Are your personal finances a disaster? Do you want to invest but don’t know how? Have you already invested but is down sliding? Can’t you save anything every month?

Don’t worry, here are 20 tips to improve your personal finances, make smart decisions and save or earn more money:

To win the money game, you need to implement simple strategies to help you get rid of your fear. That’s why here are 20 strategies that will add more money in your pocket.

(1) Know yourself. Depending on the type of person, you can invest in one way or another. It is not the same for a detailed oriented person, who can adopt complex financial strategies, as it is for a compulsive shopper who first has to cut back on spending.

(2) Save regularly and the sooner the better: All studies indicate that time and patience are investors’ best allies.

(3) Value money: Earning money takes a lot of effort, time and dedication. Value everything you have to invest and stop doing to get it, so you will be more careful when wasting it.

(4) Show your children how much it costs to earn money: If they know how hard it is to get the money you bring home, they’ll value your work more and waste less money. And in the long run, you’ll make them more thrifty and careful with money.

(5) Don’t waste money: Don’t buy or hire the first thing you see. Search, compare and then act.

(6) Save for retirement: Save money for your retirement when you are young, so when you get to it you can live quietly.

(7) Maximize your income: Although you may not be satisfied with your current income, the important thing is to make it as profitable as possible. Don’t think about salary increases or future income because they may or may not come.

(8) Pay your debt when young: If you have to incur a debt, it is better that it occurs during your youth. Don’t leave them for retirement, that time has to be destined to rest, not to be aware of possible financial problems.

(9) Do not link debt month after month: If due to some reason you have a debt, try to pay it as soon as possible. Do not let the debts pass from one month to another, as you may enter a whirlpool which you may not get out.

(10) Ignore economic and financial forecasts: Keep in mind that financial advisors base their forecasts on forecasts and data, but luck or fate also have an important part to play in them. Keep in mind that the biggest economic and financial crises of the last century – such as the collapse of 2008 – were not foreseen.

(11) Keep your actions long term: This is because although they are volatile, they produce a better return in the long term. But you have to keep in mind that you have to maintain them in spite of the landslides.

(12) Never buy investments that are in fashion because they are much more risky. For e.g. cryptocurrency.

(13) Don’t invest only in one stock: Stock market offers a very good diversification.

(14) Don’t get complicated: Do not establish a financial strategy or complicated investments. Following a diversified and simple strategy, which is reviewed every year, and which takes into account your future goal, is more than enough.

(15) Monthly budgeting: Create a monthly budget which will give you an idea of what expenses to cut.

(16) Buy smartly: Consider bulk purchasing of necessary things and buy only what you have on the list. Use a calculator and don’t pay for extra wrappers or bags that look prettier. Because that’s why they cost more.

(17) Create a habit of asking yourself, do I need it or do I want it?

(18) Sell things that aren’t useful in your daily life.

(19) If you have cards with attractive promotions use them to spend less money (only if you need to buy something).

(20) You can also create your own business, perform professionally as a freelancer or use your creativity to create a virtual business, perhaps from some hobby and thus make more money; along with your daily work.

These strategies sounds simple to read and the truth is – they are easy to implement too.

Author Bio:

Hi, I am Nikesh Mehta owner and writer of this site.

I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.

I can be reached at nikeshmehta@allonmoney.com. You may also visit my LinkedIn profile.