Welcome to GistWealth Blog: How to Save for Wealth

Process of saving for wealth financially

Many people work tirelessly without results. Maybe, not because of the time spent on the rights or wrongs, towards money chase. Or probably, they may have already met all measures for success.

Now the question is what could be the cause…what might be missing?

I know you would be so wondering why some people with low income source are wealthier than some higher income earners. Business and wealth are very distinct; while the former brings money in abundance, the latter keeps and maintain the money, therefore providing more money.

Now, let’s see some guide to save correctly and achieve wealth;

Make a budget:

You cannot save properly without a proper ideas of your income and how much you plan to spend the money. A detailed document of income and expenditures like bills (housing, electricity and other items etc). These will help make you have priority, make a scale of preference and have a benchmark to spending per item.

Also read: Steps to the right budget

Discipline:

Emotion can be a setback to strict saving decisions, be it family, friends or love partners. Also, cultivating an attitude of not touching a fixed amount of money is another difficult issue. Once, can be manage emotional issues by keeping good company and not money spenders. These can shape your habits and you could get useful advices whenever you deviate from financial plans.
Also read: Silent rules to break to stay wealthy

Saving strategies

Now, budgeting and discipline may not be enough to initiate the habits, because, save is a frustrating, painful and confusing practice. So, setting some personal strategies may be of assistance like, opening a savings account and depositing in a fixed account. Sometimes, cultivating an the mind of an imaginary car or house can also be a saving strategy.
Also read: How to build wealth from scratch

Emergency funds:

Sometimes you are faced with sudden financial challenges that can make you break a saving plan. Emergency funds which are funds saved aside normal savings to cater for the unexpected, could be of better assistance. It covers medical bills and some other unplanned bills.
Also read: How to build wealth as a couple

Free from debt

Money is never enough for a debtor. As a salary earner who has incurred debts, it’s wise to make a list of people you owe, when and severity; and budget a percentage for the debts. Never try to make all at once, if you are not capable, but make a move, so as the burden will reduce for next salary and you have reserve for savings. Finally, try not to spend more than you earn.

Also read: How to manage debt of any size

Save by Investing

Once you have a flourishing business, try to invest wisely. These will boost your source of income to enhance your wealth goal. Indirectly, you have saved because you may never lack money when needed.
Also read: How to build wealth by saving to invest

Scalable business

Create a business is a perfect to serve as a support to make and save money, yet, scalability also matters for it to grow into network. A scalable business is a business which can comfortably operate at any scale or level, and with this means you who have other working to earn a livelihood…thus, a network.
Also read: How to manage business risk

Quit unplanned decisions

Make a to-do list daily or weekly to serve as a guide to financial decision making. This would help minimize unplanned spending and unscheduled meetings. This is another area people get stuck at, and these effects savings a whole lot.