Consumer Advice

Increasing Your Wealth by Living Below Your Means

A View from the Beach

Having a healthy bank account. Emergency money. Money for retirement. It does not happen overnight. So, I’d like to share with you a couple of tips that I recently read about.

  1. Try to live below your means: Instead of buying a new car, look for a low-mileage used one that would typically be 2/3 of the price of a new one. If you no longer need that giant house, sell it and buy one that is more suited to your family’s needs.
  2. Never pay full price: Use coupons. If buying online, use coupon codes. Grocery stores usually post “a special of the week”. Buy those products in quantity. Negotiate big-ticket items.
  3. Cut out unnecessary expenses: Small charges add up to big money at the end of the year. Can you eliminate some or all of your bank fees by changing banks? How about credit card fees? Do you really need 80G internet speed when 40G will do?
  4. Sell some of your current possessions Take your unwanted clothing to a consignment store. Sell locally on Craig’s List. Sell nationally on eBay. Let friends and family know that you have items for sale.
  5. Leave your credit cards at home. Unless you are on a mission to buy something that is totally necessary, you won’t be tempted to buy an item that you don’t “need”. Use a debit card instead because it is like “cash” and will make you think twice before purchasing.
  6. Don’t buy lottery tickets. You may think that this is your chance to get rich quickly, but your chances of winning are slim to none. And it all adds up. Spending $10 a week is $520 that could have gone into your savings account.
  7. Think about going Green. Can you carpool to save money on gas and wear and tear on your car? Recycle your glass and cans and get cash for them. Turn down your heat when not at home. Turn off electric lights.

Oh, and if you are really intent on increasing your wealth, the experts advise that you get a side job to bring in additional income. It may be only 10 hours a week – but again, it all adds up.

Question: What do you do to save money?

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