ENTREPRENEURSHIP: TRICKS ON HOW TO BUILD WEALTH AND SPEND WISELY

Good afternoon, i know you all are enjoying your day by his grace, i ve been surfing through the internet lately and i came about this post of how to build your wealth by spending wisely no matter the income you recieve and i would love to share it  with you guys.
 Below is a list of my tips with which am working on i hope you find this tips useful:

1. Creating your budget/Plan: This is the first and most vital part to saving and spending, you need to keep track of your spending and your income so you can have an accurate picture of your financial situation. Save receipts or write down your purchases in a notebook as you make them. Review your bills each month and add those expenses to your budget.

• Organize your purchases by category (food, clothing,education entertainment, etc.). Categories with the highest monthly amounts (or monthly amounts you consider surprisingly high) may be good targets for saving money.
• Once you've tracked your purchases for a while, create a monthly (or weekly) limit for each category. Make sure the total budget is smaller than your income for that period, with enough left over for savings if possible.

2. Plan your purchases in advance. Making spur of the moment decisions can balloon your expenditures. Write down what you need to buy while you're calm and at home.

• Make a preliminary trip before you go on your real shopping trip. Note the prices of several alternatives at one or more stores. Return home without buying anything and decide which products to buy on your second, "real" expedition. The more focused you are and the less time you spend in the store, the less you'll spend.
• If you are motivated to treat each purchase as an important decision, you will make better decisions.
• Do not accept free samples or try something on just for fun. Even if you don't plan on purchasing it, the experience can convince you to make a decision now instead of considering it carefully in advance
• The cheapest option isn’t always the best option. What’s the point of buying a cheap pair of shoes if they’re just going to become worn out and rugged within a few months? It would be cheaper to pay N500 for an outfit that will be in good shape next year than N2000 for an outfit that has to be replaced in less than 6 months..

3. Wait for it(sales and discounts): Retail therapy is almost always a good idea, but smart shoppers know how to be patient. Why should you spend N10,000 on that gorgeous skirt now if it’s going to be marked down to make room for fall and winter clothes? Be patient and you will be rewarded with a steep price cut. Keep an eye out for the special offers that you can’t refuse.

4. Pay in full and in cash: Credit and debit cards increase spending for two reasons: you have much more money available to spend than you normally would, and because no visible money is changing hands, it doesn't register as a "real" purchase. Similarly, running up a bar tab or using a delayed payment scheme makes it harder to realize how much you're actually spending.^[9]

• Don't bring more cash with you than you need. If you don't have the extra money, you can't spend it. Similarly, withdraw your weekly budget from an ATM once a week rather than filling up your wallet whenever you run out.

5. Do your research: Before making expensive purchases, go online or read consumer reports to find out how to get the most bang for the least buck. Find the product within your budget that will last longest and meet your needs best.

6. Give yourself occasional,but inexpensive treats: This may sound paradoxical (isn't this buying something you don't need?) but in fact, it's easier to maintain your spending goals if you give yourself the occasional reward. Try to go cold on unnecessary spending and you may eventually "crack" and splurge much more than you should.

• Set aside a very limited amount of money in your budget for these treats. The goal is to give yourself a small reward to keep your spirits up and prevent a giant splurge later.
• If your usual methods of treating yourself are expensive, find cheaper alternatives. Take a bubble bath at home instead of going to the spa, or borrow a movie from the library instead of going to the theater.

Finally: seek wisdom from above for thats the greatest.

Thanks for reading, i hope you gained something from this 

Abraham Peter