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As a property coach committed to helping people achieve their property goals, the obstacle I often come up against goes something like this: “I don’t have any money and can’t save the amount needed to fund a property deposit or to invest”.

My usual response?  Well, actually perhaps it is best not to print it!

I frequently get an explanation on the lines of: “I am paying out too much for essentials and I am not earning enough. I am so disappointed but I can’t save a penny at the moment”.

Boohoo! Crocodile tears!

Not wishing to be harsh, the point to make is that “explanations” of this kind are based on an almighty fallacy.

It’s not that we can’t save – it’s that we don’t give ourselves the chance to do so.

If you need to save for a deposit to buy your first property or if you are an investor who needs a large capital sum for a property deal or to add to your portfolio, you really need to know the first rule of money…

Often I hear the argument  “I am paying out too much for essentials and not earning enough”. 

It is occasionally accompanied by a smile which can be roughly interpreted as “game set and match, coach”!


Savings are more likely to be generated from what we don’t spend than what we earn.

In other words, spending not earnings is the key to saving and with it investing.

The first rule of money is that you should never spend or want to spend more money than you have. 

We all think we want or need certain things and so must have them.

But in reality we can go without most things and where we cannot go without there is always the cheaper, non-branded, economy version available 

If you are a label or brand junkie, you should get help fast.

10 steps to grow your money (a systematic way to grow and master money)
5 must know things about money (5 fundamental money principles)
Money is not the problem (money is rarely the thing stopping goal achievement)

A strange thing about money is that when it is plentiful most of us never give a single thought to our spending habits. When it is short, our spending habits are so bad we think our position is impossible. 

Thankfully it never is.

Wherever you are with money – whether you turn on the tap and it flows out or you trawl the streets picking up pennies – you can definitely benefit from the first rule of money…

Spend less than you earn.

The second rule of money is of course to save what you don’t spend. But that is for another blog…

50 Ways To Put Together A Deposit in 6 Months

If you sit down and think carefully, you will be able to identify the specific ways in which YOU overspend.

We are all different but here are a few pointers as to how you may be able to reduce your spending, keeping it below your earnings or income…enabling  you to have something to save every month:

  • Work out the difference between needs and wants and shelve wants during your period of saving
  • Totally cut out non-essential spending
  • Cigarettes, alcohol, holidays, nights out, gym sessions, cinema visits, TV packages and the like are non-essential   
  • Go for economy on all your essential spending especially food and clothing
  • Eliminate essential spending in its expensive format – for instance takeaways and bought lunches when at work 
  • Find the cheapest suppliers for all your essential services: gas, electricity, water, insurance, phone and broadband
  • Go for the cheapest method of travelling to work or elsewhere. 

Money problems seem to lie in a shortage of money – but more often than not the main issue is poor money management.

If you can master how to spend less than you earn, you are well on the way to becoming a master of saving.

What are your tips for saving money?  Please leave your comments or observations below.

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Dalton Barrett
Rebel Property Coach

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