Making money can be backbreaking. Saving it can be even more challenging after you've paid for your rent, your groceries, your pet, or your children. Here are ten tips for financial success:
1. Have a budget
One of the best tips for financial success is to look at how much money you are bringing in each month. Then calculate your expenses. Save what you can.
2. Save for retirement
If you have the means to, put a little bit of money aside each month for retirement. This does not have to be anything major. It could be as simple as putting $10 in a retirement account every day. Make sure you look into how much of the amount you invest in retirement is taxable. Some companies have excellent plans. Some don't. The Roth IRA is a good option if you don't like your retirement plan at your place of work.
3. Cook at home
It's amazing how much a $2 cappuccino and a $5 pastry adds up after a while. You'll save yourself mountains of cash if you cook at home. Consider preparing a bunch of food for yourself over the weekend and then packing it in a lunchbox and bringing it to work every day.
4. Limit Meat
Of course, this isn't for everyone, but, if you agree with the philosophy behind these diets and want to make the switch, it is a lot cheaper to become vegetarian or vegan. If being a carnivore is part of who you are, and you think you'd die if you couldn't eat bacon, then you could limit it to three times a week. Again, these options are healthier and cheaper.
Okay, so this doesn't directly save you money, but, when you're healthier, you're certainly less likely to need to pay for medical bills. Plus, it will make you happier. Exercise outside by jogging or bicycling instead of paying for a pricey membership at the gym. You might even want to go kayaking on a nearby lake.
6. Minimize clothing
Okay, so most of us would agree that shopping is part of what fuels our love of this capitalist culture. Most of us would also agree that we have way more clothes than we actually wear. Consider getting rid of clothes that you don't wear at least once a year and only keeping items you love. Then, don't buy anymore clothes. You'll be pleasantly surprised at just how much money you save.
7. Turn off the lights when you're not using them
If you want to save money on your electricity bill, then simply turn off the lights when you're not using them. This is one of the best, and easiest, tips for financial success. You may also want to turn off technological devices when you're not using them and unplug outlets if they don't need to be plugged in. It will save you money and it's better for the planet.
8. Drive slower
If you have a long commute to work, I'm sure you've white-knuckled your route at least a few times. Believe it or not, driving slower is better for the environment, it's easier on your vehicle, and it causes you a lot less stress. You'll also save a solid amount of money on gas.
9. Don't buy anything you can't afford
If you have been eyeing a beautiful red dress in a window shop or a $1000 bicycle at R.E.I., save up for it and then buy it. Never spend money you don't have. This is so important for financial success. It will help you track your expenses and stay out of date.
10. Consider investing in a tiny house
The prices of these houses vary, and you often have to pay for land separately, but it's still worth looking into. Tiny houses are built with high-quality materials, last for quite a long time, and are often a lot cheaper than a conventional home. Going tiny could mean you don't have to take out a mortgage, or, at the very least, that you can pay off the cost of your home sooner than most. If you have a family, you might consider looking into larger tiny homes. Believe it or not, many have enough room to fit a family into.