How to Save Money – The 60-40 Rule

I have been living on the 60/40 budgeting rule for more than three years now. I had read on this subject in a magazine article and in a conversation with a colleague, I found out a simple system in which my colleague has been using for years.

The Rule (60%)

The 60/40 rule simply says that 60% of your gross income should go to Committed or Fixed expenses. These expenses are your Overhead expenses, meaning the basic things you need to pay to survive. They include:

• Basic food and clothing needs.

• Rent or Mortgage

• Utilities (electricity, water, internet, cable subscription etc.)

• Insurance premiums.

• Charitable contributions.

• Taxes.

It looks simple enough but in my experience putting all committed expenses into 60% of my income was a tough thing to do. But don’t give up as it is very possible to achieve this.

The Rule (40%)

The other half of the equation is the 40% which is divided into four 10% categories.

• Retirement: Money set aside into your IRA or 401(k) plans.

• Long-term savings: Money set aside for car purchases, major home repairs, or to pay down debts such as credit cards, mortgages, etc.

• Irregular expenses: Vacations, car repairs, new appliances, etc.

• Fun money: The great part! Do anything you want with this money! Just be sure that this category applies to your whole family such as dining out, a day in the mall shopping, your hobbies etc. But also remember that having fun with your friends, children and family does not have to be costly!

What to Ask Yourself

• Are you renting a place or have a mortgage that you cannot afford? Is it worth it move to a smaller place or farther place to save up? How much money will you save if you do so?

• Are your car payments too high? How is the fuel consumption of your car?

• Do you have too many paid subscriptions that you don’t really use? (Satellite TV, club memberships etc.)

• What is your lifestyle like? How much do you spend in a week, eating out, going on trips etc?

• Do you wear designer clothes? Where do you shop?

• Can you afford to get your coffee or lunch at a cheaper place?

How to Make Money Online For Beginners – Step By Step Guide For 2020

In this article I will teach you how to make money online for beginners in 2020. This will be a step by step online money making guide that you can follow to achieve amazing results in your online business.

Here are the exact steps you need to take:

1.) Choose a niche. You’ll want to focus on the big niche topics that have lots of hungry buyers. In other words, if people aren’t buying products in the niche topic, don’t target those people.

Niche topics like internet marketing, affiliate marketing, pet care, home improvement, car repairs and insurance are great topics. They provide you with customers who are looking to buy products to solve their increasing daily problems.

If you can solve a problem, you can make as much money as you want online. I’m not kidding. This is the key to success online.

2.) Pick a product. Your product should have a residual commission or monthly recurring membership around it. This will increase your chances of making serious cash online. Choose a product that make you at least $25 per sale, or 75% commission monthly.

3.) Create a squeeze page. The purpose of the squeeze page is to offer something in exchange for your potential customers email address. This will allow you to follow up with them and even sell additional products online.

Make sure your squeeze page is very simple. An eye catching headline and a simple call to action to get the email is all you need. For example, if you are in the internet marketing niche topic, you could write “How to Create A Six Figure Internet Marketing Business From Scratch – Grab Your FREE Copy of Our Online Guide!”

This will give your visitor a reason for joining your newsletter. Make sure to offer quality training in exchange for their trust.

4.) Create an email marketing campaign. Write at least 7 follow up emails that will educate your potential client on how you can help them. These emails should offer tips, tricks and advice on how to solve the problem they have.

5.) Send emails to your list. Schedule daily emails to your list with some piece of content that they will LOVE. This is very important if you want to create a stable business on the internet.

6.) Scaling quickly. In order to scale your digital marketing business, you’ll need to take “Massive Action.” So keep a schedule in place for producing and distributing content to your ideal market.