Need Money For Investments | Work On Basics

You have heard it since you were a kid, don’t waste money, but do we listen, of course not.   Even though we know that wasting money is bad, many of us waste money without even thinking about it.  It’s almost as if we take our money for granted.

You work hard for your money, you should work just as hard to keep more of it.   You may surprise yourself by finding that advice about not wasting money is good financial advice.   Pay more attention to where you are spending your money.

If you tighten up your financial habits you may actually find some extra money that you could use to build up your investments, and that’s a good thing.

Tip #1 – Stop Wasting Your Money

The best way to save money is to not waste it.  Check your spending habits; are there any areas where you are wasting money.   You can probably find money that you are wasting which you could be using for your investments

  • Eat at home more often, save money wasted at restaurants.
  • Give up habits that waste money, such as smoking.
  • Make it a “treat” to go to the movies, not a necessity.
  • Buy based on your needs not wants.   If you don’t need it

Tip #2 – Start Small

  • save money for investmentsSave your loose change, it all adds up.
  • Clip coupons, it all adds up.
  • Only buy something when it’s on sale, period!!
  • Take advantage of rebates, it all adds up.
  • Only go grocery shopping with a grocery list.  If it’s not on the list, it does not go into the cart.   If you only shop with a grocery list you will curb any impulse buying you may be tempted to do.
  • When you get a raise, invest it.   If you have it automatically deposited you will not be tempted to blow it.
  • Same thing with a bonus, invest it.   You lived without the bonus or raise, so you should be okay after receiving it.

Tip #3 -Improve Credit Score

  • Save money on interest, fees and premiums by improving your credit score.
  • Creditors charge higher interest rates if you have a bad credit score.
  • Insurance companies charge higher premiums if you have a bad credit score.
  • Lenders charge higher fees if you have a low credit score.
  • Shoot for a credit score above 750 to save money.
  • Credit scores that range from 300 to 750 are considered too low in the financial industry.
  • A credit score above 750 gives the financial industry something to work with.