6. Negotiate ways to raise pay and lower costs
A powerful way to build wealth is to increase the amount of money coming in while decreasing the amount going out.
With that in mind, negotiate a pay raise. If possible, lay the groundwork now to get a raise in the new year.
Just as important, keep finding ways to lower expenses so you are squeezing more money from your paycheck. You’d be surprised what’s potentially negotiable:
- Medical care. Some doctors and dentists will give you a discount if you pay cash at the time of service.
- Credit card interest. If you’ve been making payments on time and have a decent credit score, ask the cardholder to lower your interest rate. (And while you’re at it, look for a better deal on a credit card — such as one that pays rewards.)
- The cable bill. Call up the provider and ask for a lower rate.Emphasize your other options, such as switching to competing cable companies or dropping cable in favor of Netflix and Hulu.
7. Think past today’s needs
Eventually, you will get used to the new, more frugal lifestyle. But even as you are basking in the glow of your savings success, it can be tempting to slip back into old patterns.
When that temptation arises — and it will — remember to think past today’s needs, and to instead focus on tomorrow’s wealthier future.
This is a crucial attitude adjustment. Stop thinking you have to have everything you want as soon as you want it. An “instant gratification” attitude is a huge impediment to building wealth.
Instead, continue to look for ways to trim expenses large and small. For example, since shelter is another huge chunk of most people’s budgets, maybe it’s time to look for a cheaper place to live. Other ways to save include:
- Keep your car as long as you can instead of trading it in every few years.
- Look for free stuff to create more room in your grocery and entertainment budgets.
- Pay for everyday necessities (and, yes, a few reasonable treats) with discounted gift cards.
No comments:
Post a Comment