To come out of a box or a hole, firstly you have to know you are in a box or a hole. Making money isn’t about spending your money but it is mostly about accumulating your wealth. To build your wealth you need more than just hitting a number but cultivating the habit of saving,
Financial freedom comes to people who know how to save 10% or more of their income throughout their lifetime.
There are a lot of ways you can use your money and build yourself a rich life and doing so would help you build a solid foundation for your personal finances.
Below are ways to build up your wealth and have the habit of saving.
1. Remove All Debt
The first rule or order of a business is getting rid of debts because your money can only be useful to you once you are out of debt. In becoming wealthy, investment is very crucial and you can’t invest properly in yourself or your future if you have a hill of debts you haven’t gotten rid of.
To eliminate your debts here are a few steps you can follow
- Know how much you owe
- Do not borrow to pay up your debt
- Stop borrowing
- Get help from debt counselling agencies
- Monitor how you spend your money
- Take a decision on how you are going to pay your debt
- Get a job
2. Save Your income
Many people make money but forget to save which leads them back to where they started from as being broke. One reason many people dislike to save their money is due to the pain of placing their hard-earned money into a savings account each month or week depending on their kind of work.
Many also don’t save due to the current situation they are facing and the inability to get more money in time but to become rich, you have to save no matter how small it is. It is better not to just save money but save for the future, it is better not only spend less but to save up into a savings account in other to plan for the future e.g. retirement, house expenses, emergencies etc.
Below are steps you can take to save your money for the present and for the future
- Have a savings plan
- Save your small or loose change
- Take the calculations of your expenses or purchases per hour instead of cost
- Save Automatically
- Make Investments
- Get free debt counselling
- Have a budget on food
- Keep a saving habit
3. Be Disciplined
The reason many have not been able to accumulate their wealth or become rich is that they lack self-disciple. To accumulate your wealth you have to take a big decision to save your money and be disciplined about it, although it is not easy to resist the temptations that come when you decided to save, others have overcome it and definitely, you can also.
Below are steps to take in other to build up a habit of discipline in other to save
- Have and set financial goals
- Be patient and realistic with yourself
- Have a specific thought about the future
- Change your way of life or lifestyle
- Always remember to be focused
- Resist all forms of pressure
- Have an inspiration or a role model
- Most importantly, believe in yourself
To build up your wealth and be a good saver you have to constantly speak to yourself and do a lot of meditation in other to make it a part of you.
According to research, if these steps are being taken wisely then you are paving a way to build up your wealth in six months.