Can’t Save Money?
Do you check your bank balance and wonder where all the money goes? Does it feel like it all goes out as soon as it comes in and you just can’t save money?
If you are strapped for cash or are looking for ways to save more money, consider choosing a minimalistic lifestyle to maximize your potential.
Follow the tips below to invest your limited resources on the one thing that matters most – your life.
1. Keep A Personal Financial Record
One way I got myself to stop leaking money was by keeping a record of my finances. Anyone can do this and it will help you keep track of where all your cash is going.
To do this, get a notebook or a spreadsheet program, record and list all your expenses and income for each month (it’s much easier and efficient if you round everything to the nearest dollar.)
At the end of the month, total up your income and expenses to see just how much you’re spending and saving.
After tracking your finances for a while, you become conscious of your own spending habits. You’ll learn to restrain when necessary and save money.
2. Prioritize Experience Over Pleasure
It’s a simple concept: The money you invest in creating experience and value for yourself will stay with you for life. You will take that with you forever.
Buying things for pleasure and status is shallow and will not last long. Good places to spend your money are in knowledge, skill, health, strength, business, and other ventures.
Don’t be the fool spending money on vanity.
3. Buy For Use And Durability
A Rolex watch does the exact same thing that a cheaper watch does, so what’s the point of dishing out a large sum of cash for something that does the same simple job?
Cheap may save you money instantly, but will cost you in the long run when it starts to break down. Sometimes, you need to invest more for the quality and durability.
4. Do Not Buy Anything On Credit
Not to say that you shouldn’t use credit cards, building credit is still important. You should never buy anything with a credit card that you cannot pay off in full each month.
I personally have stopped buying things on credit aside from monthly bills. When I need something, I buy it when I have the money up front. The idea of enslaving myself with debt is so ridiculous.
I can only shake my head when I hear about people getting a new television set they can barely afford, with monthly payments. They will never save money that way.
5. House And Vehicle
These are the two biggest money pits that most people have. Depending on your location and job, having a car might be something that is necessary.
Pay cash for your car. I will say it again so it sticks with you, PAY CASH FOR YOUR CAR. A car payment should not be in your budget unless you have “fuck you” money. Owning a cash paid car will also allow you to purchase less insurance.
Home ownership, on the other hand, has long proven to be a scam. After witnessing what others put themselves through just to keep a home, I know I would always rent rather than be a mortgage slave.
Even when a house is “paid off” you will still pay rent on it. This is what is known as property taxes, and they never stop. It’s just another monthly expense but now you are tied to one location.
6. Do Calisthenics Instead Of Getting A Gym Membership
You can save money by canceling your gym membership for bodyweight training. With calisthenics, you don’t have to sign up for a long-term membership or need to commute.
Calisthenics isn’t likely to get you the same results as working out in a gym, but if you just want a decent workout that will also help with balance and flexibility (and with less chance of injuries) then calisthenics should be enough.
7. Avoid Drinking Things You Don’t Need
The only drink you really need is water. There is not much point in wasting money on other drinks and beverages.
I will admit that I drink coffee. It has its uses and benefits when it comes tackling daily tasks. Many people underestimate the importance of sleep. They can find more time to it instead of looking for their fix of caffeine on a daily basis.
Soda is a can of liquid sugar. Nothing more needs to be said.
Alcoholic drinks are also not necessary. I drink socially, but fully admit they are too expensive for the little to no value they provide. How much you decide to drink will vary depending on your lifestyle.
8. Cook Your Own Meals
Eating out can be convenient, but costly. I used to spend about $15-20 a day eating out for lunch or dinner. That’s around $600 a month. Learn to cook healthy meals for yourself and save money while doing it.
If you meal prep ahead of time, the savings can be enormous. I have gotten my weekly food bill to around $75 by eating chicken, beef, rice, microwave vegetables, etc. from the supermarket.
If you are only feeding yourself, there are some pretty amazing hacks to cut your food bill in half. Resisting temptation to eat out is honestly the hardest part.
9. Stop Watching Television
You have better things to do than to be “entertained” in front of a screen. Stop throwing your money and time away on movies, television, video games, porn, and whatever else.
Cancel everything and get rid of them all. There are so many other things you could be doing with your life. Go see an old friend, read a nonfiction book, learn a new skill. Just stop wasting your damn time in front of the TV.
10. Limit Your Wardrobe
I recently wrote about how I got rid of half my stuff and a good chunk of that was clothing. I think all of us have entirely too much clothing.
Do you really need 5 winter coats? 12 pairs of jeans that look alike? 20+ dress shirts and shoes to match every outfit combination?
The truth is, 99% of the time nobody gives a crap what you are wearing unless it’s for a job interview or a formal gathering.
Stop being so vein and looking to find fulfillment in buying new articles of clothing. All you need is a few quality outfits you can mix and match.
11. Stop Over-Decorating Your Home
Accessorizing your home can quickly become a costly hobby. You buy a new sofa, but now the drapes have to match. You also probably need a few knick knacks to match those too.
How about a few paintings? The bathroom is also looking a little bland…maybe some decorative soaps and towels will do the trick.
The truth is, many people put way too much time and money into making their homes look nice. Time and time again, the nicest apartments I have been to were minimalist in appearance.
You can still decorate but don’t over-do it. Save yourself the space, time, and money involved with accessorizing your home by going for a simpler look.
12. Avoid The Education Scam
College is the biggest scam that is oppressing young people today. Anyone who is considering college should check out the student loan debt clock and see if they want to be part of that number.
If you do attend college, be smart about the path you choose. Your dreams may seem set now, but they’ll pop like a bubble when reality hits. For all those who are starting to plan out their future, do your research first.
College is supposed to be an investment, not a crippling life sentence of debt and poor credit. Find out what degrees are in-demand and marketable.
Go to a community college and forget about the “college experience.” College is nothing more than high school 2.0 and is an artificial environment.
Follow these 12 tips and you will start to see your bank account breathe a little. A spartan lifestyle is the path to save money for almost anyone.
Give as many of these as possible your best try. You’ll be surprised what a difference cutting unnecessary expenses and junk makes when it comes to your finances!
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