How To Save More And Spend Less

Summary

• I recommend automating your deposits and making your withdrawals manual. This lets you save and invest consistently without much effort.
• If your job offers automatic paycheck deductions for investments, take advantage of it. This helps in building a solid financial future.
• Consider deleting shopping apps or not saving your credit card information on frequently visited shopping sites. This can reduce impulse buying.
• Understanding exactly where your money goes is valuable. It will help you earn more money than the one hour a month you spend paying bills. I promise that's time well spent.

Video

How To Take Action

I would suggest implementing automation for your financial tasks. Set up your paycheck so that a portion is automatically deposited into savings or investment accounts. This is a no-effort way to consistently build wealth over time, freeing up your energy for big-picture thinking.

A good way of curbing spending is to delete shopping apps from your phone and avoid saving your credit card details online. This can help reduce those impulsive purchases that gnaw away at your savings. It’s a small step that has a big impact on your financial health.

Get into the habit of spending just an hour a month going over your bills and understanding where your money goes. This awareness not only helps in managing spending but often results in earning back more than that one hour costs you. It’s like giving yourself a raise just by being informed.

If your employer provides an option for automatic paycheck deductions into retirement or other investment accounts, seize that opportunity. This simple move can help secure your financial future without any additional legwork on your part.

These steps require minimal effort and money but can lead to substantial value in terms of savings and financial control. Start small, stay consistent, and watch how these actions transform your financial well-being.

Full Transcript

you want to automate deposits and manualized withdrawals if your job for example has a way that they can automatically skim off your paycheck and put it into some sort of investment stuff do it that may also mean maybe you delete some of the apps on your phone maybe you don't save your credit cards on the sites that you tend to spend money on the value that you get back for knowing exactly where you spend your money is going to make you more money than the 1 hour a month that you have to pay your bills that is a promise