All languages have proverbs and sayings that are often repeated and many of them are very common. They are usually snippets of wisdom and advice that will help somebody if they pay heed to them and they cover all aspects of day-to-day life. Finance is no exception and some very popular proverbs offer valuable advice that will help your bottom line.
Waste Not Want Not
The meaning of this proverb is very straightforward yet still, it is often repeated because it needs to be repeated. Many of us are wasting money needlessly and if only we took account of what we are spending when we don’t need to be spending, we could save ourselves a surprising sum. Perhaps you are leaving lights on when you don’t need to or boiling a full kettle when you only need enough hot water for one cup. Perhaps you are buying too much food and having to throw some away often as it has perished before being eaten. Even if wastage may appear to be in very small amounts, small amounts soon begin to add up to something more significant. Tighten up on any wastage that you may be guilty of and you could make a big difference to your bank account.
Don’t Count Your Chickens Before They Are Hatched
When we are budgeting we need to take into account what we are expecting in and it may be tempting to include some items that have not yet been confirmed. If things don’t turn out as expected then this may leave us short of money and having to ask for same-day loans or any other source of credit. Instead, only account for what you know will definitely be coming in, and that way you will avoid spending money that you don’t have. Budget your potential income sensibly and when some additional income is confirmed it will make a bonus boost to your finances.
Speculate to Accumulate
If you have some money then you could leave it lying around idly until you need it, or you could put it to good use to generate even more money. High-rollers may dabble in the stock markets but you don’t always have to have a lot of money to make wise investments. You could consider looking out for bargains that you could sell on for a profit on sites like eBay or even try making money by selling to friends and family. Play your cards right and you could make a very good additional revenue stream by making the most of the money that you already have. Get it wrong though and you could find that you end up losing out so you will need to find the right balance between risk and reward.
It may be easy to disregard proverbs as cliché catchphrases that people say from time to time but listen to them and you’ll see that they could really be offering some very valuable advice. Pay attention to then and you could begin to see a significant improvement in your financial situation.
Leave a Reply