Home Investment 15 Simple ways on how to save money fast and build wealth

15 Simple ways on how to save money fast and build wealth

This post will teach you 15 simple ways on how to save money fast and build wealth. Have you ever been in a situation where you are wondering why despite all you earn you are still left at the end of the month with lots of unsettled bills? Do you wonder the implication of this when you are older and unable to work? And do you look at your Savings bank account balance that is not growing? Does the future give you a cause for concern? Do you wonder if there are better ways to save money and build wealth? Well! You are not alone in this situation. We all worry at some point in our lives. But you need to learn how to save money to see it grow monthly in your bank account.

Other people may tell you to start cutting costs but you can look for smart ways to save money than cut your budget each month. And even as an entrepreneur, especially start-ups, it’s tough to keep your finances in order and for it to grow so you can have enough money left to your needs. I wish to state that you don’t have to degrade your lifestyle to save money. Penny-pinching will make you depressed. Though I am not saying that you should not be prudent. Though the rich people in the world are prudent, but there are better ways to save money. Let me open your eyes to 15 simple ways on how to save money fast and build wealth. Let us start right away.

15 Simple ways on how to save money fast and build wealth
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Simple ways on how to save money fast

  1. Make Use of the 80/20 Rule

The 80/20 rule also called the Pareto Principle, states that 20 % of your efforts create 80% of the results you get in business or personal life. So, to unlock the savings culture, focus on the 80% and not 20%. Examine the things that make up 80 % of your Budget. You will discover that you spend 80% of your budget monthly on the same things. They are the expenses you make all the time. Can you cut back on any of them or buy anything in that list cheaper? Ask yourself why you continue buying these things over and over and make the sacrifices.

  1. Automate Your Bills, Savings, and Finances

Most times you don’t save because you don’t know how much to save. The human mind tricks you into believing that you have more money than you really have. Also, the subject of finance is uninteresting to most people.

To get out of this problem, automate your savings and relieve yourself of the stress of finding out what amount you have and what you need for groceries and other things. This is one of the simple ways on how to save money fast. All you need to do is settle all your bills the same day your paycheck comes and set up a direct debit transfer of a certain amount monthly for your savings account and investments.

  1. Negotiate Your Bills

The ability to negotiate will help you save a lot of money in this world. It is one of the simple ways on how to save money fast. As of this moment, pick up your phone and call your service providers such as car mechanics, cell phone service, insurance and ask them for a better deal.

This single exercise could save you a lot of money in the monthly bills you pay. And if you need to learn more about how to negotiate, buy a book or use Google to find websites that treat the subject.

  1. Get at least 3 quotes before you buy

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To practice the art of negotiation, get at least 3 quotes from 3 suppliers of a product or service you want to buy before you decide to purchase. If you do this, you will save a lot of money when you buy the most important things.

So to get the best deals, find a reason why they must cut their prices for you to buy. And to get the best deal from your suppliers, inform their sales representatives that you are getting quotations from other suppliers. This will make them give you competitive prices. As a result, you end up saving money.

15 Simple ways on how to save money fast and build wealth
Photo: Pexels.com

  1. Share Memberships, Subscriptions, Products, and tools

You can share the cost of an online course or business tool with your friends who are interested in that same course. This is another way on how to save money fast. You can use this method when you feel the price of the course is too high. All you need to do is share your login credentials to get access to the same course at half the price.

  1. Buy in bulk

You can look at the list of household goods or things you buy often and find out what it costs to buy it in bulk. You will not only get a discount but also the unit cost of this item will be much lower. This action saves you some money.

  1. Pack a Lunch

You may choose to pack lunch before you leave home or not to eat out. To make it easier, you can plan for each week. This way, you will save some money.

  1. Cancel Under-Used Subscriptions

Right now I am sure you have Gym Subscription that you rarely use.  This subscription is underused. So, cancel some services that you do not use often. It is a good example of how to save money fast.

15 Simple ways on how to save money fast and build wealth
Photo: Pexels.com

  1. Cut the Landline

Most homes that have landlines rarely use them now that we have advanced Cell Phone technology. The average cost of landline per household in America is $20 monthly. That means if you cancel this subscription you don’t have to pay that amount and this goes straight to your savings account.

  1. Invest your time and Money into What you are skilled at

If you are an entrepreneur, your greatest resource is time, not money. Accept that most of what you do currently are a waste of your time. Don’t devalue your time by trying to do jobs you are not skilled at.

You may save a few dollars by unclogging your sink but why not use that time to do your business instead and create more money. So focus on how much money you can earn with your time not how much money you can save with time.

  1. Work in a library or Co-working space

Use your local library to work instead of paying so much to rent an office space. Modern libraries have quiet rooms, free internet, and other amenities to make your stay there comfortable. If you need a space that bad, then get a co-working office. Pay the fee and get access to their facilities like internet, conference rooms and meet local entrepreneurs. This is a simple way of how to save money fast as you would not incur rent and other office expenses.

  1. Hire a Virtual Assistant

Hire a virtual assistant for administrative jobs that you do often that take your time daily. Don’t spend your time on those tasks that sap your energy when you can contract it and face real tasks that create more money for your business.

15 Simple ways on how to save money fast and build wealth
Photo: Pexels.com

  1. Take on a protégé and buy back more of your time

If you have a growing business you could hire an intern to work for you. You could gain more from the deal in exchange for personal coaching you will give him or her. Also, you could end up hiring an enterprising person to join your team.

Ask friends and family to recommend people who want to work in your industry. You could also go to your local college to hire one. Your intern will need coaching so be ready to help them to develop their competence.

  1. Love sales and Sell More

Think of what you want to buy and create a list. It could be from grocery items to costly training courses or gifts for family and friends. When you do that you take advantage of sales instead of vise versa

  1. Tap into Your Community

Build a professional network to grow your business. Tap into like-minded people in a network by joining a community so you will have fresh ideas, expertise, and the right contacts. If you do this, you will not need to pay a professional coach.

For instance, if your friends possess the knowledge or skills required, ask them. They will give it to you free. You can also meet a mentor in that community who can do same for you. So, start by going to websites like Meetup and Eventbrite.

Conclusion

In this post, I explained 15 Simple ways on how to save money fast and build wealth. Saving is hard but when you consider the future where you may have to live on welfare if you live long enough, it becomes very urgent. Try and save something out of what you earn by creating and using an automatic saving method. This is the best way to safeguard yourself financially. Try it today.

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