Save Money like a Boss


save-moneySave Money like a Boss

If you want to save money like a boss, you are going to have to start thinking like a boss! Do not get caught up in the excuses for not saving money. It may seem like external forces are keeping you from saving money but the truth is a little more heartbreaking. If you are not saving money, it is because you do not want to. WAIT! Before you angrily click away, stick around a few minutes and learn why how you think about money is affecting what you are doing with it. (Trust me, you will be glad you did)

Assets and Liabilities

You might think a discussion on assets and liabilities is a bit much when you are talking about saving money. After all, you are probably not a business owner or big time investor. The truth is your life is full of assets and liabilities. The problems come in when you have more liabilities than assets. Take for instance:

Assets:

  • Income
  • Investments- stocks, bonds, real estate

Liabilities:

  • Debt
  • Vehicles
  • Home
  • Credit card purchases

Basically, anything that takes money out of your hand is a liability and anything that does or could potentially increase the money in your hand is an asset. Many people group their home into the asset category and it can be. Just realize until you owe less for it than it’s worth, it is a liability.

Now the question is how much money are you shelling out on liabilities? How many times do you stop for your favorite Starbucks coffee? Did you recently purchase a bigger television or newer car even though the ones you had were in good working condition? Do you see where this is going? You have to change your mind set about money and your ability to save because in most cases, you have several dollars per week you could stick back. You just have to re-purpose the cash you already have.

No Bashing Zone- Money Saving Tips

Look, you may be thinking at this point that all we want to do is beat up on you about your spending habits. Totally not the case. There is nothing wrong with enjoying some of the finer things in life. The question that remains is are you in the financial position to do that yet?

You can easily save around 1400 dollars in the next twelve months by trimming the fat in your budget and working on a savings plan. Aside from spending, the biggest barrier to savings for most people is simply getting in the habit of doing so.

Simple Savings Plan:

Start your simple plan today with $2. Yes, you read that correctly. Put two dollars in your savings account this week and next week put in three. Over the course of the year, increase your savings by one single dollar until you reach 52 weeks. You will never put more than $52 in the savings account in one week and at the end of the year, you will have amassed a tidy $1378. Hey, that is enough to take a nice small vacation or better yet start investing in your dreams. Do you want your own business? Have an invention idea? Slow and steady may not be sexy or exciting but it will get the job done!

Boss Mentality

Now that you have been saving for a while, it feels like second nature and you should be seeing your purchases in a different light. It is at this point that you begin to process money matters like a boss. In other words. focus on ways to bring in and save money rather than spending it!

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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