Become a Money Magnet
If you want more money in your life, you have to first be able to show that you can effectively manage whatever amount of money you’re currently earning. It is then and only then that you will be positioned in your life to earn a significantly higher income.
The first step is to find a simple yet effective budgeting strategy that you can easily apply to your life. Doing this will allow you to take a serious look at your current spending habits and figure out which areas of your spending are hurting you the most and you can do without.
The main purpose of your budgeting strategy should be to pay yourself first. Before you make any bill payments, before you start spending your money on leisure items, you have to put a certain amount of money away for your future. The default figure is 10% of any income that you make.
Do this with all of your income; even your retirement income. When you get your retirement disbursements, save 10% of that money too. If you do this, you will find that you will never run out of money.
For many people, 10% of their income isn’t a great deal of money. However, if this money is consistently put aside and it’s working for you on compound interest, it will shortly begin to accumulate to a large sum of money.
At first, you will feel a bit uncomfortable because of the decrease in your spending money. If you were to increase your income, you would find a way to increase your expenses to the same exact level so that you’re spending as much as you’re earning. Saving works the same way. You will get used to that 10% being gone and you will adjust your spending habits accordingly.
Budgeting your money consistently will cause the universe to help you attract more money into your life. This is ultimately a side effect of the Law of Attraction which states that you will attract into your life whatever it is that you’re already thinking and doing… saving more money and in essence making more money.
The universe is on your side and it will help you find new and better ways of creating income. One of these ways will be the actual compounding interest that you will earn because you are consistently saving your money.