Saving money

Welcome to spot savers. A website that will teach you how to get a better economy. We will teach you how to improve all aspects of your economy. We will teach you how to cut costs while maintaining the same standard of living. We will also teach you how to earn more. By spending less and earning more you will see your economy improve very quickly. You will be able to pay down your debt and start saving money. You will be able to start investing money before you know it. Investing money wisely allows that money to earn even more money for you. This will help you create a positive spiral that will keep improving your economy.

positive spiral

Be honest with yourself.

The most important step towards a better economy is to be honest with yourself. Go through your economy and find out how much you spend, how much you earn and how much debt you have. Make a list of all the services you subscribe to, how many content creators you support and any other required expenses. They keep a diary of every cent you spend during a month. This allows you to see where your money goes. Most people have expenses that are much larger than they think they are.

When you know how you spend money, you can usually reduce some costs and eliminate others.

Cut costs

The key to cutting costs is knowing where to cut. That is why it is so important to be honest with yourself and create a financial overview of your situation.

Every personal economy looks slightly different. However, strained economies tend to have surprisingly much in common. There are no savings that everyone can do, but everyone can reduce costs and save money. Reducing costs can often be as easy as shopping for cheaper alternatives than those you are using now. Common ways to reduce cost include renegotiation of your internet and phone contract. You can find many other methods to reduce costs here.

Another good way to cut costs is to stop buying things on credit and stop using payday loans. Collecting your loans into one bigger loan can be a good way to cut your monthly cost if you already have a lot of loans. It is cheaper to have one big loan than many small loans.

Increase your earnings

Sometimes it is easier to increase your earnings rather than reduce your cost. The best option is always to reduce costs and increase earnings at the same time. You will often reduce your spending automatically if you start working and earning more. This is due to the fact that you have less free time to spend money.

There are plenty of ways you can increase your earnings. Anyone can do it. It might be harder for you than for someone else, but everyone can increase their earnings. Even a small increase can have a large impact since it is on top of your existing income.

The easiest way to earn more is to work extra shifts at work. This is often possible. A lot of business needs people that are willing to work when needed. You can read more about different ways to increase your income here.

It is very important that you spend your extra income wisely. I recommend you use any extra income to invest or pay o debt. Do not allow your expenses to increase.

Paying of debt

The first thing you should do when your economy starts to improve is to start paying off all your high-interest debt. This includes personal loans, payday loans, credit card debt and student loans. Do not worry about your mortgage until all other loans have been paid. Once you have repaid all other loans, you can consider paying down your mortgage, but it is often better to invest your money rather than pay down your mortgage.

You can learn more by reading our guides on eliminating debt, mortgages and good debt.

Consolidation loans

Consolidation loans are a financial tool designed to simplify multiple debts by merging them into a single, more manageable loan. Instead of juggling multiple monthly payments at varying interest rates, you secure one loan to pay off all those debts. In return, you only have one monthly payment, often at a reduced interest rate and a lower total monthly payment.

The appeal of consolidation loans lies in their convenience and potential cost savings. Consolidation loans can be particularly beneficial for individuals with high-interest debts, such as pay day loans and credit card balances.

Saving and investment

Your goal should be to start investing money as soon as possible. Investing money allows the money to work for you. If you have enough money working for you, then you do not need to work. The money does all the work and earns all the money you need. The best way to invest money is usually in blue-chip dividend stocks. This allows you to build low-risk income streams. It is a very hands-off way of investing. You buy stock and keep it for a very long time. Hopefully for ever.

You can earn more money by trading actively. Day trading on the Forex and stock market can earn you very high returns. But it requires a lot of effort to succeed, and the risk is very high. Some people can quickly become millionaires day trading FX and stocks, but most people are better off investing in dividend stocks.

Low-risk investments

Low-risk investments are financial instruments that offer a level of stability and a lower likelihood of losing your principal investment. Here are a few examples of low-risk investments:

  1. Savings accounts and certificates of deposit (CDs) – These are offered by banks and credit unions and typically offer a low, but steady rate of return.
  2. Money market accounts – These are similar to savings accounts but often offer higher interest rates and may have slightly more risk.
  3. Treasury bonds – These are issued by the federal government and offer a fixed rate of return over a set period of time.
  4. Corporate bonds – These are issued by companies and offer a fixed rate of return, although there is some risk that the company may default on the bond.
  5. Diversified mutual funds – These funds invest in a variety of assets, such as stocks and bonds, which can help reduce risk.

It’s important to note that all investments carry some level of risk, and even low-risk investments can lose value. It’s important to carefully consider your financial goals and risk tolerance before deciding which investments are right for you.