Save 10% of your gross pay every pay period and invest it. It was how I achieved financial freedom at 38 years old. Savings provides choices! Second, live on budget. It helps you achieve your financial goals. Third, make goals and plans for the things you want to achieve.
Minimum saving fund should be 40% from the income after every expenses. An emergency fund of 20% of income should form also. The percentage of saving fund should increases while income increases. Expense Fund of 40% should use for everyday uses and payment of loans. Emergency fund should use only most urgent cases. Saving Fund should be untouchable till you attain the age of 60.
Serenity...I hope you don't mean the major type of advice like the Stock Market.
My financial advice is for the average family and budgeting issues.
My advice isn't always well-received at first because it does require a lot of thought & sacrifice that many find stressing.
However, I know my tips WORK and result in only positive financial benefits. It's a common sense "List".
1.Keep a running log of income & expenses, as organized and accurate as possible. Referencing this log monthly can tell you so much about your spending habits and where & when to make changes.
2. Be very reluctant to make major purchases for anything not absolutely vital to the process of daily life.
3. Things you must absolutely have.....do extensive research in terms of Consumer studies, price comparison, guarantees & read reviews.
4. Buy good, wholesome & nutritious foods. Do not skimp when it comes to providing for sound health. Avoid what we know as "garbage." Sweet treats, processed foods, sodas, salty munchies, etc.
Make creative home made meals whenever possible and freeze 1 or 2 meals at a time.
5. Family fun & entertainment. Be mindful of the hundreds of activities, events and places that are totally "free" of charge. Borrow movies from the library, picnic in the local park, community playgrounds, walking on trails, board games.....you get the picture.
6. Familiarize yourself with nearby Consignment shops or The Goodwill, Salvation Army and similar stores. Do not disregard their usefulness. You may find so many items you need for a fraction of the cost of new. Also, remember to recycle your own items thru a consignment shop & earn some extra cash
7. TRY not to food shop when hungry or rushed for time. Use coupons and buy sale items in bulk (non-perishable). Always price compare by reading the UPC labels on shelves that tell you "price per" facts.
8. Whatever you & your family can do for yourselves...do not pay someone else to do it for you: shampoo your dog, mow your lawn, wash & wax the car, paint a fence.....etc.
9. Be on continual alert to conserving water, electric & gas.usage. It's easier than you think. It only requires inter-family communication.
10. Accrue an "Emergency Fund" in a simple interest-bearing account, adding even dollars and cents as often as possible. It all adds up quicker than you might think. Maintain this as long as possible and use only for very exceptional situations.
I don't have so much to say on this because I'm not a financial expert.
So, I will be telling you what works for me: LIVE WITHIN YOUR MEANS!
It doesn't get any simpler.
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