When it comes to financial planning, many people underestimate the power of saving their money. The Ninth Principle of Prosperity is all about the power of saving. Save more than you think you need to. Very few Americans have the resources to plan for 40 years in retirement. The future, and all its mysteries, can be dangerous if you are not well prepared for it with long term planning. We offer some clever ways to cut back your spending and save more money.
Clever Ways to Save More Money
Eliminate Expenditures That Aren’t Necessities
During your financial planning journey, your wealth advisor will most likely have you sit down and look at your spending patterns. Many things we spend money on every week are wants and not needs. In order to save yourself more money, be strategic with the money you spend, and eliminate anything that is not a necessity. This includes things like cable service, frequent shopping, manicures/ pedicures, etc.
Instead of cable, try services like Hulu and Netflix. They offer all your favorite shows but are much cheaper than the cable company’s charges. Start doing things yourself, like making coffee at home, or doing your own hair and nails. This change can make a big difference in the money you spend.
Avoid the “Keeping up with the Jones” Mentality
Too many of us watch what other people are doing, and map our financial goals based on them. This can be dangerous. What works for one family may not work for yours and your income. It’s best to avoid this idea of “the grass is always greener on the other side” and just focus on yourself and your family’s needs. Comparing yourself to others will only create jealousy and probably slow you down in the prosperity process.
Budget your Spending
Next, long-term planning will require you to create a budget for yourself. Think about the money you need to spend on bills, and then give yourself a little leeway for fun things. Then, agree to put a certain amount of money in a savings account every pay period, or every week or month. This part of private wealth management puts you in control of where your money goes, and you are on the right track to becoming your own banker.
Read a Personal Finance Book
Another key to saving money is to learn more about financial planning. We offer many resources you can read to learn about what it takes to be your own banker. We suggest you start by reading “Becoming Your Own Banker,” by Nelson Nash. This book offers the foundation for the infinite banking concept that we use at Alpha Omega daily.
Map out Your Financial Goals
Think of where you want to be in five years. Imagine how much you need to save to be comfortable during retirement, and how much you need to make with your career in order to save that much. Financial planning is all about thinking of the future and creating a feasible strategy to live comfortably. Our private wealth management team can help you look at your resources and see what is possible for you and your saving.
Alpha Omega Wealth Can Assist with Financial Planning
Alpha Omega is one of the best wealth management firms in the Las Vegas valley. We pair a wealth advisor with our clients so we can begin the process of financial planning. Visit our office and learn more about how to save your money, and how the twelve principles can work for you and your prosperity.