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The first step to building assets is setting up a plan for your money. Decide exactly how you will allocate every dollar you earn. As an initial goal, budget 50% of your money on needs like food, shelter, and transportation. Then budget 30% towards savings and 20% to wants and miscellaneous purchases.  Ideally, your budget should help you maximize your savings. If you can get the amount you spend on needs under 50% and the amount you save close to or above 50%, you will have a very strong budget. Try lowering your cost of living by making inexpensive meals at home. Moving into a smaller house or lower-rent apartment can also help you to save a great deal of money every year. After making a budget you need to make sure you stick to it. Only buy things if you have money in your budget for them. Keep a spreadsheet that lists all of your purchases so you know exactly what you’re spending on. Always know how much money you have left to spend for any week, month, or year. Download a budgeting app like Mint or PocketGuard to help you track your spending. These apps can help people follow their budgets without having to maintain spreadsheets or save receipts. Change all the lightbulbs in your home to LED or CFL lightbulbs, as these can greatly reduce electricity bills. You can also unplug electrical devices you don’t use often, as anything that’s plugged in draws some electricity. To lower your heating and cooling bills, install a programmable thermostat, which can help you use energy more efficiently. Think particularly hard about getting rid of items that have high monthly bills, like cable. If you have any subscriptions or memberships that you use infrequently, cancel them. This will help you save money every month. The less debt you have, the more quickly you’ll be able to build assets. Some kinds of debt, like a mortgage or student loans, can help you build assets or increase your earning potential. But even in these cases look closely at the numbers and make sure you can afford that amount of debt before you take it on.  If you use credit cards, pay off the balance monthly so you don’t have to pay interest. If you already have a considerable amount that you’re having trouble paying off, try to consolidate or refinance it. This might help you get a lower interest rate or stay on top of your monthly payments.
Make a budget. Track your spending. Lower monthly energy costs. Reduce the amount you spend on entertainment. Avoid taking on debt, especially on credit cards.