A few tips I’ve found useful on my journey to financial freedom that I hope you will find helpful too.
- Save the Savings
Put the money saved on Supermarket Offers into your savings account. It might only be small, but if you do this weekly it’s amazing how quickly it mounts up!
- The Rule of 50
Every time you put £50 into a 2.5% savings account, that’s £1 less you need to earn each year. (Note, if interest rates double you only need to save £25 to earn £1 in interest! Or for every £50 you invest, you get £2 back!)
- Sell Your Junk & Invest The Proceeds
Sell your old CDs, DVDs, Books, old toys, clothes etc and put the proceeds straight into your savings account. If you have debts, split it 50/50 or 60/40 between clearing a debt and investing. The money you put into your savings will work for you for ever if you never touch it.
- Never Spend Your Capital
Try as hard as possible never to spend your capital. At least then it will continue to earn money for you for your entire life. Only spend the proceeds. Once you blow your initial investment, you have nothing earning money for you while you do nothing.
- Every £1 Is A Soldier
Think of your savings as an army. Invest in them wisely and they will fight for you forever. Build a strong army and you will succeed.