How to Save Money Like a Millionaire

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Save Money Every Day

Saving money can be difficult, but it doesn’t have to be. Today, here are five tips you can use to save money every day without having to give up what you love.

The problem with saving money is that it’s difficult and typically requires sacrifices – but it doesn’t have to be like this! With these 5 quick and easy tips, you’ll be able to eliminate monthly expenses fast.

What are the benefits of saving money every day?

Saving money every day can help you grow your savings, build wealth, and ultimately afford the lifestyle you want. Even small amounts of money saved each day can add up to significant savings over time. Try saving $10 per day and it would net you $40,000 and change in just 11 years! That does not include any compound interest!

Saving money will make:

• You feel more confident in your financial future.
• You able to do things that you never could before, like being able to afford a nicer car.
• You smarter and more disciplined in the way you spend your hard-earned money.

Tip #1 Avoid impulse purchases.

Impulse purchases are a dangerous trap for many people. It is tempting to purchase an item at the register of a store, or from an online retailer. But impulse purchases can cost you valuable dollars but by taking the time to decide if you really need it after a day or two of thinking it over will save you from overspending on things you do not need. By using a simple pros and cons list for the product or service you want can go a long way to saving you money.

The best way to save money from impulse purchases is to create a shopping list with the items you need. You should then go to the store with your shopping list and look for the cheapest option for each item, instead of buying something that catches your eye. More planning and preparation will ensure you are only purchasing items you really need.

Tip #2 Use coupons that are available for products and services.

There are a few ways to make coupon usage less of a chore and more of an exciting event. The first is to find coupons that will still provide you with the same value but are on products or services that you require.

The goal is to get more bang for your buck. However, it is important that you plan to purchase products or services that are absolutely necessary. Buying things just because there is a coupon or it is on sale is not a good enough reason to do so.  But it is always a good idea to check if there are any sale offers on the product or service you are looking for first. Here is an online extension that comes in handy to find online deals.

Tip #3 Plan Your Grocery Purchases.

First off, you should also avoid grocery “shopping” while hungry. If you’re hungry, it’s likely that you’re going to buy food that is unhealthy and you may never end up eating.

Groceries are one of the most expensive items in our monthly budget.

1) Buy generic over brand name. You can save typically 25% buying a generic brand of food without compromising on quality too much.

2) Take advantage of weekly specials and stock up on your favorite items when they go on sale. Be sure to note the expiration date, no sense to buy something in bulk if it will expire in the near future.

3) Plan your menu for the week to buy ingredients on sale and make a list before you head to the store.

4) Use cash or debit cards instead of credit cards to avoid interest charges and fees if you are not able to pay cards on time. Otherwise, credit cards that provide good cashback incentives like the Costco Mastercard are a good option to get cash back credit that can be used at that grocery store at a later date.

Tip #4 Save money on Transportation.

We all know that transportation is one of the largest monthly expenses one can have. The price of gas, monthly car insurance, and the wear-and-tear on your vehicle can all add up to a significant amount. Luckily, there are many ways you can save money on transportation and still get where you need to go.

The first thing that people should do is look at their commute. If there are other options for getting to work or school then it might be worth considering rather than owning a vehicle. If a person can’t make any changes, but they still have a long commute, then they might want to consider carpooling or taking public transit. Driving alone is always the most expensive option so if there are ways to get around it then it is worth trying them out. Nowadays, people are working a hybrid-style job split between working from home and at the office. Finding other alternative modes of transportation such as ride-sharing, or even renting a car for that time period you need to be at the office may very well be less than owning a vehicle over the course of the year. Something to think about.

Tip #5 Cancel unnecessary memberships that you do not frequently use.

Do a deep dive and figure out which monthly/yearly memberships you have and use the least.

You may have online subscriptions to a website, or magazine that you do not even use. Media subscription to Netflix, Crave, Disney, etc. that you may not even have the time to enjoy. So why not cancel it and save on the monthly expense until you do have the time to binge-watch TV. You can always sign-up for trial periods for free most of the time if you are new to the service. Gym memberships are also notorious as a money waster. Once the news year’s resolution is done and over, typically after the second month of the year, people do not end up going back to the gym after paying a hefty yearly membership. Better to pay per visit even if it will cost you more until you get in the habit of working out on a regular basis and it becomes part of your lifestyle. Only then would a monthly/yearly membership make more sense. There of course are alternative ways to get the exercise for free, like walking or jogging in your neighborhood or at the park. Or just search for a workout video on YouTube and exercise from home.

One might be surprised if they took a good look at their monthly expenses to see how much money is allocated to services that are hardly used and is unnecessary.

•  Cancel unnecessary subscriptions
• Get rid of expensive memberships like a gym membership that you don’t take advantage of.

Inconclusion. You don’t have to give up what you love to save money. It is just having a good mindset to only spend money on the things you really need. 

•  Awareness: Remember to take advantage of discounts and deals that come up.
• Planning: The more you plan, the less you will end up spending as this takes time and effort to be very selective on the things you purchase.
• Efficiency: Trying to avoid buying things you don’t need as well as remembering that quality doesn’t always equate to price, research is key to making smart choices and maximizing your purchasing power.

Disclaimer
Please note that the content provided is for informational purposes only.