No nonsense ideas to make money while saving money

Nothing feels more satisfying than finding more and more ways of saving money while making more and more money. This is the recipe for really increasing your wealth. Many people often search for how to save money while making money and the answer is quite simple. If you are able to get your mind into thinking this way then you can really become wealthy is a short period of time.

Saving money

There are many ways you can save money and the best way to do this is list all of your expenditures and find ways to reduce them. People often get lazy with their finances and if they plan and change their spending habits you can save about 50% of your income quite easily. This is like giving yourself a significant rise.

Many people are deterred from making these simple changes because they are afraid that it will diminish their quality of life. What you have to do is try it for a month and then see if it was worth it. If your quality of life and standard of living is not sacrificed much then you can proceed with the changes.

Here are some of the changes you can implement to save more

1. Reduce your mortgage by finding a better deal
2. Reduce your rent by going into cheaper accommodation or consider renting rooms out
3. Commute using public transport and get a season ticket
4. Commute using a bicycle
5. Share your commute with a colleague
6. Spend money on essential items and forego the luxury items
7. Plan your shopping and go to places like Costco to buy in bulk
8. Downshift a brand when it comes to food and you can save up to 50%
9. Use coupons and vouchers and always buy in bulk during special offers
10. Look at comparison sites to reduce all your utility bills
11. Look at comparison websites to reduce all your insurance cost such as car insurance
12. Find tax efficient methods of savings

These are only some of the measure you can take to really get your savings off the road. If you can systematically implement all these changes then you will be far better off financially and can really accumulate your wealth.

Making Money

Now that you have committed to making changes when it comes to saving money you now have to start making even more and more money. Do not simply rely on your earnings for income; look for other more creative ways to generate income.

People often take for granted their day job and are happy with the single stream of income that it provides. Just imagine having five or six streams of income gushing into your savings account.

Here are some changes you can implement to make more and more money

1. If you have spare rooms consider renting them out
2. If you have a specific talent then start be become a tutor in your free time.
3. Start selling items on ebay.com or Gumtree.com
4. Look to the stock market to make additional money – Make sure you assess risk
5. Start a business from a passion that you really enjoy
6. Start blogging for money
7. Write articles online to generate passive income
8. Find out if you are eligible for any benefits

These are only some of the simple steps you can take to start your income stream, it will not appear overnight and you will not become a millionaire next year. You have to be patient and persevere and eventually the money will come.

Investing the money wisely

Now that you have accumulated more than one stream on income you should have surplus money every month that you need to invest intelligently. If you can invest wisely then your hard earned cash will be working its socks off to make more for you. When investing I would recommend that you assess your risk, do not place the proceeds into a high risk investment.

What you can do is asset allocation of your wealth so that a percentage of your wealth goes towards certain risk. I personally would keep 70% of my capital in low risk investment, 20% in medium risk and 10% in high risk, this way I can ensure that my capital is not eroded away. Here are some of the investments you can consider.

1. High Risk: Stock Market
2. Medium Risk : Property
3. Low Risk: Deposit accounts, fixed interest securities

So there you have it, the formula to really build up your wealth. Remember that you have to be patient with these things and if you stick to it you can end up becoming very wealthy, this is the general formula for financial success and financial freedom.