5 Simple Money Management Tips That Can Help You Get Rich

by Miranda Marquit · 0 comments

Many of us like the idea of being rich. And rich doesn’t have to mean that you have a huge pile of cash that you can spend lavishly on expensive cars and clothes. For many “regular” folks, being rich is about having enough money to cover needs, and some of the wants. Rich is about having the money to do what you need to do (including saving for retirement), and perhaps enjoying a little bit left over at the end of the month.

So, how can you get rich? The reality is that it doesn’t have to be complicated. In fact, getting rich is often about doing the simple things. Unfortunately, what’s simple is not always the easiest thing to do. Here are 5 simple money management tips that can help you get ahead financially:

1. Rethink Your Lifestyle

One of the first things to do is rethink your lifestyle. Too often, we get caught up in “looking” wealthy and successful, without stopping to think about how much that stuff is costing us. Look at your lifestyle, and consider whether or not it makes sense to downsize, clear out the clutter, and stop buying so much stuff. Remake your lifestyle to focus on experiences, rather than accumulating things, and think about simplicity. You’ll be surprised at how much you can save each month.

2. Set Aside Money for Emergencies

Build an emergency fund. If you don’t want to rely on debt to get you out of a tight financial spot, you need to have an emergency fund. The right emergency fund can help you avoid complete financial devastation when the unexpected happens. Figure out what makes sense for you in terms of liquid cash and other assets. I have a small amount in a savings account, as well as a taxable investment account for my emergency fund.

3. Invest for the Future

The wealthy know how to use money to make money. When you invest, your money is at work for you, improving your situation and building up wealth for the future. This can take place in a tax-advantaged retirement account, or in a taxable account. Try to max out your tax-advantage accounts first, though, so that you can make the most of your finances. And remember that investing in yourself is also an extremely important part of investing for the future too.

4. Look for Ways to Save

Now that you are living a simpler lifestyle, it should be easier to find ways to save money. And saving money isn’t just about clipping coupons and pinching pennies. You might get more out of your savings efforts by focusing on the bigger things. Premium cable. Expensive gym memberships. Big gas-guzzling cars. Even refinancing your home to a lower rate, or shopping around for better insurance rates can be good ways to save big each month.

5. Improve Your Health

Finally, take steps to improve your health. Poor health is expensive, even if you have a good insurance plan. Make the effort to live healthier by getting regular exercise and eating right, and you’ll save money in the long run. Plus, you’ll be healthy enough to enjoy your riches.

Bonus Tip:

Another way to save on your monthly Internet and TV costs is to find a current ATT U-Verse coupon code or at least a promotion to knock down your home service bill.

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