Husband's tips to save money for an Investment Fund

Tips on how to get extra money for saving or investing

1. Commit to take our a specific dollar amount from your salary every payday. The key here is this value should be sustainable and small enough that it does not affect your monthly financial budgetary needs. Also, if your bank offers auto debit from your payroll account to your savings account then get this and it will be easier and automated. You'll be surprised on how much money you can accumulate by just doing this simple thing.

2. Pay yourself first. This means that before any debt or expense is paid like credit cards bills, home mortgage and car amortization, commit to take out whats yours for your savings or investment account. If you can do this every payday then do it. I do this every payday and during yearly bonus. Sometimes I put 50% of my bonus to paying myself first. Place this in a separate bank account without any ATM card link or a time deposit account. This is to just to ensure that you will have a hard time getting money from this account during "emergencies" like drinking binges that leaves wallets surprisingly empty.

3. Put your savings or investing account in the name of your child. This again prevents you from drawing from this account readily as it tries to trick your brain that this money belongs to your child and if need be, you need to pay back what you borrowed from this account. This is a proven strategy with me and my wife to the point that my wife complains to me that we had no more money. I said go and draw from the kids account. She was reluctant at first but I said lets pay that back when we get our finances straighten out. It turned out fine and that account continues to grow today and enabled us to get into many money making opportunities.

4. Commit to saving monthly for your child's savings account. In our culture, when a child is born or baptized and during , Christmas time, relatives and friends readily give cash as presents to children. This cash will serve as seed money for opening an account on our childs behalf. My wife is a shopaholic and loves shoes and bags. I found a way to curtail her shopping spree by agreeing to commit to save half of what I put in to our childs savings account per payday. Say if I give 10 bucks she commits to give 3 bucks. She find ways to shop for them bags and shoes but atleast I get to see our child's saving account grow also.

5. Get those interest free company loans. In the company I work for, they have a zero percent interest emergency loan. Even if I have no emergency, I always draw from this loan and put the proceeds to my savings account. This way I get to pay the loan monthly using my paycheck and having dry powder cash for any investing opportunities coming my way. If an emergency do crop up, I can always draw this money in my account. The worst you could do is buy new phones and gadgets with this money.

6. During pay hikes I put 50% of my pay increase directly to my savings account. You should do this in the first month of your pay increase. If you wait say 3 months then the pay increase would find a way to your monthly budget and if you try to take that amount it will be very painful financially as it is already part of your monthly budget expense. Remember it is very easy to spend than save.

Now all these tips coupled with living below your means will give you opportunity to have extra money for investing.

Hope this helps you steemians start your way to financial freedom.

If you got an iota of insight, pls do upvote this post. It fuels my pride to write some more hahahaha!