Rich Dad Poor Dad, The Millionaire Next Door, Snowball – Warren Buffet are all must reads. The best lesson I learned – assets are what put money into your pocket, liabilities are what take money out of your pocket. That said, your prestigious house and luxury car are not your assets. Some other book recommendations here.
Budget your rent
Budget your rent at 20% of your income. If it’s too low, live in a smaller place or stay with your parents.
Plan before you move to a new place.
Do some research on the public transportation available. In most cases, you don’t need a car.
Stop Impulsive spending
When you feel like buying something immediately at first sight, walk away for 10 minutes. That 10 minutes help you to figure out whether the purchase is a need or simply an emotional urge to buy.
Learn to cook for yourself
Even better, come up with 7 lunch and 7 dinner recipes, cook the same lunch and the same dinner for a week. Rotate.
Stop trying to impress people
Impressing others who don’t really matter in your life is a grossly overrated activity. But, you really need to cut down the clutter in your life. A simple yet effective means of saving a hell lot of money! Once you do that, you are good to go. Always remember- ‘Simplicity is the ultimate sophistication.’
Pay Yourself First
Set up an auto-transfer of part of your monthly earnings to a locked saving account. You need to pay yourself first before you pay other people. Make it a habit of saving before you spend.