Money saving tips and tricks i iwhs i knew earlier so my life becomes so easy to handle my money management.
Who is Dave Ramsey
Dave ramsey is well known financial advisor/guru. He is personal money management expert. He has great influence on people regarding money management skills. People strictly follows him. He has write several finance books.
Given below are few tips from Dave sir recommends to follow in our lifestyle to make smooth lifestyle &money management is also become so easy with money saving tips.
Lets get start
1 Create envelope savings system
While you don’t want to borrow money from friends every time you overspend now, do you? Which means it is necessary to budget on time . Dave sir recommend to make savings or budget zero envelope system.
So what do you understand by envelope system ?
Envelope system means just make some envelope and stick name on it like first one bills, second one shopping, for kids schools , and so many more and if you do this you know very well how much spend on which thing .
2 Emergency funds
Whenever there is big flow of money in your bank account , its always a wise decision to put some money for your future emergency funds . This will support you in your emergency case such as a loss of your jon or some crisis movements.
3. Sacrifice and live below your means
The stuff mostly we seen on social media platform like branded and costly, fancy rich looking is just a scam. If you doesn’t need that stuff in necessary things then don’t go for it just live simple life and do savings also.
4. Save atleast 15% for retirement
As suggested by dave, your first step after getting paid is to put aside 15% of your total earnnings just for retirement investment. Invest in stocks, real estate , mutual funds etc.
5.Increase your income options
I’ve always been believe that if you have some free time than you have to find out activities for generating income .If you work /or salaried person 9-5 and your job is permanently and your job is secure then also you have to earn extra sources of income.
6. Pay off debt as much as possible
Whether it is Dave sir or someone else paying debt as much as possible is in the priority list of every personal financial advisor . Its our prime important. Huge debts are feeling paralyzed if you don’t pay it on time. But it doesn’t matter that how much amount of loan on you if you have right budgeted approach. Dave ramsey suggested having a right strategy plan to tackle all debt.
7 Avoid high price branded items
I know each and every one love high branded items and luxury lifestyle. But i suggested if you an option on lower prices product in good quality then you have to go for instead of running beyond high class branded items.