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How is the rich people saving money?

The rich people don’t get rich overnight, it’s a process of saving and investing to accumulate money. Before making other financial plans, the rich always instilled the most basic skill that is saving money. It seems that it is a small and easy thing, but in reality, it is more difficult and has a greater effect than you think.

So how do the rich often save money and spend to have a large fortune? Here are 5 of their secrets that you probably don’t know.

1. Always track spending

Many people think that tracking spending has little effect, does not increase your account much. However, tracking spending will help you make financial plans more accurately and save money in the long run.

Financial experts offer 3 steps for you to clearly understand your cash flow, control spending in a timely manner for the purpose of saving more.

Record: List all your expenses for food, clothing, housing, transportation, education, and entertainment. After a few months of doing this, you need to try to break them down into more categories based on your spending habits.

Check: After recording the expenses, you also need to check the amount in the remaining account is consistent with the amount on the books.

Observe, adjust: Check the amount spent on each item, find out what can be cut, and control it in the next month.

2. Take advantage of second-hand goods, coupons

New items are always attractive, but not every item you need to buy is new. For example, a new book is sold for 20 USD, if you buy a used book you only have to pay about 10 USD, even cheaper but the quality is not much different.

Besides books, items such as furniture, kitchen equipment, exercise equipment, cars are also things that can purchase used to save money.

The rich, even though they already own a large fortune, do not shop extravagantly, always trying to buy goods when there is a coupon to spend a smaller amount.

3. Self-cooking

For office workers, according to some online users, cooking at home will save them half of the money they eat in a month.

You just need to invest in a refrigerator and cooking utensils. Then go to the supermarket every 2 weeks to buy ingredients, it doesn’t take much time or hassle. Food stored properly in the refrigerator to keep it longer, always use boiled water rather than bottled water, these are savings tips that will help you accumulate money.

To save money on food, cleaning the refrigerator is also very important. Many people fill their refrigerators with food without even knowing it. Leading to over-buying of ingredients, allowing spoiled food to be thrown away.

4. Constantly increasing the amount of savings

Saving “forced” is also an option recommended by many financial experts and is a way that the rich often do.

On the first day of receiving a salary, part of their income will immediately be transferred to a savings account. And that number will not fixe for many years, constantly changing and increasing.

After saving, you can only spend the remaining money. With that forced method, you will definitely always save money. At the end of the year, looking at the amount of money saved, you will surpris. If we persist in doing it, it won’t be long before we become rich people.

5. Always try to change the habits of using utensils

A financial shared that when he accidentally bought the wrong toilet paper product with a smaller size than usual, he realized one thing. That’s how his toilet paper consumption dropped. After that, he continued to buy smaller bags of toilet paper to practice the habit of not wasting money, thereby saving money.

6. No gambling

A Hong Kong billionaire said, there is only one type of money that he is willing to spend no matter how much. And that is money to invest in his own head and improve his self-worth.

Gambling is the most unreliable “investment” because it can leave you with nothing. Rich people will never encourage or agree to spend money on gambling.

Changing the type of toilet paper may only save you a small amount of money. But in the long run, it will certainly create remarkable results. In addition, when you have practiced good habits, with all the equipment you are using. You can also apply the same principle to reduce spending and save more.

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Rabia Khatun

I am Rabia Khatun, I am a freelancer

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