How to save money? Remember the "3 by 8" rule
There are many complex and efficient methods on how to invest and earn more money, but mainly it is necessary to have additional knowledge and talent. However, that doesn't mean you can't save more money. You just need to learn different approaches and tricks.
Invest in yourself
The best investment for your future is to invest in yourself. The sooner you realize this, the better, because you need to do as many different things as you can when you're young.
Of course, this is about learning new things and new experience. Don't feel like you need to get another college degree, but try to learn something that interests you. Reading books, online courses, getting certifications or attending personal development programs are great options. The more you invest in yourself, the more valuable you will become.
There are a number of free lectures and courses available online. Try them out to see which direction you should go.
Remember the 3 by 8 rule
We all know that on average we work 8 hours a day, sleep 8 hours and have about 8 hours a day of free time. We sell our working time to other people, and we reserve our sleeping time for our body. So the only way to get better at something is to spend the other 8 hours of the day. Do something that is beneficial to you in the long term, such as improving the skills you already have or learning new ones. If you earn more, you can save more.
Lend money to family and friends carefully
Although we love our relatives and friends, the problem is that they may have a different mindset when it comes to the money they have borrowed from you. They may be hoping that you will forget your debt or simply forgive them. Because of this possible misunderstanding, good relations may end. So, either you don't borrow money at all, or you agree on a fixed term for paying it back.
Spend less and you will be more free and flexible
Articles on wealth acquisition often recommend cutting costs. That advice makes a lot more sense than meets the eye. Imagine going to a job you hate, living in a place you don't like, and being able to easily change it whenever you want. When you start saving more money, you become more flexible and able to do the things that are important to you.
Apply the 24 hour rule
It often happens that our purchases are based on emotions or impulse buying. To cut expenses you don't really need, you should apply the 24/7 rule. Wait just one day to make the desired purchase. Your emotions will calm down and you will be able to make a final decision about how you really feel. You'd be surprised how many things you won't actually buy.
Take a minute each day to check your expenses
This trick is very simple and allows you to keep costs under control. Spend just one minute during the day checking and thinking about every purchase you make during that time. This will allow you to spot problematic purchases, slow down spending, and determine how much money you need for each day.
Do a comparison before every purchase
Another way to slow down your shopping and give yourself time to think about what you're buying and avoid disappointment in the future is to always compare it to something that's important to you. For example, when you see a beautiful sweater in the store that you don't really need or the price is too high, think of it this way: Is that sweater more important than visiting some place for the weekend?