If you have more liabilities than assets, your bank account will be negatively impacted. It is regrettable that individuals choose to acquire obligations than growing or augmenting their assets. Think about giving your assets top priority, focus on them, and increase your asset rate.

Asset’s are what brings money or has the potential of fetching you enough money in future and liabilities are those things you use your money(from asset) to buy or do which wouldn’t fetch you a penny but rather gives you scars of debt. For instance, one will buy an iPhone 12 pro max for series of dollars whiles his business is at the verge of collapsing. Examine yourself, liability and your asset. It is quite unfortunate that people tend have liabilities but they don’t have assets, you need to grow your asset before you acquire liabilities. If not, it’ll will only make you an independent person in the personal economic sphere. Below are money saving tips to help you grow your personal finance.

1. SEPARATE WANT FROM NEED

In order to adapt a money saving skill, you need and must separate your wants from your needs. Needs however, are those things inalienable. You must have them at all cost irrespective of your wallet balance and want from the other hand are those things which are less important and can be overlooked. You can make a a table containing the list of your needs and wants. Those you need to buy and those that will not have any impact on you even if you don’t have them. For instance, food is a necessity whiles making a stylish hair is just “wants”. Grow the habit of prioritizing those of your needs and wants.

1. CUT DOWN UTILITY TO REDUCE COST

The cost of utility bills are constantly on the rise. This increases expenditure day by day and adversely affect the positive growth of your bank account. So what do you do? Well, consider cutting down utility bills by disconnecting those items which are not necessarily demanding by nature. You can consider using a fan instead of using an air conditioner which consumes power and can cost your bank account to pay the bill. There are mostly unnecessary items we use in our homes that could have been done in other options. water is a very necessary commodity humanity can not live without. Essential it is and can not be replaced. However, you can consider washing the clothes with your hands rather than with a washing machine which consumes power a lot. Therefore, cutting down utility bills can go a long way to affecting your account effectively.

1. SPEND RESPONSIBLY

Consider how you maximize your spending. Living opulently whilst your money is not up to standard can weak your account and lead you to personal bankruptcy. Maximize your cost of spending on unnecessary items or consumptions. Eating $10 pizza every weekend can go a long way of costing you $40 (Ghs 232) in a month. Likewise excessive expenditure on alcohol which can be controlled will definitely suffocate your account. Consider quitting the habit of being spendthrift to save the little cents to grow your account.