How to find $500 per month to invest
What would you do with an extra $50,000?
If you invested just $500 per month over the last five years that’s how much you’d have. The problem is that most people don’t invest!
Now, imagine doing that for 10 years, or even 15 years. After investing $500 per month for 15 years you’d have almost $300,000.
In John chapter six it’s made apparent that God doesn’t like waste. In this passage, Jesus feeds over five thousand people. After everyone was full Jesus told his disciples to gather up everything that was leftover…”Let nothing be wasted.”
For those that are not familiar with the story Jesus actually fed all these people using just five loaves of bread and two fish. Jesus knew exactly how much food he would need to feed everyone. But instead of making just enough, he made it a point to create more than enough. This was so he could emphasize the point that nothing should be wasted.
So, this post is all about helping you take back all the money you’re giving away.
Here’s list of things you can do to come up with $500 per month to invest.
1) LOWER INSURANCE PREMIUMS
This is a bill you should try to reduce every year. You can lower your monthly insurance payments by doing any of the following: get quotes from multiple companies, increase your deductible, decrease coverage limits, and ask about all available discounts.
2) DITCH CABLE
Most people pay more than $100 per month for cable. You can purchase Roku or Apple TV. The annual cost for all your favorite shows may be less than one month of cable.
3) NO-SPENDING WEEKEND
Most people make most of their purchases on the weekend. Having a no-spending weekend once a month is a good way to build better relationships and save money.
4) CUT YOUR GROCERY BILL
This is not about couponing or buying the generic brands. Although you can do that if that’s your thing. A way to save a lot more money is by grocery shopping weekly, instead of monthly. A consumer report found that most people spend $100 per month more by shopping monthly, as opposed to weekly.
4) LOWER CAR COSTS
According to TIME.COM, car expenses are one of the top three household expenses. Insurance…gas…maintenance…car payment…that stuff really adds up. The Bureau of Labor and Statistics says car upkeep costs roughly $8,700 per year.
Here are some ways you can lower your car costs: get a car that doesn’t require a payment, get a car with great gas mileage to lower gas cost, learn how to do regular car maintenance yourself (breaks, oil, etc.), and rent your car out to an Uber or Lyft driver when you’re not using it.
6) STOP OVERPAYING YOUR TAXES
Most people don’t even remember filling out their W-4. That’s the thing you have to complete when you start a new job. Most people just put 0 or 1.
This form is how you tell the IRS how much to deduct out of your paycheck. The problem is people have kids, buy homes, and get married, but never update their W-4. Instead, they’re happy to recieve an annual tax refund.
If you’re getting a tax refund it’s because you overpaid throughout the year and now the government is giving you A PORTION of that money back.
According to the IRS, most people are overpaying their taxes every year. If you correct your W-4, you could increase your take-home pay by $300-$600 per month. Here’s a link that can help: IRS withholding calculator.
Now, the key is to invest ALL the money you save. Decide to stop using your money to make other people rich, and instead start using your money to create freedom for you and the people you love.
If you’re serious about investing, and building a better financial future for yourself, make sure you check out my FREE 3-part video series Bible Money Makeover. In video one, I show you how to boost your credit score so that you can acquire income-producing assets for cheap. In video two, I show you how to increase your income, so you can have more money to invest. And in video three, I explain the exact investment strategy that allowed me to build more than $1 million in assets before age 30. Click here to start watching.
Here’s a legal disclaimer I have to give you: This blog is a resource to be used for educational and informational purposes only. This does not take the place of professional financial advice. No information on this blog creates an advisor-client relationship between us. If you’d like to get professional financial advice visit Greenfinancialsolutions.net or give me a call at 424-253-6486.
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