Tips to save money for the future

Posted by Chidinma on Friday August 26, 2016 at 16:0:13:

It is said that if a person starts saving from his early twenties until when he retires, he would have saved enough money to live comfortably on after retirement until his death; but you find out the most people go broke few years after retirement. This can be because they didn’t have a good saving habit of keeping a fraction of their income to invest in their future. In this article, I will three tips to save money for your future;

- Learn To Pay Yourself: Any money you spend from your income to buy things is being used to pay others, because as you buy things from them, you are increasing their income base. This does not mean that you should not buy things that you need to make life comfortable for you; but learn to save a fraction of your income for you future. You can save up the money and use it to start a business that will bring you passive income while you focus on working on your main source of income.

- Live Below Your Income: Most people lack savings because they live above their income. If possible learn to leave below your income so that you can save the extra. Avoid unnecessary spending or high life styles just to please others or proof a point to people.

- Invest: After you have saved up a substantial amount, you can invest in a small business that will generate further income for you; you can also invest in stocks or create a fixed deposit account.