Mountain Tech Analysis

What can you do to fix your bad spending habits and save money ?- Here are some great strategies to accomplish your financial goals .

Strategies

The biggest barriers towards saving are mental . We are used to shopping impulsively sometimes as stress relief for our busy lives and sometimes you wanna go shopping and spend a little extra for your next party so you can look festive . All this costs money. How do you change this and still have fun in life. We’ll lets get started with some simple strategies.

First step is to create a goal and work towards it like buying your first home or car. Approximately find out how much you will need and how long it will take you to get there with your current budget . Let’s say it takes a year to save $20,000 for a car . Great !

Now divide that by the number of weeks in a year which is 52. So approximately you will need $385 a week.

How do you get to that target if you are already struggling to save?

Now ask yourself the question . What are my fixed costs in the next couple of months. Let’s say in the next 3 months you will have $10,000 in bills that need to be paid .Your weekly wage per week is $1000 after tax which is around $13,000 for those 3 months. A simple calculation will leave you with savings of $3,000 . Per year approximately you will approximately be able to save $12000. But what about the missing $8,000 for your car obviously you can’t get there within a year you will need 2 years of savings. But before you start saving for your goal , the most important preliminary thing would be to save the $10,000 so you can have a peace of mind and be able to cover your basic lifestyle bills for the next 3 months. So do that first before you start saving for your car or house deposit.

Where will you get the rest of the missing money to achieve your goal?

• Start a Side hustle with a goal to earn that extra $150 a week by getting a second job or have your own business . There’s plenty of side jobs to go around such as barista, bartender, landscaper, labourer ,security guard. If you work Monday to Friday , you can use your weekends to cash in instead of partying . Sundays are always paid double ,so it will work to your advantage.
• Use your car or house to earn extra income . With the car you buy , you can try driving for Uber or Lyft , earn an extra income and get some money back on your new car through tax depreciation.You can also start a side hustle in your house or garage, like baking, fixing or cleaning your neighbours cars or lets say growing pot plants in the yard starting from seed and selling them off when they grow bigger.The list goes on …You can also lease out you unused space like rooms or garages to potential renters and earn an extra cash income.
• Lower your costs and live more minimalist. Are you dining and wining way too often and impulse shopping ? Well, now is a time to cut it down, make food at home and watch your account grow