subject: Ten Real Life Money Mastery Strategies [print this page] Having enough cash to do the things we want to do can by very useful. Let's face it, there are always ways to spend even the largest stockpile of money. Freeing up money in order to fund more productive habits can be very beneficial.
You can even use the freed money to start up your own internet business. Nowadays, the concept of leverage is widely used in many people's vocabulary. Having even a small amount of money in which to invest can be critical in making you financially independent.
Here are some real and practical ways of freeing up more money.
1. Have a budget and stick to it. Knowing how much you spend and where you spend it is invaluable in allowing you to plan your future.
2. Clearance sales can be great for sourcing household items at greatly reduced rates. Check out shops that are closing and are eager to part with their stock quickly. A friend also recommends hotels as a good place to source cheap furniture.
3. If at all possible buy in bulk. For items that you use regularly this is a great habit to form. Don't buy items in bulk that you will rarely use.
4. Cut down on you usage of credit cards. Only use credit cards when you have to. High interest rates can be very onerous on your pocket and on your wallet.
5. Never shop when you are emotional or hungry. You are liable to be influenced and may well find yourself purchasing goods that you don't need or want.
6. Pay off debts that have the highest interest rates first. If you have many debts, pay off the ones that are financially hurting you the most first. Pay off one thing at a time and move on to the next item if you have several loans.
7. Shop around for reduced insurance rates. In a recessionary market, most possessions diminish in value. Remember that assets such as property and cars are probably worth less than they were this time last year. Your insurance should reflect these changes.
8. Use a barter system for goods that you may temporarily need. This is mutually beneficial for everyone and can free up a lot of spare money.
9. Use public services such as libraries. Public libraries have great DVD collections not to mention huge resources of books. Don't be afraid to use them - it is your tax payer's money that goes towards their upkeep. Why fork out needlessly on DVD when you can have them for free.
10. Use Skype. It is a tremendous service. For a little over EUR10 per month you can call anyone in the world. This hugely cuts down on one of the largest utilities expense - the telephone.
Implementing the above in your daily life will generate more savings. This will enable you to use your savings as you feel fit. A wise person would use these opportunities to fund future business opportunities.
by: Gary McGeown
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