Written by: Jon Luskin
Are you looking for more ways to save money? Then read on.
We recently did financial planning for a client who makes a lot of money. I mean a lot of money. Their annual income sometimes reached seven figures a year. $1,000,000+
But, there was a problem; they spent most of the money they made. (Actually, this describes pretty much everyone.)
As their financial planners, we combed over their spending to figure out where their money was going, and to find opportunities for them to save more money. Fortunately, there were quite a few ways that they could whittle down their expenses.
I’m sharing some of these suggestions we made to them with you – because you could likely also save money in these very same areas.
When it comes to saving money, some people just can’t give up their Lexus. And that might be OK – as long as you’re figuring out the best way – financially – to get into that Lexus.
This may mean it makes more sense to buy used – or even buy new – than to lease. Run the numbers to figure out if leasing a car financially makes sense for you.
Look for those models with highly-related dependability. Check out Consumer Reports for the most up-to-date information.
Do you really need new clothes? Maybe. Maybe not. Consider challenging yourself to something to you may not have done before:
Experiment to see what happens if you don’t buy new clothes for a year!
Does it cost money to have fun? I say, “No.” And I think other folks agree with me.
Experiment with a $0 entertainment budget! See how much fun you can have without spending any money:
- go to the beach
- go for a bike ride
- go to the library
- build a fort out of couch cushions
- find a Meetup group that matches your interests.
It’s astonishing how much eating out can eat up your budget! Just one meal out translates to many, many meals cooked at home. If you’re not sure where to start, just look up easy recipes online.
Challenge yourself to cook all your own meals!
Sometimes, money slips through our fingers. It just gets spent on who-knows-what. The solution?
Track your expenses to see where your money is going. Find out if you really need what you’re buying.
If you’re a Millennial, you’ve likely never even paid a cable bill – unless you’re a huge sports fan. But even sports fans now have options for “cutting the cord” of the cable company.
Home Cleaning Services
Why pay someone for something when you can do-it-yourself for free? You can even tap your household resources.
Got minors in the house? Put those kids to work! You’ll also be teaching them the value of having a clean home – and hard work. The experience of tidying up the house will prepare them for when they’re out of the nest.
I enjoy gardening – and couldn’t imagine paying someone else to do it. Play in the dirt to see if being a do-it-yourself gardener is right for you.
Spend time in your own yard: get fresh air, connect with the earth – and save money!
You can spend a ton of money on vacation – or just a little bit. It all depends on your flexibility and your desire to save money.
- Check out the Points Guy to learn how to score free travel.
- Check out Secret Flying for deals.
- Read up on travel hacks from an expert.
- Plan your vacation around the best value.
- And stay tuned for a future blog post on saving money on travel.
TRY OUT NEW WAYS TO SAVE MONEY
Some of these suggestions you’ve likely heard before (because they’re very good ways to save money). Other ideas may be new to you.
But, the suggestions are only half the message. The other half of the message is: Give it a shot! Experiment with new ways to save money!
Not All Consumers Make Good Advice Clients
The 5 Phases of FinTech: 2005-2027
Retirement For Clients With Modest Portfolios
Client Divorce Advice: What About the House?
The Power of Socially Responsible Investing
Consider Upcycling Your Knowledge
How to Explore Your Relationship With Money
6 Key Ways of Organizing Your Business for Growth
Spring Ahead in Marketing While You Still Have Time
Are You Preparing for the Future?
Let's Solve It14 hours ago
Do the Recent Trade Tensions Matter for the U.S. Economy?
Research14 hours ago
What Every Investor Can Learn From Buffett’s $4.3 Billion Mistake
Insights14 hours ago
China’s Looming Current Account Deficit Will Have Consequences for Us All
Research2 days ago
Trump’s Trade War Is Good for These 3 Dividend Stocks
Development2 days ago
The Truth About Getting to the Next Level as an Advisor
Building Smarter Portfolios2 days ago
Building the Case for Small Caps
Research3 days ago
Where Will We Get the Money to Pay for This Spending?
Human Performance3 days ago
You Are Your Ideal Client