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Save More & Spend Less
For years saving money and cutting expenses has been a passion of mine, mainly because I was broke. Like the saying says, “A Dollar Saved is a Dollar Earned.” Yes, but how can I save 40% of my income? By investing in your 401k, making more money and cutting your expenses to a reasonable level. What is Your Monthly Savings Plan?
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Ever since college my professors were preaching that you needed to start saving 5%-20% of your income if you want to be able to retire by 65. They said the sooner you start, the better your investment portfolio will be.
Like a lot of college graduates, I didn’t have a lot of extra money left over at the end of the month. I got a late start, I didn’t start investing until I was 40. I had a lot of catching up to do so 5% wasn’t going to cut it.
In order to invest 40% of your paycheck you need to make some major changes to your finances. I became obsessed with cutting unnecessary expenses.
Make More Money to Save More
There are many ways to make more money, below are some of the best ways I have found.
- Blogging is a great way to make a great income working only 4 hours a week. In 2018 I made over 6 figures from blogging which you can do to. Click Here to learn how to start yours. You can start for under $20 start-up costs.
- Swagbucks is a survey site where you earn gift cards for taking surveys. This is a great way to make extra money in your spare time.
- Investing is a way to increase your income using Motif. This site is great for low cost fees. You can invest in 30 stocks for $9.95. For joining you can get a $150 bonus to start…Yes they will give you $150!
- Invest in your 401k, by doing this your employer will usually match a certain percentage of your annual investment. You want to max out your 401k because that is free money from your employer and you don’t pay taxes on what you invest.
- Drive with Uber in your spare time a couple hours a night. This is a great way to make extra money and is something I did for a year to make extra money.
- Answer surveys with Respondent getting paid $150 an hour! A great way to work from home and completely legit. I have used it myself many times.
- Join Amazon Prime and receive free shipping on all purchases, Free Amazon Music and Amazon Movies. This is what I use instead of cable, I actually get to watch all the premium channel shows from HBO, Showtime and Starz all included with monthly Prime membership.
Lower Your expenses
To my friends & family I have become famous for cutting expenses and discovering ways to save money. These are all simple and painless ways to cut your expenses by at least 50%.
- Start using a meal delivery service like Home Chef. Instead of driving to the grocery store, have your meals delivered to your home every week. You still have to cook the food, but it comes ready to cook with a easy to follow recipe card. Get $30 off your first week by clicking the ad above.
- Stop paying $130+ a month for your cell phone bill. There are many prepaid unlimited monthly cell phone plans out there. I use Republic Wireless, they have plans starting at only $5! That is a savings of $125 a month! Click Here to Join Republic Wireless.
- Join a cash back rewards program like Ebates. They will give you up to 10% cash back on everything you buy online. So if you do all your shopping online for food and everything else you will get 10% back and save on gas.
- Sell your car and get one cheaper with no payment or one that is 10% or less of your gross income.
- Cut your cable and use a satellite antennae, it’s free and you can pick up 30 great channels, some not even available on cable. I have been doing this for years and saves me thousands a year. I recommend getting a cheap internet service plan for around $50 unlimited usage with Spectrum or Charter.
- Stop eating out except for special occasions. Start bringing your lunch to work. This will save you tons of money and you will save time by not having to drive somewhere on your lunch break.
- Shop around for the best car and home insurance rates. I use Progressive and only pay $50 a month for full coverage car insurance. A lot of insurance plans, you are only paying for their name and marketing department (State Farm).
- Live in a cheaper home, it doesn’t have to be a worse home. Years ago, instead of buying a used home for a premium price I bought 10 acres of beautiful land and put a new manufactured home on it. By doing this I saved $100k. You need to think outside of the box.
- Use Digit to trick yourself into saving money. This free program will evaluate your finances and manage all aspects of your finances for you. They will figure out how much you can save every month and deposit that in a savings account after paying your bills.
Saving money for operating your new online business or adding to your 401k retirement account is important. It has taken me years to learn all of these different hacks and use them every month in my budget.
These expense cutting tips should be painless. You are simply using a cheaper service or product than you have been previously using. We are living in the information age and there is no reason we should be paying premium prices.
Use these tips like I have and you will save more money than ever before.
How much are saving every month? Are you saving 40% every month? Why or Why not?
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