How to Save Money: Creative Money Saving Tips and Strategies
For most of us, learning how to save money isn’t easy. Your friends want to go out to dinner and have expensive drinks, you want to live in the nicest place you can afford and if you have kids, they basically want everything. Every day and everywhere you go involves spending money.
Even if you’re just driving to your friend’s house to just hang out, you’re still using gas. You want some money saving tips because deep down you can’t stop the flood of spending and I completely understand. I’m a reformed spender myself and I’d like to show you the way to financial freedom.
There are four core principles on how to save money and build wealth. All of the principles are important and if you excel in one area you should focus your time trying to improve the others. You may learn how to save from some of the creative money saving articles linked on this page but you will only really start to build wealth when you practice and eventually master all four of the core money saving principles.
Grow your Existing Savings Faster
The first core principle is investing your existing savings. Investing simply means taking your money and making it grow on its own. Your risk tolerance will dictate how quickly you will be able to grow your invested money. Sticking your money in a savings account is near zero risk, but the payoff, the interest you earn is very small. Usually less than 1% which is less than the rate of inflation. So if you have money in a savings account, you actually lose money.
Beyond savings accounts there are various degrees of risk you can accept for some very handsome gains. One of my favorite low risk/effort and high gain strategies is investing though Betterment which I’ve mentioned a few times before. Below are some targeted articles which will give you plenty of investment options so that you can choose the one that best suits you.
Betterment Review – An Experiment with My Money
Invest like an Expert Without Being One
Originally, to invest like an expert you needed advanced training and a ton of time. Now you just need to know the right tools and have 25 minutes to spare.
The No Effort Investment Strategy
You have savings but no time to put it to work. I understand. That's why you need a no effort investment strategy. Set it and forget it with no worries.
Be Productive and Earn More
If you have a full time job, you’re going to work 40 hours a week or more. Some people make $20,000 a year on 40 hours a week and some people make $100,000 in the same amount of time.
There is no reason you shouldn’t be on the upper end of the pay spectrum. Some of the biggest reasons you are not getting paid as much as you deserve are very simple and easy to fix. In a span of three years I was able to grow my salary 74% without ever changing positions or leaving the company. In this series I’m going to share my approach towards being more productive and getting the money you deserve.
Inbox Zero Will Save Your Life
Inbox Zero follows the GTD philosophy as a great way to keep your inbox clean and under control. We discuss what it is and killer tools used to achieve it.
Get Organized Already
Finding success is not difficult and is absolutely within your reach. You just need to get organized already and break big goals into small manageable tasks
Reduce your Existing Spending
It’s not enough to just earn more money, you have to save the extra money too. There are a ton of different approach towards spending, there are the caution to the wind people, the extremely frugal, the cheap and then there is me. I think that if you’re smart with your money and your budget, you can have many of the things you want along with everything that you truly need. These are some articles on unique ways to reduce your spending without feeling like you’re too deprived.
Plug Your Spending Leaks
You waste money, yes I said it! Instead of wasting your money, come learn how to find and plug your spending leaks. Money is a terrible thing to waste!
How I Save a Ton on Travel Expenses
Why should you overpay for your vacation? I save a ton on travel and there is no reason you can't too. It's easy and the tools are free, come learn more!
Always Save when you Eat Out
Here are a few tricks to help you save when you eat out so you can go out more often and feel less guilty. You could save up to 60% before you arrive!
Don’t be a Push Over
I don’t mean to be a Negative Nancy but everyone is trying to get one over on you and take your money. If a company owes you a refund they aren’t just going to give it to you, you’re going to have to ask for it and in many cases demand it! If you’re working hard but feeling under appreciated you have no one to blame but yourself. Stop losing money for fear of speaking up and contesting a charge on your credit card bill. Get the raise you deserve through clever negotiation and determination. Don’t be a push over, take what’s yours because if you don’t, someone else will!
Can’t Pay Your Mortgage? Here Are Some Solutions.
You're in trouble and you can't pay your mortgage, you need solutions. Read more for detailed strategies you can follow to fix your debt and keep your home.
The Definitive Guide to Paying Off Credit Card Debt
We created a 5 step plan for quickly paying off credit card debt.
Fix your Mistakes
Yes, we all make them so you’re not alone. I actually think it’s very healthy to make mistakes as long as you learn from them. The only real mistakes are those you make again and again. As the saying goes, “Never Half-Ass Two Things, Whole Ass One Thing” ;)
You’re a Failure and It’s a Good Thing
Yes, you're a failure, get over it. The good news is failure is the key to success so instead of beating yourself up over it why don't you go and celebrate?
Materialism is Killing You
Buying things does not make you happier, so what do you continue to buy things and drown yourself in debt? Andrew attempts to answer this very question.
How to Save Money Resources
Learning how to save money isn’t easy. It takes a lot of work and dedication. Much like weight loss, success isn’t found in a day but is built over time though perseverance. When our parents were growing up things were much more difficult. They didn’t have all the automated technology we do to help save money.
Now we’re lucky and we can learn about saving money for free and there are a ton of tools out there to help us on our money saving journey. I’ve included a few tools and sites that I found extremely helpful in building wealth. Be sure to check them out to see if they can help you save time and money too!
How to Be Lazy and Save Money With Amazon
You can always earn more money and improve the way you save. As a result, your potential for wealth is infinite. Unfortunately, your time is not infinite.
30 Day Challenge: Get Rid of Cable TV
I challenge you to get rid of cable for a month and stash the money you save in a high-interest online savings account or invest it!
How to Save Money and Automate It
For the full list of resources I use to manage my finances, click here.