To become richer you need to spend less money, get more money or combine both options. However knowing how to cut expenses and rake in more cash may be difficult. Once you’ve stopped buying expensive goods, and begun working a few extra hours a week, you may find easy to think of methods wearing thin. However, there are many less obvious ways to become richer.
If you’ve had the same service providers, these are companies who supply your water, gas and electricity for example, for a long time look at their competition. There is likely to be another company who will give you the same, or even a better service for less money. Switching to the most cost effective providers of everyday services can save hundreds of dollars, and make you instantly richer than you were before, painlessly.
Direct debit / Combination of services
Companies offering several services you require usually offer a small discount if you agree to let them be your providers of more than one of those services. They will also give a discount if you pay bills via direct debit. It doesn’t take long to organize this, and the result will be that you’re richer because of it.
Reduce interest on credit
If you are paying back credit card debt opt for a 0% balance transfer card. After six months or so, the offer of 0% will alter, and you’ll become liable to pay a higher interest rate. When this time comes, if you’re still paying off credit card debt, move your debt onto another lower interest gathering card to avoid the extra interest. The money you save by not paying full interest on credit card debt could be considerable.
Establish how much money you need for outgoing funds, including paying bills, rent, petrol and minimum social spending. Take the total away from your income each month and place what’s left into a savings account to gather interest. Even if interest rates are low, you will still become richer than if you had carried on spending without saving.
Save money on water bills
If you choose to shower instead of bathing you will save a great deal of water. If you only have a bath use old bath water for watering plants in the garden. You can also use less water by fixing dripping taps and leaks, turning off the tap while you brush your teeth and rinsing vegetables in a bowl of water, as opposed to doing so under a running tap.
Save money on electricity
Sell your old chest freezer and free standing fridge. With the money gained purchase an energy efficient fridge freezer. Do likewise with your washing machine, and sell, but don’t replace, your tumble drier. Rely on Mother Nature to dry your clothes on a washing line instead. You can save even more money on electricity bills by never leaving your television on standby, and by switching electrical items off when you’re not using them.
Other ways of saving money
Join a carpool to save money on fuel. Buy food in bulk and shop with other people. Take a packed lunch to work and don’t buy expensive coffee take-outs each day. You can also lag your home for insulation before winter arrives, sell unwanted assets and cut down on channels you don’t watch much but pay for.
Earn more money
To be able to earn more money you either have to work longer hours, establish a better rate of pay for what you already do, or make yourself worth a higher wage via gathering more knowledge and expertise. If you become an expert you will always earn more money than if you don’t offer a special service.
To become richer you need to draw back the finances you have, and then expand earning potential. Of course, after doing this you can then invest wisely and save money in-order to become even richer.