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5 Painless Ways To Cut Costs And Enhance Your Budget

5 Painless Ways To Cut Costs And Enhance Your Budget

Everyone wants to cut costs and enhance their budget, but nobody wants to cut spending on the things they enjoy most. The good news is that, with a little thought and preparation, you can actually save money without actually doing very much at all! The key is to plan to cut out the extraneous costs that you do not seem to notice when they are eliminated, hence the word “painless.”

Here are four painless ways to cut costs and enhance your budget in the process.

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1. Use Timers for Heating

Many people don’t use a timer for their central heating or hot water. If you’re heating your home to the same temperature while you are asleep or away from home as when you are in, you are spending unnecessary money on your heating bill. By simply setting a timer on a programmable thermostat to warm up an hour before you get out of bed or return home in the evening, your bill could be cut considerably.

The same goes for water heating. It costs a lot to heat a water tank, and most families only use it for a few hours each day. Set the timer to warm the tank an hour or two before you plan to use it, and you will in turn save energy and money.

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2. Make a Budget

It may sound like an incredibly tiresome thing to do, but if you don’t set up a budget, how can you possibly stick to it? It’s amazing how many people don’t realize how much money they have coming and going. When you write your monthly expenditures down, it will be much easier to determine where you can make easy savings that don’t affect your daily life too much.

You can take this a step further by visiting www.saveonenergy.com, where you can easily compare rates from top-rated energy companies.

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3. Nix Your Home Phone

Many families pay out every single month for a land-line, but rarely use it. With such inexpensive cell phone rates and Internet services, people are using their conventional home phone lines less and less. If this sounds familiar, it could be time to ditch it altogether.

The same applies for cable channels that you never watch. There is no reason to stick with a package that you selected five years ago if you don’t watch most of it anyway. There are loads of options available today, and changing over to a new package could save lots.

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4. Pack a Lunch

If you added up the amount of money spent on lunches at work or family days out over the course of a year, you would probably be astonished. Make sandwiches, and salads, and pack leftovers from last night’s dinner to take with you, and you can save considerably compared to eating out. Think ahead, save money, and eat healthy. Many times this can have a direct impact on your finances because many office-based restaurants take advantage and boost prices because of their convenient location.

5. Carpool

This may seem like something that comes off as common sense-driven, but not all people understand the benefits of carpooling. If there are 3 people in your carpool whom all live close to each other, you can cut your gas costs during the week by a vast amount. If you have a long commute to work, think about all of the things that you could do with this extra income sitting in your bank account.

Saving money is actually easier than you think. Simply make a budget, decide where all your money is going, where you would like it to go, and what you can cut out. Your cash-flow situation will vastly improve, and your wallet will thank you.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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