Being financially independent and completely debt-free may be just a dream for a very large population of people. These dreamers are usually the ones who are giving chunks of interest money to the bank on a monthly basis.
But you don’t have to be jealous of the smart savers. Why don’t we go ahead and look into some simple habits they have and other people don’t. We might just find out the secret that is helping these savers keep a ton and break away from the bank’s jaws.
Every penny counts mentality
If you ever went shopping with one of these smart savers or you just had an opportunity to follow him on one of his shopping ventures, you know what I mean by this subheading.
People who are truly fighting for their money will know how to respect it and will not waste it buying stuff they don’t need. It is not unusual to see them following a shopping list while buying food and groceries either.
Why do you think it is important to sit down and make list before you actually go shopping?
Do a simple test.
Try going shopping without a list like you always do and save your receipt from the supermarket.
Then, on another occasion, take a minute of your time to write down everything you need to fill your refrigerator.
Don’t buy anything else than what was written down! Hold on to that receipt also and take your time to analyze how much money you spent on both occasions and how important were the items you bought.
Surprised? Don’t be! It’s those small things that can make a huge difference at the end of the day. Learn and practice to save your money and use it more efficiently.
Don’t miss out on opportunities to get money
Saving is just one side of the coin. Stashing your money infinitely and for no obvious reason won’t get you far either. Inflation will literally eat up all your money’s value in no time if you hold on to it for long enough.
Instead, pay closer attention to what’s happening everyday around you. Get familiar with financial instruments, ways of investing money, follow fluctuations of exchange rates.
Possibilities are almost infinite. Make sure to use that little extra you saved to invest it wisely and multiply it. This will significantly speed up the process of repaying your debt.
Try to negotiate
Negotiation is one of critical skills that debt-free people possess and are not embarrassed to resort to. It’s really a shame for some reason not to negotiate in the first place. It just shows you don’t respect your money enough.
If you look at financially independent people that are always negotiating. Whether they are buying groceries at the local market, searching for a better car deal or negotiating a perk they need associated with their credit card. Always negotiating…
Taken into perspective of a person who is repaying a debt and putting loads of money in the bank every month, negotiating might just mean getting better terms of debt repayment. For example, do you know what is a debt agreement? If you haven’t heard of it yet, make sure to explore that option instead of giving so much more money every month than you should.
Of course, even if you follow in all these steps nobody’s saying that you will succeed to repay all your debts in a jiffy. But if you succeed to change your mentality and set your mindset differently, you are much much closer to reaching financial freedom.
Hellen McAdams is the chief strategist at Marketee.rs. She loves a good digital marketing strategy and isn’t afraid to ask questions everyday to keep up with the industry’s trends. If you have any comments or questions, shoot her a question at @hellen_mcadams.