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Common Sense

Joe Mahlow avatar

by Joe Mahlow •  Updated on Jul. 26, 2023

Common Sense
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Today weve chosen to highlight some basic advice that everyone should follow in order to faster grow your financial wealth. As you read through them, consider if youve already adopted these into your life or where you could improve.

1. Dont buy things you don't need.

Seriously. Does it fit into a list youve made of things you actually need? Things like replacement parts, groceries, rent? If the answer is no, simply sigh and move on.

2. Dont buy things you cant afford.

This one should be really obvious. Can your credit afford to take the hit? If youre already in a sticky situation with your debt, it definitely cant.

3. Gambling isnt going to work.

If your goal is to get richer, gambling isnt the way to get there. It can result in uncertainty and waste. Instead, earn as much as you can, waste as little as possible, and invest wisely.

4. Restaurants arent a food source.

Yeah, eating out is great, but it isnt very economical. If youre looking to save on cash, examine how youre eating. If you go out for meals a lot, maybe consider how you might change that. Its generally a healthier option too.

5. Stock up on sale items.

Self-explanatory. Necessities only.

6. Watch your splurging.

If you find yourself with some unexpected cash, don't go out and blow it. Yes, a shiny new car convertible would be fun, but do you need it? No. Whats wrong with your old car? Nothing. That fortunate stack of cash needs to go directly to your high-interest debt, mortgage, etc. Youre working towards financial freedom here.

7. Set up automatic payments.

Also self-explanatory. And important. Setting up your automatic payments on your bills, such as utilities, will help you avoid late fees and hits to your credit report, in addition to saving you time. If youre worried about overdraft fees to your account, set up your payments with a high-reward credit card. Youll have a 1-month buffer for any changes or mistakes, plus work towards cash back through the card.These might seem obvious, but youd be surprised at how many people arent giving these guidelines the attention they deserve. Dont overlook them and miss your chance to start building some serious financial health for yourself. Start working towards your financial freedom.

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