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I was just thinking about when talking to people about saving more money, they look at me strangely.

Their comment is nearly always along the lines of “I never have any money left at the end of the month so how could I start saving?”

So I thought I would share one of my tips to help you to start saving more money.

A great way to kick start your savings is to do nothing for a month.

That’s right, go on a spending diet.

For the next month do one or more of the following:

• Buy no new clothes;
• Pass on that invitation to eat at that restaurant, or go drinking with your friends;
• Go without paying to see, rent, watch, view or go to a single movie;
• Go without fast food;
• Buy one less cup of coffee a day;
• Bring your own lunch to work;
• Only buy what is on special at the supermarket.

Why don’t you take the time to think about what you could put on your spending diet today.

You then want to put the money you have saved on your spending diet into a separate bank account.

Next month just continue on your spending diet, but maybe this time pick something else.

Do you and your family a favour and start taking steps so you can avoid the poverty trap.

Wayne Wanders

The Wealth Navigator

wayne@avoidthepovertytrap.com.au

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