10 Money Commandments to Live By


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By Hannah Collier

Your house isn’t in order if you are in debt or falling behind on your bills. Here are 10 money-saving habits that can increase your wealth and health instantly.

  1. Move Your Money

This is an important step taken by those in top 1%, if you want your money to grow, schedule a monthly/quarterly check-up with your financial advisor or banking institutions. During the check-up try to negotiate better terms of credit, loans, and savings. If you can get a better rate elsewhere, refinance or “Move your money.”

2. Rent or buy on consignment

There’s practically nothing you can’t buy used. We’re in a circular economy! This term gained popularity with the wireless companies swapping your existing phone with a newer version. A circular economy leads to less waste and increases usage of recyclable items. These days you can buy/rent clothes, cars, phones, music, jewelry, shoes, and handbags.

3. Consistency matters

If you already invest or save, then you know consistency matters. Building good habits is the easiest way to be financially free or grow your wealth. Automate your savings, investments, and reinvest interest, dividends, and gains.

4. Reduce recurring expenses

Cut the cable bill, clean your own home, cook your own meals. This doesn’t mean that you stop eating out forever. It means use discipline and avoid creating unnecessary expenses or future problems with debt.

5. Save twice as much as you spend

This one is probably the hardest. If you don’t have a budget, create one. After creating a budget, find areas where you can squeeze more savings from your pay. If this requires eating less expensive foods, do it. Get creative, make a casserole, use the crockpot to cook one pot meals, save on gym memberships, and lastly do your own taxes. The goal here is to tip the iceberg; keep decreasing your spend while increasing your retained/earned income. 

6. Let it circulate

Invest in US Muni & Savings bonds. Money never stays in the same place.  Even if your bank account has a balance your money is being used somewhere else to make loans and investments. Take advantage of this economic fundamental aspect. Make a loan to the government, I-Bonds can be invested during tax season or via the Treasury Direct for a 9% interest rate. Another way to get bigger returns are through P2P lending solutions (e.g. SoLo). Also find ways to keep it in your community.

7. Give to great causes

Give it away! Know someone who needs a helping hand? Donate a reasonable amount to a charity of your choice each month. You can deduct between $300-600 (Single – Married Filing Joint) annually. In addition, companies such as Republic have opportunities for investors to get involved with IPOs or offer Crowd Investment opportunities for Small/Minority-Owned businesses. 

8. Pay off credit cards every month

Limit the amount of opened accounts to only ones you can pay off in full each month. Adding more credit cards to the ones you already have is a plan for disaster. Minimize credit and increase opportunities to be the lender. 

9. Let go of unnecessary subscriptions

This is the ultimate DIY, start closing subscriptions accounts. How? Make a spreadsheet list of all of your subscriptions. If you don’t use them in the next thirty days, close them out.

10. Improve your health overall

Going to the doctor costs money. Exercise, quit smoking, eat right, and do as much as you can to stay out of the hospital. Remember the real wealth is your health.

Hannah Collier is the founder of Women, Wealth, and Work a lifestyle and career blog.

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