Everyone wants to create financial freedom in the way that works for them. To be able to travel the world, raise a family or live a simple life without worrying about work. Whatever your reason is, there are things you can start doing today that will help you tomorrow.
Living on half your income may seem like an impossible task but there are some easy tips and tricks you an implement now to start investing for the future:
- Start with your after-tax, after-savings income.
Your goal is to live on one of your bi-weekly checks from work a month. Start budgeting based off of your rent/mortgage payment, utilities payments, groceries, car, etc. Then look into your expenses for each month for birthdays/holidays.
You are not going to be able to live on just one of those paychecks, right? Time to trim the fat.
- Roommates help with your monthly payments.
If you own a home, there’s an added benefit of living with a roommate or a few. You can rent your rooms out to whomever you wish, but the main goal is to bring your mortgage payment down. It may seem like a wonderful plan to live on your own, until you get those bills in the mail.
You can do this with renting as well. You will need to rent a two bedroom.
- Buying used is best.
Whether you are looking to furnish your home or buying a car, always think “used” first. There are so many items out there that look brand new but may be 2 to 3 years old. No one knows the difference, save your money where you can.
- Get a raise!
Don’t be afraid to ask your boss for more money. If you work hard, smart and you’ve shown dedication to the business, you should ask for a raise. This can help ease the current constraints you have right now.
All of these ideals seem simple enough, but the moment you start actually implementing these into your life, you will see your investments grow. You need money to invest. Start with yourself and make smart decisions.