Saving, Overspending During Christmas Time & More Financial Advice From Dr. Lynn Richardson [EXCLUSIVE]

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Saving money can be hard to do for a lot of us and we struggle as we live paycheck to paycheck. Dr. Lynn Richardson gave advice to listeners on not only how to save money, but how to not overspend during the Christmas holiday.

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As far as saving goes, Richardson has a rule she follows that some of us may want to adapt into our lives. She believes in the 10/10/30/50 rule.

Richardson said, “10% you tithe, 10% you save, 30% is cash in your pocket and 50% stays in your account for bills.”

SEE ALSO: Lynn Richardson Gives Tips On Dealing With Identity Theft [EXCLUSIVE INTERVIEW]

She mentioned that whether she tithed or not she was still broke and that 10% for savings is because wealthy people get wealthier by investing. Richardson also stated that the 30% of cash we use includes groceries, dinner out, getting your hair done and things like that.

She said, “Stop going in the grocery store for only toothpaste and walking out with $175 of groceries.”

Many of us are guilty of doing that because we think we need to buy multiple things while we’re in there. Furthermore, 50% of your check should stay in your account for bills that need to get paid.

SEE ALSO: Lynn Richardson: “Credit Is Like A Muscle, You Have To Exercise It” [EXCLUSIVE INTERVIEW]

Richardson also spoke about Christmas shopping and how people break the bank to get gifts for everyone. If you don’t have money saved right now for it don’t overdue it when you go shopping. She also gave tips on how to make your home a business as well as how hiring your children can be a tax write-off.

Make sure you check out some stars who run their own business empires below!

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Saving, Overspending During Christmas Time & More Financial Advice From Dr. Lynn Richardson [EXCLUSIVE] was originally published on GetUpErica.com

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