How To Save More Money - Top 10 Money Saving Tips

Everyone can use a little extra money in their savings account, right?

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In this video, I break down the best strategies, that you could implement today, to begin saving more money each month. These are doable for everyone out there!

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Here are some of the best strategies you need to adopt today, in order to start saving a lot of money, FAST!

1) Build a personal budget. It might seem elementary, but using a personal budget is critical to your financial success. It is the number one thing you should do today to get in charge of your finances!

2) Buy the older version! It's really difficult to do, from an emotional standpoint, but buying the older version of an iPhone or a used car will save you hundreds, if not thousands of dollars over the long run. You won't notice much of a difference in buying this year's model vs last years...

3) Adopt the 'regret minimization framework' - Think 30-60 days in advance and ask yourself if making this particular purchase would ultimately be a regret or not. Another way to think about it, is if someone put down the dollar amount in cash in front of you in the future or the item you are about to splurge on, would you take the cash or the item? This may help make better decisions that future you would be proud of :)

4) Pack your lunch or meal prep. Yes, maybe one of the most common money saving tips out there, but too many people don't take advantage of this! If you are spending $10-20 per day dining out, you are throwing away money! Think about it from an investment standpoint - if you invested $10 per day instead of buying lunch or dinner, that would compound into a LOT of money in the future.

5) STOP buying specialty drinks at Starbucks or other locations. Yes, I get it, they taste AMAZING! BUT, is it really worth spending $5-8 per drink at Starbucks every day? It costs pennies to make a good ole fashion cup of drip coffee at home. These little expenses really add up in the long run!

6) Don't blow money on alcohol or weekend brunch (as often). I'm not saying give up all dining out with your friends, but if you spend a lot of money in this category, think about being more consistent and cutting back on the weekend mimosas. This can save you hundreds of dollars per year...

7) Be consistent! Probably the most overlooked, simple strategy to save more money. Be consistent with your spending habits. Just like diet and exercise, if you are consistent over the long run, minor setbacks are okay! Set goals and continue to take daily action that are in line with those goals.

8) How much time will this cost me? Literally... How many hours of work, based on your hourly pay rate, will each item cost you? A new pair of shoes may cost one person an hour of work, while it may cost another person 10 hours of work. This may deter you from making impulse purchases! If you think in the future and think to yourself, if I buy this, I will have to work this many hours to pay for it, you may ultimately decide that it's literally not worth your time!

9) Delay your gratification. Like many great things, the best things in life are often are worth waiting for. Try and avoid the instant gratification of shopping and blowing a ton of money on items you will ultimately replace next year. Ask yourself if you would rather delay the gratification on a bunch of small items, in order to be able to build a dream house or retire early later in life.

10) Use a cash back credit card. If you are gong to spend money anyways, you might as well get rewarded for it... A good old fashioned cash back card is the best way to go here! Cards vary, but most have spending categories that will provide 1-6% cash back! That's a lot of money you are passing up each year by not using one of these credit cards.