How to Save More Money – 5 Tips for Creating Wealth
Learn how to save more money with these five easy tips for creating wealth. I’ve tried all the following ways to save money, and we’ll be debt and mortgage free in a couple of months! These tips for creating wealth are easy, effective, and virtually painless – especially when you get into the simple habit of spending less money.
Before the tips, a quip:
“I’m living so far beyond my income that we may almost be said to be living apart.” ~ ee Cummings.
Are you living beyond your income? Take a look at your relationship with money, and see if your beliefs are preventing you from creating wealth. For more money saving tips, read 100 Ways to Create Wealth.
And, here are five easy ways to save more money…
How to Save More Money – 5 Easy Tips for Creating Wealth
1. Cook at home as often as possible; eat in restaurants rarely. You’ll save more money if you avoid eating out, and I can almost guarantee that you’ll drop a few pounds, too! If you don’t like cooking at home, read 7 Tips for Saving Money in Your Kitchen for inspiration. You’ll learn how to enjoy cooking at home, and how to save a lot more money.
2. Get your spouse and family into the “creating wealth” mode. If you’re married with kids, you can’t save money unless the whole family is on board. If you and your partner have different money personalities, sit down and discuss your financial goals. Figure out the specific steps you’ll take as a family to achieve your goals – and don’t forget to express and agree on why you want to create wealth.
3. Find meaning in experiences, not things. I know how fun it can be to buy new things – I’m not a shopper, but I’ve experienced that “shopper’s high” almost every time I buy something new! But, I also know that spending money isn’t the only way to feel good about life. In fact, it may one of the least satisfactory ways to be happy because it requires constant outflow of money. Do you spend money to feel good, or to avoid stress or sadness? To create wealth, find meaning in your life without spending money. Figure out why you shop, and fill your need with more valuable activities.
4. Spend your cash; avoid using credit cards. Cash is a growing trend, probably because of the recent economic crisis. According to the financial experts at Freedom Debt Relief, only 28.3 percent of U.S. shoppers will use credit cards over the holiday season, down from 31.5 percent last year. In contrast, 25 percent of shoppers will use cash – which is up from previous years. Spending only the money you have is a great way to create wealth (unless you know how to make good debt work for you).
5. If you do use a credit card, choose the right one. Choose one credit card with the lowest annual interest rate, and only charge what you can afford to pay off when the bill comes. Never exceed your credit limit! “Putting purchases on a single card helps you keep track of spending (check balances online or by phone if you are not sure),” says Andrew Housser, co-founder and co-CEO of Freedom Debt Relief (FDR). “Be sure to check your current credit limits before you begin using credit cards, too. Many card issuers have lowered credit limits in the past year.”
Bonus tip on how to save more money: Resist store credit cards. “Although store credit cards might offer introductory 0 percent interest rates, those rates will expire – and sooner than you expect,” says Housser. “Many store cards carry regular interest rates of 20 percent or more. Additionally, your credit score may take a slight hit from opening a new card.”
To learn more about saving money, read How to Use Coupons to Save Money – A Beginner’s Guide.
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