Become a Millionaire by Cutting Down Expenses to Accumulate and Save Money
Here’s one good note that you should keep in mind: Most of us, no matter how much we earn, your expenses will equal or exceed your income. So you have to do something to make it right.
If your monthly income is simply going out to the drain, you have to find ways to reduce the expenses that are considered unnecessary.
Making a list of where you are spending your money is a good way to monitor your expenses. Once you have a good list, you can study and find out which of those expenses are things that you can live without. There are things that we don’t think can make a big difference. But if we can see from the list of expenses that there are expenses that we can live without; and that it keeps repeating month after month, most likely we can save big amount.
If you were able to cut those unnecessary expenses, you can save that amount and make them work for you. It’s pretty simple, isn’t it? Take a look at
Nony is a mother working in Paris, France. She made a good accounting to find out where she can reduce her expenses to save an extra $100 a week out of her paycheck for her investment fund. Here are some expenses she discovered that she can cut, and most of these are merely extravagances:
- Cable TV subscription – working full time, go home tire and she’s got no time watching any
- Making a plan before shopping for food so that she is not buying things that will go to the waste basket later on
- Cook during the weekend and put them in lunch boxes, store in the fridge and carry her lunch to work
- Eating out less frequently – did her cooking and enjoyed the meal at home.
- Stopped smoking or drinking beer – she’ll be healthier
- Sold her car and decided to commute using public transportation. She was able to save gas, insurance and parking fees.
- She moved to a smaller apartment to reduce monthly rent payment.
Yes, she was able to save $100 a week! From this savings, she decided to invest the $400 monthly in a Unit Investment Trust Fund. This is a wise move, she is accumulating money and the money in the trust fund has the possibility to earn as well. You don’t have to be a genius to find a way to pay out your investment.
Most of us can do simple ways to save, that is if carefully take a look with our expenses. So how can you become a Pinoy millionaire? Saving your first peso is the start. No matter how much you earn, if you can’t save even a peso, you can never start moving forward to become a millionaire.
Do you want to know what it takes to become a Millionaire? Visit page to take the MILLIONAIRE QUIZ.
Can you think of any other ideas how a Pinoy OFW can save? Please comment and share below.
Here’s to your success!