Updated: May 5, 2022
I know this might not sound sexy - but you need a budget. Thats #1.
Start with a budget. Income vs expenses. See how much you make vs how much you spend. (download our free budget template here - best used on computers) Focus on cutting back where you can + adding additional income like a raise, side hustle or a second job.
Personally I would try to keep it simple at first.. if I already have a "9-5" I'm askin' for a raise.🤷🏾 Once I get that raise I might pick up more hours, or I might make time to get into a side hustle, if all else fails I will just get a second job - whatever I can do to increase my income.
If I already feel like I maximized my income in those areas^ + I have a budget, emergency fund & a little stacked up? Oh yea now it's time to learn how to invest in different income producing assets. 😎
When it comes to decreasing my expenses this is what I actually did about 2 weeks ago: I canceled my Sling Tv subscription, canceled Netflix, got a discount on my Adobe services,
I found a promo for my wifi - Xfinity, for $25 a month... but I was paying $50 for the same package! So I hit 'em up in the chat box told em what I found online & asked for them to apply the same deal to my account & they did.
I also bought energy efficient light bulbs for every room, replaced all the old extension cords with energy efficient ones, stopped leaving sh*t plugged up if it wasn't being used,
stopped leaving the tv on all night, stopped leaving lights on for no reason - sunlight my nigga, sunlight..
(turn wifi off at night)
asked my cellphone company for any promo/discounts they had available got $10 off for a year..
set a budget of $50 a week on food.. (sheesh - add me on Snapchat & DM me when you do - I show you my grocery bill every time I shop Snapchat.com/add/Helloimbreezy)
2. Set up automatic payments to your savings account. (I save 60% of all income I receive)
3. Learn the difference between WANTS & NEEDS - stop doing what a lot of people do which is "pre-spending" their money.. before they even get the check they already know what they gon' buy or what they gon' do with the money.
Some thing that helped me save was having the mentality of "they can take this away from me at any moment" meaning - job security doesn't exist. Even the CEO can be fired.. & having someone else control how you eat + where & how well you sleep just don't sit well wit me.. just chew on that.
4. Got to develop better financial habits bro.. pay your bills on time, that sh*t is serious. Set up reminders to help you out. Youtube was my best friend when starting my financial journey. Whatever you wanna know more about, Youtube/Google it. I also have a personal finance ebook you can pre-order (check out the Finance tab)
5. Get your credit in check
This one is deep. Log onto Experian.com & check out your credit score & report. A bad credit score will definitely cost you a lot of money.