10 Amazing Money Solutions to Stop the Bleeding and Make You More Money!
If you think getting a second job is the answer to you making more money, you need to try these solutions.
1.Fix Your W4 Forms at Work. You know… those federal and state forms that you randomly placed a number in the allowances box. So “0” is the highest taxable rate at your income and the tax burden gets lighter with each increase of “1,2, and so on.” The key is to use the IRS calculator and claim the correct number. If your getting nice tax refunds, your claiming too little. Don’t give the government an interest free loan. -Savings = $50-$200 per month
2. Eliminate Entertainment. I find too many times that people don’t have a dollar to save… but they have cable, iTunes, and have a concert they are going to next month. I truly believe that money should be spent in priority. Saving money (paying yourself) comes before cable television. I say downgrade to WIFI and no TV! -Savings = $100-$150 per month
3. Stop Contributions to 401k. Yes, if you are broke now, your retirement plan looks a bit grim. Only stable individuals should be socking money away, for the 65 year-old version of their self. This should be a temporary solution, to stop the bleeding. Pause, get your head above water, and get back to funding the 401k. When I was in debt, I paused my 401k contributions for 14 months. It has improved my retirement outlook because I used the added snowball power to eliminate debt and create more cashflow!-Savings =$20-$200 per month
4. Limit Eating Out. This might sound extreme, but eating out is extremely expensive when compared to cooking at home. A steak dinner for two can run $60+, whereas cooking a steak dinner at home comes in at around 1/3 of that price. The Average American eats out for 4-5 meals a week, spending around $250 per month. Cooking at home and taking your lunch is healthier and cheaper, why not do it? -Savings= $250-$400 per month
5. Budget Monthly Income. There’s an easy way to guarantee you’ll live paycheck to paycheck… free-styling with your income. The simple solution to saving, is to plan what you will spend your funds on. If you fail to do this simple task, you will never win with money. -Savings = Priceless
6. Get Rid of Your Car Payment. Car payments eat into your cash-flow and really prevent you from saving money. If you have the ability to get rid of this payment, do it ASAP. Save the underwater amount and enough for a “for-cash-car”. -Savings = 4-5 years of not being broke.
7. Only acknowledge 90% of what you earn. If you want to make more money, do what businesses do. The best profit formula is that a reduced expense is profit. When you live on 90% that means you have a surplus of 10%. It doesn’t matter what you make, 10% isn’t a noticeable sacrifice . If you can’t do 10%, do what works for you. Most people choose 0% due to inaction, for years! -Savings = 10% of your annual salary
8. Broke People Don’t go on Vacation. Yup, no vacations. You don’t deserve it, the kids will be fine, and your family will enjoy the trip without you. You shouldn’t “vacay”, if you have no savings and live paycheck to paycheck. -Savings = $500-$700 per vacation
9. Cut all Subscription Services. It makes no sense to pay 5 different $15 services that you use twice a month. Cut it! Christmas clubs, Birthday clubs, hell you shouldn’t be participating in work fundraisers. -Savings =$10-60 per month
10. Never waste money on warranties and cell phone insurance. The goal of personal finance is to gain financial stability. Save your money and become self insured. These costs that take advantage of the fear of probability. If you fear cracking your phone screen, invest in a case. It doesn’t make sense to pay $10 per month when some people aren’t even saving that! Save money in an emergency and pay for emergencies as they happen. -Savings =$10-$50 per month
These solutions can save the average person $480 to $1120 per month! I know you probably think that is not realistic, but math doesn’t lie. Pick the solutions that best work for you, and you should immediately see a few hundred dollars in disposable income.
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