Become A Money Saving Expert
- December 20, 2017
30 Money Saving Tips.
The idea of becoming an expert at anything can be intimidating, especially when it comes to money. However, you do not need a degree in finance to become a money saving expert. You need a little creativity and an open mind.
When you are tired of living paycheck to paycheck, you will learn to spend less and save more with these money-saving tips. However, before you can succeed, you need to:
– Have a plan
Your budget and savings plan needs to have clear goals for how much you will spend and also save. It is a two-way street here, and you want to set the right expectations, or you will get lost!
– Change your mindset
You CAN be good at saving money. Don’t let past failures keep you from succeeding now. Today is the best day to start fresh!
– Follow this simple principle:
Spend less than what you make. It is simple, but it comes down to this.
I did not expound on these general tips because most are self-explanatory and some are simply idea generating tips. If you are like me, I can usually think of a few good ideas when I read a couple of tips, so if you do, be sure to share them in the comments!
30 Money Saving Expert Tips
Ways to Get Frugal
- Buy used books online
- Borrow DVDs and books from libraries
- Shop secondhand
- Buy generic brands
- Make your laundry detergent
- Save your spare change!
- Prepare double dinner portions for tomorrows lunch
- Ask for discounts – student, children, military, senior, church affiliation
- Ride a bike or walk
Controlling Monthly Entertainment
- Cut cable or trim satellite package
- Use Redbox instead of the movie store
- Use Netflix instead of cable
- Set specific days of the month for eating out
- Go to the matinee instead of the evening movie
- Make your coffee or set aside cash only for your mochas
Lowering Other Monthly Bills
- Contact insurance providers – increase deductibles, lowering payments
- Call credit card company to lower interest rates on outstanding balances
- Use Sunday papers to reduce grocery bill with coupons
- Cut unused subscriptions and memberships
- Lower your utility bill with an automatically adjusting thermostat
- Trim down your cell phone plan
Building Retirement Savings
- Take advantage of the match!
- Make an Ira contribution to you and your spouse
- Convert to Roth for future tax savings
- Max out retirement accounts and utilize catch up provisions
Growing Your Wealth
- Create automatic savings – pay yourself first!
- Build your emergency fund!
- Have a garage sale – bank the cash!
- Sell Your Stuff on eBay or Amazon!
- Set aside money for a car fund – pay for your next car with cash!
Michele Y. Thompson is an author, contributing writer on MyStock911 and MortgageExpertGuide , commercial mortgage broker, entrepreneur, and finance coach. The culmination of her work in mortgage banker finance, global investor services, real estate, and debt consulting; along with her advanced degrees has driven her to help new and existing businesses reach their goals for over 20 years.