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Saving Money to Make Money – Tips?

Are there any general tips for saving money that can be used for making money down the line? I’m not talking about “Put X amount of money in an X investment thing”, I mean stuff like “Heres something you can do right now that will help save you money that you can use to pay off your debts.”

As you can guess, sort of have some debts I have to pay off, and I WANT to get started in investing, hence why I want to start an online business to supplement my income, but I have no idea where to even start on money management.

Comments

A quick question for you Rick, do you have a budget setup? That will completely make my answer change whether or not you have one.

Have to agree with Jelly above.

Do you have a budget set up already? After all, the FIRST thing you need to do is settle all of your debts. A little bit of debt is alright for credit building, but if you have outstanding debts that need to be paid off.

Secondly, have you thought about investments? Microloans and Peer 2 Peer lending for investing aren’t too bad. You can invest as little as $25 into it to see some decent return, and some places for P2P sell “portfolio’s” that are as high as $5,000 to invest in. Which is still a lot, yes, but the barrier to entry is pretty little. That way you’re putting a little bit at a time and learning about investing. It’s not as stable as say, Bonds, or other things, but it’s a fun start.

Yes. The biggest tip I can give? Live within your means. If you have everything within a kilometer around you? Invest more in a bike than a car. Like watching movies? Purchase Netflix or a streaming service instead of going out. Like to eat out often? Stay at home and cook a meal yourself. Don’t bury yourself in stuff. Just stick to basic stuff. Don’t need shiny things.

Is all I have really.

I agree with Donvestment. Just by cutting out the takeaway a week could save you £1000 a year. That’s huge when you think about it.

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