SAVING MONEY IS IMPORTANT FOR EVERYONE
Yes, saving money is important for everyone…even the wealthy.
I recently met with a client who is financially successful. While income fluctuated, his annual earnings occasionally reached seven figures.
But, there was a problem. He spent most of the money he made. Unfortunately, this describes most retirement savers in the U.S.
Fortunately, we were able to get our clients back on track in a hurry.
As their financial planners, we combed over their spending to figure out where their money was going and to find opportunities for them to save more.
SIMPLE TIPS AND TRICKS TO SAVE MONEY
Today, I’m sharing some of these suggestions with you. While not all of these money-saving strategies will apply to you, many of them could.
If you implement even a few of these tips, you could potentially save a bundle and set yourself up for a money-infused future.
- STOP LEASING YOUR CAR
When it comes to saving money, some people just can’t give up their expensive wheels. And that might be okay as long as you’re not overspending in order to drive a fancy car.
To save money, it usually makes more sense to buy used – or even buy new – versus leasing.
Ideally, you’ll want to purchase a car you can keep for the long run.
Because, if you pay your loan payment long enough, you will eventually own your vehicle free and clear.
With leasing, however, you will never own your vehicle. You’ll make monthly payments in perpetuity, and you won’t build any equity along the way.
The bottom line: Stop leasing! Buy a car instead, and look for models dependable enough that you can keep them for a decade or longer.
2. ASK FOR A DISCOUNT
I can hear my mom now, “If you don’t ask, you’ll never know.”
She was right. And this tip has saved me thousands of dollars and counting. You can approach it two ways:
3. STOP OVERSPENDING ON CLOTHING
Do you really need new clothes? Maybe. Maybe not.
If your current wardrobe is sufficient and in good condition, consider how long you can go without purchasing anything new.
Three months? Six months? Could you go a whole year?
You could save tons of money by getting creative with the pieces you already have. And you’ll save lots of time shopping, too.
4. WATCH YOUR ENTERTAINMENT BUDGET
Does it cost money to have fun? Sometimes it absolutely does. You have to pay to get into a concert, after all, and nobody is going to let you into your local theme park for free.
Then again, there are plenty of ways to have fun for free.
Some fun (and free) things include:
- bike rides or hikes
- building a fort out of couch cushions and sheets
- finding a Meetup group that matches your interests
- visiting a local museum on “free day”
- taking your kids to the park or playground
- playing a board game or doing a puzzle
- breaking out the sprinklers and hoses
- starting a small garden with seeds from a local seed share program
You get the point. There are plenty of ways to save money and still have fun, so don’t let anyone convince you otherwise.
5. CUT DOWN ON DINING OUT
It’s astonishing how much eating out can eat up your budget!
If you’re not sure how to get out of the dining out trap, there are some fantastic recipe apps and online resources.
While it can be difficult to learn how to cook if you don’t have a lot of skills or time, there are plenty of recipes that are easy and nutritious.