
Hope that helped. Try your best to manage your money now. I know it can be challenging, but you'll thank yourself later.
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