38 Ways To Save Money and Become Rich

38 Ways To Save Money and Become Rich

Paul Sloane 18/01/2022
38 Ways To Save Money and Become Rich

Are you tired of living from paycheck to paycheck?

Do you struggle to pay for your next vacation? Would you like to have the financial security to provide a good life for you and your family? Becoming rich is not just a matter of luck - it is a choice. For anyone who is reasonably smart and prepared to work, there are various routes to success and riches.

If you’re aiming for a stable life with enough money to support a living, start with the everyday things you can do.

Choose a job of your interest – do what you love and love what you do. No one succeeds in doing what they hate.

The biggest problem in some people’s path of getting rich is that they always spend more than what they earn. Living below your means will be the easiest to get rich.

Set savings goals and routines to support your goals. 

Give yourself a reason and motivation to save as well. It is always important to plan for the future and saving for retirement could be a great way to persuade yourself to stay away from excessive spending.

Here are some crucial tips to become rich:

  1. Avoid taking debt.

  2. Spend intentionally and minimise costs.

  3. Invest as much as possible in a diversified portfolio.

  4. Work on your career.

  5. Find extra work.

  6. Invest in real estate.

  7. Build a portfolio of stocks and shares.

  8. Start your own business and eventually sell it.

  9. Avoid vending machines: The items are usually overpriced.

  10. Take in a matinee. Afternoon movie showings are cheaper than evening times.

  11. Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.

  12. Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.

  13. Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.

  14. Fully utilise the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.

  15. Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.

  16. Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.

  17. Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.

  18. Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.

  19. Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.

  20. Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.

  21. Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.

  22. Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.

  23. Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.

  24. Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.

  25. Trade with your neighbours. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbours.

  26. Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.

  27. Cut back on the meat. Try eating one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.

  28. Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

  29. Sign up for customer rewards. Many of your favourite stores offer customer rewards on products you already buy. Take advantage.

  30. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.

  31. Turn off power strips and electronic devices when not in use.

  32. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.

  33. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.

  34. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.

  35. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.

  36. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.

  37. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!

  38. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.

Set yourself some plans and then work thoroughly as advised. Your wealth will steadily increase and you will become rich.

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Paul Sloane

Innovation Expert

Paul is a professional keynote conference speaker and expert facilitator on innovation and lateral thinking. He helps companies improve idea generation and creative leadership. His workshops transform innovation leadership skills and generate great ideas for business issues. His recent clients include Airbus, Microsoft, Unilever, Nike, Novartis and Swarovski. He has published 30 books on lateral thinking puzzles, innovation, leadership and problem solving (with over 2 million copies sold). He also acts as link presenter at conferences and facilitator at high level meetings such as a corporate advisory board. He has acted as host or MC at Awards Dinners. Previously, he was CEO of Monactive, VP International of MathSoft and UK MD of Ashton-Tate. He recently launched a series of podcast interviews entitled Insights from Successful People.

   

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