Find More Ways to Save Money
Once you’ve made investing part of your lifestyle, the best way to build wealth is to find more money to invest on a regular basis. And since its hard to change your income (at least in the short term), the best way to achieve this is to reduce your spending, or save more money.
Most people believe that they save as much money as they can, but we believe that only a few percent of investors actually live in a truly frugal matter. Besides, being too frugal can take a lot of fun out of life (unless you really enjoy saving money), so we’re guessing there’s a point somewhere that you can save significantly more money than you have been, but still enjoy a comfortable lifestyle. And remember, any money saved today will grow into muliples of todays money and can be spent in future years.
Some Advice on How to Save Money
First, take a close look at how you spend and why it’s so difficult to save money. Then, make every money decision a decision between spending or saving. For example, when buying a $40 DVD think about the $40 as an investment. The DVD will be worthless in a few years. The $40 investment will grow to hundreds of dollars over the years. Now look at all of the other spending that you do each month and find out what you can reduce. Don’t just cut back on frivolous spending, but find aggressive ways to save money. Here are some tips on how to save money on your everyday expenses.
- Shop around for insurance. This can save you several hundred dollars per year.
- Refinance your mortgage if rates are over half point lower. This can save you hundreds of dollars per month.
- Negotiate with your cable company or switch providers. Most cable companies give good deals to those who ask.
- Sell stuff on craigslist or ebay.
- Dine out less, or at least forego one item per meal, like dessert or a soda
- Make coffee at home or buy a mini Keurig for work. Can literally save you $5 a day or more ($150 per month)
- Shop a wholesale store, buy in bulk, and use a deep freeze to store
- DIY around the house for things such as landscaping, yard work, and small fix-it jobs
There are literally thousands of ways to save money and you can get as creative as you wish. Try to implement a few things each month.
Related posts:
