Categorized | Investments

40 Tips To Save Your Money

40 Tips To Save Your Money

Have you ever gotten paid and lost all of that money the same week? I used to do this, and it’s probably happened to you at least once.

I used to work at Marshall’s when I was 16 years old. I would only get $36 a week.

That was since I was only scheduled 4 hours per week. I’m sure this isn’t what Tim Ferris meant by “The 4-Hour Workweek.”

I reasoned, it’s only about $40, might as well spend it.

When I worked at KFC, still at 16, I made about $200 a week. I saved the money, and when I quit, I thought, hey, I’m not gonna make any more money anyways, might as well spend it.

What was the issue here?
I didn’t have a clear goal. I didn’t know anything about investing. I was only concerned with spending.

You cannot work to spend.

You need to work to invest.

If you want to make money without ever having to wake up early to work, working a job you don’t love, and having to do that for 9 whole hours, you need to invest your money. You need passive income.

To invest money, you need to save up your money first. Here are a couple of ways that you can save your money, so you can begin investing in the future!

1. Eat Cheaper

You don’t need to waste $20 in one night only because your friends wanted you to go eat at chili’s with them.

Stay at home, eat those leftovers, and save that money!

2. Forget the brand

Who cares if it’s not Coca-Cola, and the bottle says ‘Great Value’ instead?

Maybe your friends, or the girl you invited to your house, do.

But forget them. You focus on becoming a millionaire, friendships can wait.

Don’t spend $3 on a 2-liter soda when you only have to spend $1.

3. Quit Bad Habits

Stop smoking. Stop drinking.

Each year, a person who smokes one pack per day will spend $2,011 on cigarettes alone.

Drinking alcohol is an expensive habit too. Here’s how rich you’d be if you’d stop drinking alcohol.

4. Cancel Memberships

Are you paying monthly for a music app that you don’t even use? Or maybe a gym membership? Think about it, or check your card transactions if you’re not sure.

Paying for stuff you don’t use is basically throwing money down the drain.

5. Don’t Shop for Clothes So Often

Do you really need a new pair of shoes?

Sometimes you do, but most times you just want to spend money.

Try to resist the urge of buying a cool sweater that you saw at a store, because chances are it will get lost in your closet and you won’t really use it.

6. Want vs. Need

If you’re buying an item, or anything, ask yourself , “Is this something I want, or something I need?” Whether it’s a cap, or a snickers bar.

Do this every time you’re gonna buy something. It doesn’t have to be long and intense, just quick and casual.

You might just realize you were gonna waste money for no good reason.

7. Consider Your Future Self

If you’re gonna buy something expensive, ask yourself, “Will my future-self be disappointed with my current decision to spend so much money?”

Future you might thank you.

8. Avoid Credit Cards

Credit cards give you the option to spend money that you don’t really have. This creates debt. You don’t want to be in debt.

Instead, use debit cards and real cash. Credit cards only increase your monthly expenses.

9. Cut Your Services

Last year, I cancelled my cable service and landline. I also downgraded my cell phone service plan to a cheaper option.

These decisions have saved me hundreds of dollars a month.

10. Entertainment

You might choose the movies, a restaurant, or bowling as ways to have fun. It’s healthy to have fun.

But fun does not have a price tag. You can have fun playing basketball, having a picnic, or watching movies at home!

Be flexible with your entertainment.

11. Bike

This kills many birds with only one stone.

First off, if you make it a goal to exercise, this is a great way of doing so. You’re multitasking by traveling to your destination whilst working out.

In addition, it spares you from having to fill up your tank every week. It spares you from losing money.

12. Carpool

This alternative works if you’ve got a close friend.

If both of you work out, shop or work at the same place, it’d be a good idea to go in one vehicle.

You can even take turns. Again, this method saves you gas, and money.

13. Walk

Walking to your destination is a great way to exercise and not waste money on gas.

14. Drive less aggressively

Speeding can make your tank run out quickly.

Stop this bad habit, as it’s illegal and it’s expensive!

15. Turn off lights when not in use

Make the best use of natural sunlight. Turn off the lights, let the light come in from the windows, and relax, knowing that your next light bill will be very small.

16. Buy food in bulk

Buying food in bulk saves you time, energy, gas, and prevents you from being in an environment where you want to spend money.

Try making a bigger shopping list in order to spend less and save more.

17. Don’t shop hungry

Shopping hungry will make you think that you need SO much food, when you really don’t.

Eating ten apples seems like nothing when your hungry. When you’re not hungry, you don’t even want to eat an apple.

Try to go shopping around 30 minutes after you eat. This will ensure you’re not shopping out of a short-term feeling.

18. Pay with cash (link to a study that shows people pay less when using cash)

A study found that people who pay with cash spend less than those who use a card.

It’s not hard to make this change, so read the study and apply it to your life!

19. Sign up for membership and loyalty programs

These programs are run by stores in order to maintain customers.

By tracking your purchases, and being loyal to a select few stores, you can start earning rewards and discounts.

20. Home-made coffee

Whats the point of coffee? It wakes you up and gives you energy.

A Starbucks latte with 60% sugar might taste good, but it’s really unhealthy, expensive, and ineffective.

Make your own coffee if you don’t already. It’s a healthy and cheap resource.

21. Plan out meals

Make a weekly schedule of breakfast, lunch, and dinner.

Also, make sure that these meals are cooked. It saves tons of money, and homemade fish and rice isn’t that bad.

22. Little money adds up

Little money includes that $0.50 chocolate bar that doesn’t harm you. It doesn’t harm you, right?

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