Improving your finances is not only about how hard you work, how smart you work, and how you manage your money. People around you can damage your finances if you do not pay attention to how they are behaving with you and how they are using your own ideas to sabotage you.
Here are 6 things you should never tell anyone if you want to become successful financially:
Don’t tell your plans: If you share your plans, they will either use your plan to outsmart you or sabotage you by using your plan against you.
Don’t tell people your weakness: A lot of people will tell you it is ok to fail and it is ok to admit your weakness. However, practically speaking, it is not recommended to share your weakness because people use your weaknesses to attack you.
Don’t share your failures: When you share your failures, they will always see you as a loser and never give you an opportunity to progress.
Don’t tell anyone your next move: If you share they will use it for their own benefit. Therefore, move ahead and shock everyone with your achievements.
Don’t tell your secrets: Secrets are best when kept inside yourself.
Don’t tell them your income or source of income: Always make them wonder how you make money.
The general rule of saving is you need to save 20 percent of your monthly income. In other words, if you are making $1000 per month, you need to save $200 every month. If you are not earning enough money to maintain your life, you might not be able to save 20 percent, however, you should make sure you are saving at least 10 percent of your income. If you cannot save even 10 percent of your income, then you need to do a couple of things:
Work more: You will have to work more. Working more means you are working overtime. When you work more, you will make more money, and when you make more money, can start saving your additional income.
Generate more money: If you cannot work more with your current job, you need to work on extra jobs. Working on extra jobs means you start doing a side hustle. You can work after office hours and during the weekends. When you do extra work, you make extra money, and you can save whatever extra money you are making.
Cut your expenses: In order to improve your finances, you should never spend more than 50 percent of your income on your essentials. In other words, if you are making $1000 per month, you should not spend more than $500 on rent, food, fuel, loan repayment, etc.
Try to limit your expenses to under 50 percent of your total income. It might sound too ambitious to you, however, if you only spend on essentials, you can actually live with that money. If you can't try making changes in your lifestyle, for example, moving to another home where rent is cheaper (perhaps, less expensive areas, or a smaller house), you can actually manage your life with just 50 percent of your income. You need to save 50 percent of your income, and use some of your savings for investments, emergencies, for improving your quality of life (going on a vacation, for example).
Here are three interesting ways to save money:
Switch to an alternative lifestyle: Start living in a camper van or practice an off-grid lifestyle you will save a lot of money. However, in order to do this, you need a passive income source or should have a remote job.
Grow your own food: You can grow food even in urban areas, and even when you do not have gardening space. You can try vertical gardening, hydroponics, etc. By doing this you will not only save a lot of money on food but even make money by selling surplus food.
Don’t use social media: Social media encourages you to spend money. Once you stop browsing Instagram, you will also stop buying.