8 Simple ways to save money and amass a fortune (may, 2018) electricity usage by country

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IT SHOULD never be forgotten—by entrepreneurs and the wider world—how important it is to save cash regularly. Being suddenly deprived of earnings is an unpleasant prospect; and without the safety net of savings, it can be quite terrifying. However, with a few attitude adjustments, there are simple ways to save money that can build you a nest egg of significance.

Safety and security are good things. There’s a book called The Great Pearl of Wisdom by novelist Bangambiki Habyarimana, in which he writes: “I used to say, why save money if I’ll die tomorrow. I haven’t died yet and I have nothing to survive on.”

Author and inspirational speaker Natasha Munson comes closest to providing a broad, positive positive imperative, with a line from her book Life Lessons for My Sisters: How to Make Wise Choices and Live a Life You Love!: “Money, like emotions, is something you must control to keep your life on the right track.”

Even minor tweaks to your outgoings, and adjustment of the way you think about spending towards taking responsibility for things, will pay off—not just financially, but also in the positive energy and liberation that comes with being truly in control of your life.

Try to think of it not a question of sacrifice, but of you taking charge. Before we go further, here’s a brief video in which the famous financial adviser Alvin Hall talks about how his success stemmed from taking control of his personal finances.

Here are 8 things—all simple ways to save money—that you should do if you feel that you do not have sufficient control of the money you earn. One final word of advice before getting into the list. Modern IT innovations have led to the creation of personal accounting software packages that certainly help to relieve the monitoring and administration that’s necessary to hit your targets.

Topping our list of the most simple ways to save money is pragmatism. In a previous AGENT post, we looked at the AARP story on American football star Alfred Morris, who was driving a 13-year-old Mazda—bought for just $2 from his college pastor—at a time when he held a $2.2m contract with the Washington Redskins.

“If you’ve driven new cars all of your life, the term “used vehicle” may conjure up images of a dusty old beater with missing hubcaps and no A/C, dragging a clattering muffler down the boulevard. Yes, such cars exist, but I am not advocating that you buy one. Besides the embarrassment, there are also safety concerns and additional maintenance costs associated with clunkers.”

Saving should not result in short-term discomfort. You need to think about the simple ways to save money that will achieve a state of equilibrium—not slashing, but adjusting your levels of spending downward to see more cash in your wallet. Focus on paring back the things that you really don’t need. Discomfort is bad. What you want to do is to give up the superficial luxuries of what you think you need in the short-term, to be able to actually afford true, peace-of-mind financial freedom in the long term.

Anyone reading this is serious about the subject of business to a greater or lesser extent. But even if your interest is not profound, or CEO-grade intense, you should know that working to a plan is always the best way, and it’s among the most effective and simple ways to save money.

Think about what you are trying to do. You’re trying to have more cash. You can achieve this in the short-term (by not buying a particular item on one day), and medium-term (not buying it for a week), which will both have impacts on the long-term (a monthly budgeting target).

Stick to these targets. After achieving your first monthly budgeting target, look at what you have left over, consider your level of basic comfort, and see what else you can afford to save from ‘out of pocket’ expenses and impulse purchases.

Many prominent leaders are critical of cash transactions, for a variety of reasons. But from a savings point of view, dealing in cash is a good exercise in adjusting your mindset to dealing with money as a finite resource. This is among the most potently tangible and simple ways to save money. Perform an audit of all essential monthly outgoings that are conducted through direct debits, such as health and life insurance; property rent or mortgage; car repayments and maintenance, etc.

Then, allocate yourself an amount of cash from whatever is left for day to day expenses. Resist payments by credit cards [ revisit the Alvin Hall video above to find out why], and live within the limits of the cash in your wallet. Whatever is left should be ring-fenced and saved. Of all simple ways to save money, this is the one that seems to bring the most visible results.

There has to be some immediate reward for all the effort, but make it something that benefits you and your loved ones. A family meal at the end of the month is ideal. Try to keep this within the limits of what you have saved from your weekly budget, and set the remainder aside. This is about finding the most simple ways to save money. And one of the simplest truisms is that there has to be tangible payback for effort.