The Best Savings Tip Ever

How many times have you financed your expenses with money you borrowed? Countless times right. Like when you needed to pay rent and you didn't have all the money or when you paid for that fine car of yours and you had to borrow some more money to make up the whole amount.

Check this out: Have you ever gotten a loan from a friend or family strictly for the purpose of saving it and then worry about creating the income to pay back the loan? I reckon you've never done this!

I tried it this month and I ended up saving more than I ever did since I started my quest to financial freedom in August 2010. I call it "putting your tomorrow ahead of your today!" I did not only successfully save my minimum of 20% but I was able to squeeze out of my income the sum to pay back the loan. My urge to earn more was very high as every passing day I had to worry about how to create the income to pay back the loan.

I'm going to try it in February too. This should be easy for you to implement as a lot of your friends have money they have saved that they are afraid of spending and will be willing to give it out as a loan only if they are sure of getting it back. It's a win-win situation. You not only increase your savings and improve your ability to earn but you also get to improve your credit rating with your friends. When you take a loan and payback as at when due chances are that such a person will be willing to lend you more money in future if he or she has the funds at their disposal.

However, if you have a hard time earning the income to pay back, do not hesitate to withdraw it and pay back as at when due. That way you improve on your credit rating. But I can assure you, you'll earn it. Please don't try this out if you haven't successfully gotten a mastery over your urge to spend. But if you think you can weather the storm... then go ahead.

Amos Agboro is a free-lance writer & educator. He presently has a blog online (http://www.wannabeee.com) about starting your quest to financial freedom by increasing your net worth through well thought out choices. He writes about how to earn more, how to save more, and financial freedom.