Broke Vs Rich. 5 Top Tips!
Author: Traders Expert Date: April 21, 2021

Broke Vs Rich. 5 Top Tips!

Top Tip #1 – Pay yourself first

The first tip to growing your bank account is to reward or pay yourself first when that payday comes. We all tend to spend money when we are finally paid. While you may set a rule to save more and spend less, it won’t be possible if you don’t pay yourself first.

When you pay yourself, you set aside some money to spend on your shopping, hang out with friends, pay bills, and send the rest to the bank. Here are some tips to pay you:

• Set a standing order with your bank. You can instruct your bank to be channeling some funds to your savings account whenever you get paid. You can start with a few dollars and see it grow.
• Ask your employer to be depositing a certain percentage of your salary or paycheck to your savings account.
• Create a monthly savings plan if you use a budget.

Top tips. Pay yourself first!

Top Tip #2 – Avoid impulse buying

Impulse buying is all about paying for what you didn’t plan for. If you want to save more and spend less, you should refrain from impulse buying.

In most cases, the easiest and fastest way to increase your savings is to cut costs and spending. Therefore, track your spending on pen and paper and only shop if you have a plan in mind.

You can avoid impulse buying when you:

• Take someone with you when you go shopping.
• Avoid shopping when you are emotional and stop comparing items on the shelf.
• Do a no-spend challenge every month.
• Get off social media and unsubscribe from marketing emails.
• Set a monthly budget and stick to it.

Top Tip #3 – Double your income

If you want to increase your bank account balance, you must be ready to work hard and increase your income. The other side of cutting costs and maintaining a reasonable bank account balance is to earn more money than you spend.

One trick is to find a part-time job to boost your income. You can also consider working overtime in your current job to boost your paycheck. Another way to raise your income is to look for a better-paying job. Negotiate with your current employer for a better salary or consider switching jobs to increase your income.

You can also start your own business if you don’t want to depend on others to boost your income. Become an entrepreneur and control your finances.

Top Tips. How to double your income

Top Tip #4 – Minimize Bank Transactions

If you want to keep your bank account growing, you should minimize transfers and withdrawals from your bank. Sometimes the bank may not be charging you for withdrawals or transfers. In that case, you should treat your money as if it is not easy to access.

Once you refrain from frequent transfers, you can avoid impulse buying and see your bank account growing. It’s time you keep that ATM card away if you want your bank account to breathe.

Toptop tip Tip #5 – Cancel all subscriptions you don’t need

It’s not easy growing your bank account balance when you have a lot of automated subscriptions.

If you want to see your bank account bulge, you should stop subscriptions for a newspaper you don’t have time for, the gym membership, and the Bark Box you don’t use anymore. Cut out on all the excess subscriptions to grow your bank balance.

You can start by going through your monthly bank statement and note down everything that goes on the debit. Decide on what you should keep paying and what you should not. For instance, you can limit the cable subscription to channels you like watching or reduce your expenses on makeup and clothing for a while.

Top tips. Cancel subscriptions to save money!

Final Thoughts

There is more to talk about broke vs rich. However, the truth is that knowing how to handle your finances is vital in keeping your bank account smiling. If you want to be rich, start by setting your goals, growing your income, managing your debts, cutting costs, and spending less when you can.

Traders Expert