In this video you will learn 3 tips on how to save money fast and become financially independent. If you follow these tips you will be able to save money efficiently, pay off debts and take control of your financial future. The first Tip is Tracking Your Spending. If you don't know where and how you're spending your money then you won't be able to save effectively.
Actions- Look over all your spending over a few weeks or months which may include receipts, credit card statements, bank statements, bills etc.
Place these figures in a spreadsheet or journal to have a visual representation.
Review and make the necessary changes to your spending list every week (knowing how much you spend for a week shows a clearer picture for your monthly spending.)
2. Make a Budget- A budget is a plan that you have made for yourself on how you intend on spending your money so you have control on where your money goes and how much your going to spend and save typically each month.
Actions- You can start budgeting by tracking your spending, then based on your spending habits decide on a budget you can make to reduce your spending on things that are not important, thing you can reduce spending on and stop making impulse purchases.
Make a spreadsheet or write in a journal and create the budget you intend to follow containing your total income minus your total expenses each month.
Implement an envelop system, where you decide on a category of thing you will be spending a set amount of money on each month. Eg. Entertainment, Transportation, Food etc. Allocate a certain amount or percentage of money to each category each month without dipping into savings or paying with a credit card if the money runs out.
3. Pay Yourself First- This is what will guarantee whether or not you will save your money each month effectively, and that is literally taking a percentage of your income first before any spending and place it in an investment or savings account.
You can start off at 10-15% of your monthly income and increase it as as your income grows while sticking to your budget. This should always be money that will be invested to grow your money overtime.
Bonus Tip #4- Pay off all your existing debts if you have any.
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Avery Vanns Personal Finance Channel is dedicated to teaching you about personal finance, money mindset, habits of the rich, and self investing so you'll be able to get control of your finances and become financially independent. Our main focus will be to help people who are struggling with money and living paycheck to paycheck, to teach them how to properly manage their money and invest in themselves to create wealth and get out of the Proverbial Rat Race. My videos are a reflection of my real-world experience as a student of finance and aspiring entrepreneur.
This channel allows me to share my passion for personal finance, money mindset, habits of the rich, a hint of sex ed and entrepreneurship. I produce content that I would want to watch and videos that YOU will benefit from and enjoy. I also believe in complete transparency and open communication with my audience.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. What you do with your money and spend it on will be up to you. I am merely sharing my opinion with no guarantee of gains or losses with your money or investments.
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