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7 Rules For Saving Money

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There are so many other tips and guidelines to follow to save money, but most importantly, don’t just save to save, save to invest! Check out my 7 rules for saving money.

Timestamps:

00:00 Intro

00:47 Save Money & Be Frugal

02:22 Track Your Expenses

03:36 Follow Your Budget

04:35 Lifestyle Foundation

05:31 Invest Your Money

6:29 Consumerism

7:04 Sensory Adaptation

07:58 Outro

 

Given that I’ve gone to extremes to save money like cutting my own hair and not having a car and that I was able to save 71% of my income last year, I believe I have really gotten down most concepts of personal finance and saving money. I believe that if you can save 65% of your income and invest it, I can retire in less than 10 years and I am currently 1 year in and ahead of schedule. On this journey, I have stuck to some foundational rules for saving money and I’d like to share some of them that I’ve followed.

 

Some Rules For Saving Successfully:

1.       Be frugal & save as much as possible.

2.       Track everything you spend, create a budget, then optimize that budget regularly.

3.       Stick to your budget.

4.       Lifestyle foundation instead of lifestyle inflation - Don't increase your expenses.

5.       Invest everything you save - You’ll see the benefits and it’s better that your money is out of sight and out of mind growing your wealth.

6.       Understand that you are wired to want to consume.

7.       Understand sensory adaptation and how that affects lifestyle expenses - The Secret To Saving: https://lbry.tv/@ScottCBusiness:4/Secret-To-Saving:4

 

Personal finance has become a passion of mine and saving money goes hand in hand with investing and growing my wealth. I know that for every dollar I save, I could make 10x with investing in say something like Bitcoin which has increased more than 10x in value over the past two years. I really enjoy this journey and love sharing my findings and insights with you. I hope this inspires you to save and invest to grow your wealth and improve your future.

 

I’ve previously written about lifestyle inflation & lifestyle foundation here: https://read.cash/@scottcbusiness/lifestyle-inflation-or-lifestyle-foundation-41121595

*Disclaimer: This is not financial advice.*

 

Budget Template & Explainer Video:

Videohttps://lbry.tv/@ScottCBusiness:4/If-You-Want-To-Save-Money:7

Templatehttp://www.filedropper.com/budgetingtemplate

 

How are you saving money? Share any good frugal tips or finance hacks with us down below. Am I missing anything? Let me know what you think about this in the comments below and don’t forget to subscribe!

 

This is a LBRY first video meaning it shows up on LBRY before it gets published anywhere else. If you’re not on LBRY, sign up and get started here: https://lbry.tv/$/invite/@ScottCBusiness:4

Check this video out on LBRY to support me with monetization and no ads: https://lbry.tv/@ScottCBusiness:4/Rules-For-Saving:a

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Comments

Great... 🙂

$ 0.00
3 weeks ago

this article has so much information it is overflowing in my head. you are good giving advices that is why i learned a lot and also gives me motivation as a new user here in read.cash I saw that you are one of the good author that I must support.

$ 0.00
3 weeks ago

Great tips Brother!💪🔥🍻

$ 0.00
3 weeks ago

This is a great help especially to, us,teenagers. 😊

$ 0.00
1 month ago

Man deam

$ 0.00
1 month ago

This is really helpful Sir. I just started my savings journey

$ 0.00
1 month ago

very helpful

$ 0.00
1 month ago

Your savings tips and guides have been an inspiration. It has helped me migrate from a mindset of earning to spend to one of investing. Please keep them coming.

$ 0.00
User's avatar M3i
1 month ago

Wow good article

$ 0.00
1 month ago

Thank you for this wonderful article, I badly need this guidelines since Im planning to reach 1BCH or more this year and that includes investing.

$ 0.00
1 month ago

I know this isn't a part of financial advises but I can learn much from what you write. Thank you very much for all your words. Regards from Indonesia.

$ 0.00
1 month ago