If you want to be financially independent or rich af, you need to save and invest the most money you can in the shortest period of time you can. That’s it! Let’s see how you can start saving more money…
Start actually saving money. Self-explanatory. Go for 30% or more of your income every month. If it’s hard for you, start at 10% and gradually increase. You will love to see the money piling up in your accounts!
Record all of your expenses, analyze and optimize. Know where your hard-earned money goes. Look for categories you spend too much on and cut back where you can. You can use an app like Wally, Monefy or Mint.
Set goals. Make a list of the most important things you need to save money for and prioritize. Always have about 6 months of your living expenses in cash as an emergency fund. Set a goal to maximize your Roth IRA, your 401k
Set up a monthly budget. Decide on a reasonable (and prudent) amount of money you can live with for a month. Stick to it!
Drink more water and less of anything else. It’s cheaper and better for your health.
Cook more and avoid eating out. Cooking can actually be a great way to spend time with your closest ones and have fun. It also tastes better when you have cooked it yourself.
Prepare your meals for the day – and take them with you. It’s cheaper and it’s better for your health.
Quit smoking. It’s expensive and it’s bad for your health. Very bad for your health!
Quit all of your bad habits. You don’t need to drink whiskey and smoke a cigar every night.
Form good habits instead. They will keep you healthy and your medical bills low.
Skip the gym. Exercise at home, in the park, on the beach. Wherever you don’t have to pay.
Find the cheapest grocery store – and stick to it. You can also note what products are cheaper where switch stores from time to time and buy only the best deals. Carry and use the free card the store provides you with. Bring your own bags.
Have shopping list with everything you need ready when you go to the store – and stick to it. You can actually make one list with everything you usually buy and just tick off what you need to buy this time.
Find the best deals for everything you buy. Do your research and yes, wait a little bit if you need to.
Calculate purchases by hours worked, not by cost. You deserve to know how much time of your life you spend working in order to buy things you don’t really need.
Shop by unit price. Sometimes what is cheaper looks more expensive. And cheaper is not necessarily worse.
Buy in bulk. It’s cheaper, lasts longer so it’s less shopping hassle for you. And it will also save you some money for gas to the store.
Buy only what you actually need. You don’t need a lot of the stuff you buy.
Use coupons whenever you can. The internet is full of coupons. You can always get something for cheaper. Install Honey or another add-on that will search for coupons for you. For free!
Buy used when it’s worth it. The minute you drive your new car off the lot it loses approximately 10% of its value. By the end of the first year, that car will lose an additional 10 percent on average.
Negotiate price and lower fees whenever you can. It’s cheaper and doable. Just try and see for yourself!
Buy only reliable, fuel-efficient cars. Some cars may spend 2 and even 3 times less gas from yours. And some of these cars are no worse than yours.
Lower your gas expenses. Some gas stations may offer 10¢ – 20¢ cheaper gas. Take advantage of them.
Take public transportation or carpool when you can. It’s way cheaper, better for the environment, there is no pressure from driving and traffic, and you can also meet new people.
Get a bike. Use it to go to work or for short trips around. It’s free and it’s healthy.
Lower your housing expenses. There is always a better offer if you keep your eyes open.
Get books from the library. You can find amazing books there. For free!
Buy early bird tickets, resale or go free. There are many cheap and free events that are no worse than the ones that will eat up two days of your hard work. Search for free events on Facebook, Eventbrite, and MeetUp. You can find cheap concert tickets on StubHub.
Get rid of everything you don’t need. Sell it on Craigslist, eBay, Facebook Marketplace or wherever you want.
Cut the extra expenses. All of them!
Cancel all subscriptions that you don’t really follow and need.
Cancel all services that you don’t use.
Cut down the cost of subscriptions and services you do use. Maybe, just maybe, you don’t really need unlimited 5G because you hardly use 2-3 Gb each month.
Cut down on your vacations. You can have a great time even when you don’t have to spend your monthly salary for a week. Spend just a little more time looking for the best deals for flights and trips and go Airbnb. It’s worth it!
Turn off the lights when you don’t need them. You will save some money in the long run and it’s better for the environment.
Install energy-efficient light bulbs – CFLs or LEDs. They will lower your bills, last forever and are also much better for the environment.
Buy quality appliances that last more. We already mentioned this – sometimes more expensive now means cheaper in the long run. Take good care of your devices and equipment, they will last longer.
Plug all your appliances into a power socket to save “phantom energy” and unplug what you don’t use daily. When your appliances are plugged in they DO spend energy. The power socket will lower your bills a bit and is better for the environment.
Take care of your home and car. You will spend less for professional maintenance and services if you take a look from time to time by yourself.
Learn how to fix things yourself. You don’t need to pay someone to fix every little thing in your house or your car. Go on YouTube and find what you need to know.
Prevent serious illness and huge medical bills by checking yourself regularly. It’s always more expensive to pay for more complex operations than it is to check yourself regularly and prevent them instead.
Learn about all the benefits your company offers. Get the best deals for insurance for you and your family. Ask your employer if they offer other benefits such as a 401k plan, phone and internet bills (if you work from home),etc. Try to take advantage of everything, you deserve it for your hard work.
Use only ATMs of your bank. ATMs of other banks charge you a fee. They are not cheap and you are basically paying for your money.
Do your taxes right. You can deduct qualifying expenses and save a lot of money. It’s your right to do it so take advantage of it.
Pay off your credit cards in full each month. NEVER pay that high interest. If you have high-interest debt, pay it in full ASAP. Paying off in full each month helps you build and improve your credit score which you will definitely need at some point.
Ask your creditors to lower your APR (interest rate). You just need to ask. There may be a better offer that you don’t know about yet. Remind them you have options.
Congratulations! You made it to the end. This was the easy part. Now you have to put these in practice. You will be amazed how much money you can save just by applying a few of the steps in this article. Start small, learn fast, and get rich!
YOU ARE BAD S. IT ALL DEPENDS ON YOU.
Can you think of any other ways to save money? Let us know in the comments…