Everyone talks about making more money, which is great,

but what about money management?

Not as interesting? - I disagree.

If you can manage your income,

you can save considerably and use your savings to invest.

A short thread ~

Every single month, I save 60% of my NET income,

this is after paying all my outgoings:

Rent
Bills
Healthy food, for three
General Life

That is saved money that will be reinvested into property by the end of this year,

reinvested into my family.

By being focused on my goal,

I have saved a considerable down payment for a property purchase.

Now renting does have its own benefits,

landlord pays maintenance costs etc,

but property ownership is an investment,

and that's what I want to do in life,

invest.

The trick to saving is cutting back,

not going without.

Most will look at this as a self-punishment,

but cutting back does not have to be painful.

There are many small adjustments you can make that will have a big impact in as little as a few months to a year:

Six examples that will have a big impact:

Buy unbranded clothing (seriously)
Cut down on subscriptions (Netflix, Amazon Prime)
Eat out/takeaway less
Don't spend on impulse
Take a packed lunch to work/school
Write a list before shopping and stick to it

Now i'm not saying you can't wear branded clothes, eat out or treat yourself,

but like everything in life,

it should be in moderation.

Let's look at eating out.

I have a family of three. Myself, my Wife and my Son.

An average meal out costs £40,

not including drinks.

In the UK it is reported that the average family eats out twice a week (out or takeaway),

this would mean an average spend of £80 a week for my family,

that is roughly £346.6 a month.

In a year, that would be an average spend of £4160.

Drinks aren't even included!

As a family,

looking at eating out/takeaway as a treat,

and budgeting for it twice a month,

I could save around £3200 over a year.

That is £3200 saved,

saved money that can be invested.

Now let's look at packed lunch.

You work all day at your 9-5 to earn an income,

why would you want to spend money while working to earn?

Averagely, my colleagues spend £10 a day at work,

£50 a week.

£3 on coffee/tea, £7 on breakfast or lunch,

sometimes both!

If I make a coffee/tea at home and take it with, in a flask,

it will save around £15 a week,

£690 a year (including six weeks off).

If I make a packed lunch and take it with,

it will save around £35 a week,

£1610 a year (including six weeks off).

The above could save me on average £2300 a year.

£2300 including the eating out/takeaway example could save on average £5500 a year.

That is £5500 saved,

saved money that can be invested.

You get the point,

stop-wasting-money.

Eating out less and making your own food will:

Improve your discipline
Improve your health
Save you money
Save your waistline
Teach you new skills

You will eat healthier, save money, and learn new skills as you start to vary your personal menu.

I will not break down each example because by now,

you will get the idea.

But cutting back on a Netflix standard subscription in the UK will bank you £107.88 a year.

Before buying an item,

leave it in your basket for 48 hours,

do-you-need-it?

To improve yourself and your current situation takes effort.

It requires you to act.

Stop wasting your hard-earned money and start making it work-for-you!

Invest, but first,

invest in yourself.

If you have made it this far,

thank you.

If you have anything to add,

feel free.

I would love to hear further tips to help me save more of my income to invest.

This thread was inspired by @bossyourday - his tweets about money management yesterday hit home.

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