You know them, you love them, you use them every day. Money saving tips like coupons, buying in bulk, two-for-one deals, even happy hour at the local pub. Exactly how extreme savers accomplish save money so much is a secret, but not for long.
Table of Contents
- 1 Save Money Tips
- 1.1 1. Create multiple streams of income.
- 1.2 2. Avoid debt.
- 1.3 3. Delay large purchases.
- 1.4 4. Live below your means.
- 1.5 5. Cut down on every day expenses.
- 1.6 6. Track your spending.
- 1.7 7. Live on one salary while bringing in two.
- 1.8 8. Automate savings.
- 1.9 9. Set goals.
- 1.10 10. Go green.
- 1.11 Balance and discipline creates success.
Save Money Tips
The answer of how to save money more while not living a deprived life is not as difficult as you might think. In fact, it is pretty easy to achieve. You can put away a lot more than the average American without feeling disadvantaged.
Make more money, put away money, and save money. Aahhh… the joys of being a responsible adult.
1. Create multiple streams of income.
Finding more money to save is not an easy task. So how does an extreme saver squeeze the monthly budget in order to save money? The answer? Find more money.
To find more money to save, turn your free time into extra cash. After work and on weekends, extreme savers sell items online with an ecommerce hosting plan or choose another money-making part-time job like writing freelance articles, for example. This work can not only be enjoyable, but can add extra income each year. “I could afford a bigger house or fancier car, but what I’ve got is just fine,” says one extreme saver. What’s more important the long-term goal of saving. And with double-digit unemployment in most states, many extreme savers are making more money online with a web site or a reseller web hosting plan.
2. Avoid debt.
Before making any purchases for big-ticket items like cars, save up the cash. Extreme savers save and pay cash for items such as a car or a small home. Sure, many extreme savers could afford a bigger house and more expensive cars, but they are content with the things they have because they are paid for. By saving to pay for items with cash, savers have more in their retirement nest egg.
3. Delay large purchases.
Unless your purchase is a business necessity, hold off for as long as you can. Anything that costs more than $500 should be delayed as long as possible. By delaying a purchase, extreme savers can see if they really need or want it.
4. Live below your means.
Many extreme savers report making a sizable income, but you might not guess that from the modest homes they live in . “We’ve always lived below our means,” says one extreme saver who hopes to retire by age 50. “By saving now, we will have unlimited options later on.”
5. Cut down on every day expenses.
Many extreme savers describe their savings strategy as “eco-thrifty” — they cook at home six nights a week, skip Starbucks, get most of their fruits and vegetables from their garden and keep chickens in the backyard for eggs. Instead of socializing in restaurants, extreme savers organize pot-luck dinners with friends. Another cost-cutting strategy is to swap items with neighbors, everything from books and kids soccer equipment to party dresses for their daughters and jewelry and scarves for the adults.
6. Track your spending.
Mint.com is an online resource that is free, and an efficient means for tracking spending and is the best free way to manage your money. Mint brings all your financial accounts together online, automatically categorizes your transactions, lets you set budgets & helps you achieve your savings goals.
7. Live on one salary while bringing in two.
Living on one salary when you have two incomes takes discipline, but that’s what some extreme savers did for a few years in order to meet some financial goals such as paying off the home mortgage, or quit a job and work at home to pursue a work-at-home career.
8. Automate savings.
Extreme savers sock away more than one-third of their take-home income by employing a simple but powerful technique: Making saving automatic. “We put everything on autopilot,” says one extreme saver who has money transferred from his bank account into a Roth IRA every month.
9. Set goals.
Goal setting, discipline, follow-through are the keys.
10. Go green.
Success with a new online business (See step #1, above) is far from guaranteed, but you increase your chances for success when you pick a quality web hosting service with which to partner. Choose a green hosting provider. Why is adopting an eco-policy important? Because today more and more companies are finding that their customers judge the overall quality of their brand based on their response and policies regarding the environment. Promoting your green site enhances customer appeal and helps increase traffic to your site. One way to adopt an eco-policy is to choose GreenHostIt.com for your web host.
Establish your “go green” goals within your business by implementing a plan. Start slowly, do some research, and most importantly…keep everyone accountable.
Balance and discipline creates success.
The key to long-term savings is balance and discipline. A good savings plan can effectively work if planned out correctly, tested, and re-tested. Also, play by the rules. The rules are laid out clearly by loan officers and are available for any new business owner to review at the local credit union.