If we know that saving is one of the most common habits you need to find wealth, why don’t we do it? It is true that with the lousy salaries in Latin America, the possibilities of saving, for some people, are reduced. However, here we share some tips to save.
If you think you can’t save because money isn’t enough, check your finances very well. It is possible that you are not using a budget and evidently that you are not monitoring your expenses.
By having a budget, and continuously tracking your expenses; You will realize that even if your income is not high, if it is possible to save.
Likewise, if you know that you need to increase your income, it is better that you stop complaining and start looking for options to change your situation.
Stop blaming the government, your country and your bad luck. Search solutions!
If you want to delve a little more into these topics, read the following articles.
Without further ado, we want you to know Mark Cuban’s advice regarding saving. Cuban is currently 59 years old and has a fortune of 3.7 billion dollars according to Forbes (06/15/18).
Cuban grew up in a middle-class family like most of us, yet his tenacity has made him one of the most recognized entrepreneurs in the world today.
He is currently one of the investors in the Shark Tank program, owner of the Dallas Mavericks basketball team, AXS TV and the Landmark theaters.
If you want to know a little more about Mark Cuban and some of his advice for entrepreneurs, you can read the following articles.
In an interview for CNBC, Cuban revealed 3 simple but effective tips that will help you save and increase your income.
Mark Cuban: His top 3 tips to save more money.
1. Tips to save. Don’t use the credit card.
Cuban’s first piece of advice is: “Stay away from credit cards.”
If you use the credit card it is because you do not want to be rich. mark cuban Click To Tweet
From his own experience, Cuban affirms that we tend to think that there is no problem in paying with a credit card, since our brain will always tell us that we can pay later.
The problem is that this is not always the case and on many occasions, those impulsive and unnecessary purchases end up becoming huge debts.
Additionally, the interest rates of credit cards are higher, compared to any other financial product. That money you could have saved and invested.
The only way in which it is recommended to use a credit card is if it is paid in full month by month, in this way there will be no need to pay interest.
two. Tips to save. Check your expenses.
You need to be a smart shopper, says Cuban.
Save as much money as you can. Every penny counts. If you’re going to spend money on a coffee, don’t do it, drink water.
If you spend money every day in a restaurant, don’t do it, prepare food at home.
Kevin O’Leary, also an investor in Shark Tank, says he would never, ever buy a coffee for $2.50 when the product actually costs 20 cents. It is better to invest those 2.50 dollars. Making a coffee at home will cost you only a few cents, the rest of the money you can invest.
If you see a 50% sale on toothpaste, buy as much as you can.
This expense generates an immediate return on your money, since you would have to buy this product in the future anyway and at a higher price.
3. Tips to save. Put your money to work.
What to do with all that money you didn’t spend? “Once you have months of income saved up, invest what you can in a mutual fund, in stocks, or in your own business.
It is useless to have money under the mattress, saving to save is not a smart strategy. Save to invest if it is.
And remember that if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
