5 Tips from Millionaires on ‘HOW TO SAVE UP A LOT OF MONEY’

Making health financial habits in your life are a BIG STEP towards your goal of PROSPERITY. To start with that we have got you 5 tips from Millionaires on ‘HOW TO SAVE UP A LOT OF MONEY’

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1.Follow the 50/30/20 Rule: 

This is a great budgeting technique. The idea is to divide your income into 3 categories:

Necessities - You should allocate 50% of your income for this category such as rent, transportation, groceries, and basic needs.

Personal – You should allocate 30% for entertainment, shopping, hobbies and everything which makes you happy.

Saving – Put 20% of your money straight into your savings account.

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2.Avoid Poverty Thinking: 

Never say things like ‘It is too expensive’/ ‘I will never be able to afford that’. See the high price tag is limit to overcome and not as a barrier for your wealth. If everything in this world is affordable then no one needs to work hard to achieve more.

3.Write out a detailed Financial Plan: 

Set specific goals and draft detailed plan on how to achieve them. For example, it you want to go to Spain next year then start planning for this well before by saving a portion each month. Setting long term goals are better as those are excellent motivators.

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4.Adhere to the Rule of 100: 

Rule of 100 means doing a ‘100 of something’ each year. Examples do 100 speeches, 100 articles, 100 workouts. This will not only make you more skilled in a job but also keeps your motivated.

5.Always have a PLAN B: 

Today you might have a dream job and a steady income. But nobody knows what tomorrow will bring, hence always prepare and have a detailed PLAN B. Apart from saving apart of your salary for emergency fund also prepare yourself for CRISIS. Think of other skills you have and work on developing them on your free time. Expand your professional network.

Follow these 5 tips and enhance prosperity in your life !