6 Simple Money Habits That Will Make You Rich

If you plan on having any sort of financial freedom in future then you need to ensure that you start preparing for it now. This means having better financial plans that will enable you to have a stable financial future.
For some this can be a daunting task especially if you have no discipline when it comes to your finances. If you are the sort of person who spends first then calculates later then these financial tips will help guide you in the right direction.
Everyone wants to become rich however to do this, you need to ensure you take good care of your money and ensure that in the end it is working for you.

Financial Tips That Will Help You get Rich 

1. Invest as much as you can
You don’t have to be earning a six figure salary in order to invest your money. With as little as 3000 you can start investing and saving so that you can be able to invest more.
Investing does not guarantee overnight wealth and this is why most people don’t see the need, however, 10 years from now when you cant work anymore or have a family and more expenses the money you earn from your investment is going to be a great help.
Therefore, don’t look at investing as a way to earn money but a way to ensure that your securing your financial future.
READ ALSO >>> 7 Things You Should Do In Your 20s To Be Rich In Your 30s
2. Have a good savings account
Another rather obvious tip you should take up is having a good saving account that offers you a good interest rate and enables you to save more money.
Go for accounts hat have restrictions on how many times you can withdraw and consequences if you withdraw before the set time. This will ensure you keep your money in the account for as long as possible which will then enable you to hit your goal.
3. Have a savings goal
This is in relation to the point above, saving with a goal in mind enables you to remain disciplined as opposed to just saving for the sake of it.
For example, if you are saving money to buy or build a house then you are more likely to avoid spending that money on other things since you are motivated to hit your goal.
On the other hand having no goal means that whenever you come across a sale or nice clothes you will be tempted to use it since it is just sitting there with no use.
4. Live below your means
When Facebook founder Mark Zuckerberg came to Kenya, memes started going around on how simple his outfits were. Looking at the likes of Bill Gates, Jack Ma and many more, you will rarely see them in flashy designer clothes and accessories.
There is nothing wrong with dressing like that however, you need to ensure you can afford it first. what is the point of buying clothes worth 8,000 Ksh then borrow money from your friends and relatives to pay rent?
The same applies to where you live don’t live in an expensive house that after you pay rent you are barely left wiht enough for daily use.
Make it a point to live way below your means because this will ensure you always have more money to save and work towards being rich.
5. Avoid get rich quick schemes
Unless you win the jackpot chances of you getting millions of shillings tomorrow are very slim. This means that you should stay clear of those pyramid schemes on social media that promise instant money. It does not work like that and unless it is an investment you cannot earn money from just forwarding a link.
The sooner you stop chasing instant cash the sooner you can start working towards actually achieving financial success.
You need to make smart investment decisions that will ensure you don’t lose your hard earned money to scammers and thieves.
6. Save for your retirement
Another great tip to consider is start saving for your retirement now. You will not be able to work forever and you don’t want to lose the lifestyle you are used to in old age.
This means that you should start setting aside money that you will use to sustain your lifestyle long after you retire. This will help you avoid poverty n old age which is something we see often enough.
The earlier you start the more money you will have once you retire so it is best to start the moment you get your next pay check.
In Conclusion
When it comes to financial freedom, you need to make some sacrifices that will in turn ensure you live a comfortable life. You need to be smart in order to avoid being broke every month and living salary to salary.
By Michelle Wanjiku