How You Can Save More Than You Spend And Accelerate Financial Freedom

How You Can Save More Than You Spend And Accelerate Financial Freedom

How would you like to get out of debt this year and position yourself for financial freedom before the new year or early next year? You can accomplish these goals with Mintyn Online Bank

So let’s say that you have a decent bit of cash right now, but you still want to accelerate your progress toward financial freedom. How do you go about this? The tips presented below will help you save more than you spend and accelerate your financial freedom.

 

  1. Pay yourself first.

The first thing you need to do is set up an automatic savings plan. You can do this by having part of your paycheck automatically deposited into a savings account, or by setting up an automatic transfer so that some portion of your paycheck goes into a separate account.

Once you’ve created your system, make sure it’s not too hard on yourself—you should be able to forget about the money and still stay on track. For example, if you’re making $3,000 per month and want to save $500 every month, consider adding that extra cash as soon as possible instead of waiting until after payday; it’ll be harder for you not to spend it once it lands in your checking account!

For those who struggle with saving money because they feel like they never have enough left over after paying bills each month: start small! Put away just $25 per paycheck at first—enough for dinner out with friends—and then increase from there once the habit is solidified in place.

 

  1. Automate your savings.

It’s a lot easier to save money if you don’t have to remember to do it every month. The best way to make sure that your money gets into the right place without fail is by automating your savings and investments so they happen automatically, without you having to worry about them or make decisions about what goes where. You won’t even miss the money because you won’t notice it going out of your account at all!

Mintyn bank has such unique feature under its saving, when you select any saving goals you want, you will be given an option to automate your savings at a stipulated date you have selected which makes it easy for you to save your money automatically through this feature on the Mintyn bank app.

You just need to download the app and create an account with Mintyn bank and enjoy other features which are rarely found in other online bank apps.

Automation also makes sure that all of those little expenses get covered first, so there’s no risk of overspending at the end of the month on unnecessary things like groceries or entertainment (which can sometimes be tempting when we’re feeling low). This way, any extra cash gets moved into building up our emergency fund instead of being spent on things we don’t necessarily need right now but might want later down the road.

 

  1. Negotiate to save.

Negotiating is a skill. The first step in learning how to negotiate is knowing when you’re ready. If you’ve tried negotiating with your cable company and they won’t budge on the price, then it’s time to find a new provider. If your gym membership costs more than it’s worth, then shop around for a cheaper gym before cancelling.

If you feel like this doesn’t apply to you because nothing in your life can be negotiated or changed, think again! Everyone has things they want changed but are afraid of asking for because it could be seen as rude or greedy.

Here are some ideas for how people can save more by negotiating with others:

Cable/TV Provider — Call and ask if there are any promotions available that could reduce your monthly bill (for example, switching from HBO GO+ streaming service to HBO Now streaming service).

 

  1. Pay off debt.

Paying off debt is one of the best things you can do to improve your financial situation. However, it’s important to pay attention to how much interest you are paying on each loan and prioritize paying off the loans with the highest interest rate first (using a strategy called “snowballing”).

 

  1. Invest your savings.

Investing is a way of putting your money to work for you. When you invest, you’re turning your savings into something that can grow over time—whether it’s in the form of stocks, bonds or real estate.

Why invest? Investing allows you to earn compound interest on any money that’s sitting in savings accounts or CDs (certificates of deposit). Investing is also a great way to diversify your portfolio; this means spreading out across asset classes such as stocks, bonds and real estate so that if one area suffers a downturn another may not be affected as much. Diversification also helps reduce risk by eliminating all eggs from one basket.

With Mintyn invest, you can invest for a long term project which will yield interest at maturity. This is the more reason you should consider creating an account with Mintyn bank, one 9f Nigeria’s reputable online banks.

How much should I save my money? While there’s no magic number for how much everyone should save each month, it’s always best to start saving early so that you have more time for earnings growth without having additional monthly costs later in life (e.g., student loan payments).  If possible, try saving 10% of your paycheck every month until retirement age when there are no longer any expenses like rent/mortgage payments or car payments on top of other living expenses like food/gasoline etc… After retirement age there are still some costs associated with living such as healthcare insurance premiums which often increase annually so make sure they don’t eat away at all those hard earned nest eggs!

 

  1. Think about saving first, paying bills second, and spending what’s left as opposed to the other way around.

While this is not a financial obligation like paying bills, saving money should be your number one priority. A lot of people have a hard time saving money because they spend what they earn right away instead of having the discipline to put some of it aside for future investment.

Instead of thinking about paying bills first and then spending whatever is left over, think about putting as much money into your savings as possible while keeping an eye on expenses as well. If you can put 20% or more into savings every single month, then that’s great! But if 10% is all you can manage in the beginning, that’s still good enough for now! The important thing is doing something toward making yourself financially stable for the long term—and saving first will help you do just that.

 

 

Conclusion

What can you do to save money and achieve financial freedom? It all begins with small changes in your daily life, which lead to big accumulations in a long run. These changes can help you begin saving more than you spend, which accelerates the path to financial freedom. The sooner you start, the better.