For most people saving money doesn't come easy salaries continue to remain
stagnant and it seems like every time you go to the grocery store that loaf of
bread or cannon pop is a bit more expensive well if you're trying to up
your savings game this year then you clicked on the right video because in
this video i will share with you five ways to double your savings in 2022 and
if you're new to the channel then hit the subscribe button below for more
life-changing content number one review your big three expenses if you ask me
one of society's most widespread failures is the fact that despite
money's great importance financial education is not taught in schools a lot
of people don't know it but if you took your time to analyze your cash flow
you'd probably discover that your three biggest expenses are housing
transportation and food and are gold mines when it comes to improving your
savings efforts in short these expenses need to be reviewed critically if you
want to save more money but how can this be done well let me explain how you can
do that right now first let's begin with housing since it's generally the most
costly of the three it's well known that areas with higher demand which are
generally the result of having better schools higher paying jobs and more
enticing attractions are more expensive than areas with lower demand if you live
in one of these expensive parts of town or simply rent or own a property that
exceeds your needs then one obvious way to reduce your housing costs is to make
a change to your living arrangements generally living in a metropolitan area
with a 3 000 square foot house can cost between 350 thousand and four hundred
and fifty thousand dollars on the other hand a fifteen hundred square foot home
goes for about two hundred thousand to two hundred and fifty thousand dollars
for a thirty year mortgage with a five percent interest rate of four hundred
thousand dollars you can expect to pay nearly 275 000 dollars in interest in
over 30 years compare that to a 200 000 home including a five percent interest
rate over 30 years and you only pay 186 000 in interest that's almost 200 000 in
savings over 30 years now that can go a long way in helping you build your
wealth over time now the second expense review is transportation now unless you
work from home or a hermit chances are you have some sort of need for
transportation for instance going to work going to the gym traveling to meet
friends and family there's always a place to be and people to hang out with
now a lot of people are caught up with the hype of getting a car and most
likely you've probably heard that when a new car hits the road for the first time
it loses 10 percent of its value instantly well things only get worse as
it loses 20 of its value after the first year of ownership which is why financial
experts often dissuade people from buying new cars therefore if prosperity
is your goal buying a new car for forty thousand dollars may not be the best
choice because you lose four thousand dollars the moment you drive it off the
lot and eight thousand dollars by year's end alternatively buying used offers you
the ability to let someone else incur these steepest periods of depreciation
while you still get many years of benefits as most cars run well for at
least a decade however the best way to cut down your transportation cost is
cycling and using public transport these two modes of transportation remain among
the best option for people who want to reduce their transportation costs most
people who live in big cities already accustomed to using some form of public
transit and paying a hundred dollars for a bus pass over hundreds alone for gas
is a win when it comes to stashing away more money plus if you offer the biking
option you can save money and get an exercise at the same time the final of
the big three expenses is food and the best way you can cut down this expense
is simple eat out less when you go to eat the price you pay is inclusive of a
lot of extra cost table service restaurant overhead a tip and any
additional taxes now i'm not saying you can't enjoy a meal from time to time but
if you are serious about saving money this year then keep these extravagant
nights out to a minimum number two eliminate all high interest
debts no saving strategy is as effective or is less risky than eliminating high
interest debts and most credit cards these days charge extremely high
interest rates with rates exceeding 20 in many cases now what most people don't
realize about paying down high interest debt is that it's akin to receiving
incredibly high investing returns for instance very few investments can give
you a return equal to the 18 or 21 interest rate you have on your credit
card which is in effect the returns you're getting when you're avoiding
future interest charges if you already knew how detrimental credit card debt
can be to your finances make sure to smash that like button below so now that
you know how detrimental high interest debt can be on your finances how can you
steer clear of this issue the best method to eliminating this problem is
not to use a credit card unless you know you have the money to pay the bill upon
arrival it's easy to forget how much you've charged to your credit card each
time you use a credit card keep track of your spending and determine how much
you'll have to pay at that month's end now if you're already in high interest
debt here's a simple plan you can follow to become debt free in no time first
organize all your debts from the highest to the lowest interest rate then begin
to funnel all your disposable income into the one with the highest interest
rate until it's paid off then proceed to pay off your debts in order in
descending of interest rates until you become debt free of course this process
will take longer for those with more debt or less disposable income to apply
to their balances but using this approach is the most proven way to
minimize your overall interest burden number three employ mindful spending i
first thought you may be thinking what exactly is mindful spending well think
of how you can use mindfulness to get more in tune with your body and thoughts
now turn that attention to your spending
efforts and boom you are now practicing mindful spending in a nutshell mindful
spending is being aware of how you spend your money and how your spending
supports your goals values and human needs keep in mind pun intended that
mindful spending affects your life far more than this simple explanation might
connote conscious spending improves your daily life by routinely shifting the
focus to optimizing your financial state in fact this puts you in a position
where you don't just react financially but you move with financial purpose when
you do this you're able to avoid common money pitfalls like spending due to peer
pressure impulse buying and other detrimental spending habits what many
people fail to realize and what science has shown is that people make decisions
with emotions rather than logic as you practice mindful spending you'll become
more in tune with how your emotions are affecting your financial outliers and
how you can master these emotions to promote the most amount of savings
possible therefore whenever you're about to spend money ask yourself that
spending is aligned to your path and where you can be financially and in your
life overall number four setting detailed savings
goals what do you imagine for your future do you want to buy home with the
yard for your dog do you want to be free of student debt do you want to go on a
life-changing vacation if you want to achieve any of these wonderful things
i'll tell you right now you need to set details saving school simply put setting
savings goals can help you prioritize how you allocate your money and will
constantly remind you of the better times ahead now i'm sure the idea of
setting money goals is nothing new to you but still so many people do this
incorrectly almost every person in the world probably already has a plan to do
everything from saving to retiring to paying student ones however turning
these dreams into reality is another matter entirely ask anyone who is
succeeding financially and they'll tell you that you need to employ detailed
money goals your goals should be divided into short medium or long-term
objectives short-term financial goals can be achieved within the next 12
months medium-term financial targets can run from to 10 years while long-term
financial goals are typically goals you want to achieve in 10 years or
thereafter so once you set these goals it's not enough just to rest on your
laurels and just hope that things work out the next step is to attach tasks to
these goals to make sure they're realized for instance if your goal is to
save a thousand dollars this year then you should have a plan for how you will
earn that extra money whether it's by doing some freelance work or taking on
extra hours at the office in fact if you ask me the more detail your goals are
the higher the chances you'll actually achieve them so if you are serious about
doubling your savings in 2022 make sure that your goals are prim and proper
number five earning more income i'm going to level with you when it comes to
saving money cutting costs can only take you so far we all have certain expenses
that we need to meet every month and if i'm being honest if you want to double
your savings in 2022 you're going to need to find a way to increase the
amount of money you earn now this is probably not news to you but your cost
of living these days is gonna keep skyrocketing no thanks to inflation that
is and having only one stream of income rarely serves anyone well therefore
creating and maintaining multiple streams of income is the new order of
the day for those seeking an abundant life so how can this be done you ask let
me explain one step you can take to start earning more money is to ask for a
raise getting a raise is an excellent move because it doesn't require a lousy
exchange whereby you trade more time for money you spend the same amount of time
but you pull a higher salary but it's always a little tricky to ask for an
increase when your company feels your current salary is what you deserve at
the moment so you need to present a strong argument that you deserve an
addition a more proactive decision is to get into freelancing if you want to
double up on how much money you save you'll do it well to consider
freelancing opportunities to earn extra money abound for people for all
experience levels freelancers typically earn from gigs however gigs that require
more experience cost more money even for low-income jobs beginner incomes will
increase over time in fact i'm a testament to the power freelancing as i
use my animation and copywriting skills to boost my income and now teach people
how to do the same in my course side hustle success which i've of course
linked down below so as a freelancer the options to make money are endless so
long as your skills are up to par services you can offer include coaching
business consulting ebook writing copywriting or photography even the
basic ideas to remember is that whatever field you enter you have to be good in
order to hold your own against the competition then as you start to make
this extra income you'll not only have more money to save but to invest with as
well which will be a cornerstone to your wealth creation journey therefore it's
for this reason that it's prudent to try out ways to double your savings in 2022
as this will be the foundation for your future financial success
thanks for watching if you want to go from the life you have to the life you
deserve then hit the subscribe button now