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Striving for financial wellness is at the forefront of many people’s lives, and for a good reason: saving money means you’re investing in your future.
Recently, people met in an online forum to discuss the best ways to set themselves up for success by sharing vital money-saving tips.
1. Pay Yourself First
Sometimes saving money is all about your frame of mind. Pay yourself before other bills and watch the savings start piling up.
“I pay myself first each month,” says one enterprising person. “This is before I pay any bills. Paying myself first means money moves straight to my savings and investment accounts.”
2. Automate Everything
According to many people, the logical next step after paying yourself is to automate where a percentage of your money goes with each paycheck.
Setting up automatic transfers to retirement or savings accounts is an easy way to save.
As an added bonus, many employers let you split your paycheck so that a portion goes into your checking account and another amount goes into savings.
Related: Checking vs. savings: Why you need both accounts
3. Budget Like Crazy
The art of budgeting can mean the difference between living paycheck-to-paycheck and meeting your financial goals.
You’d be surprised how much clearer your financial picture looks when you put figures down in a spreadsheet.
The easiest one for most people is the 50/30/20 rule. It makes budgeting simply and easy.
4. Put Controls in Place
If budgeting is a tricky proposition for you, consider putting a clamp down on discretionary spending.
“I put controls in place to help me stick to my budgets,” says one woman. “I do grocery shopping only with cash – not cards. I have three ‘no expense days’ in a week, and I stick to them religiously.”
5. Have An Accountability Partner
Everything’s better with a partner, right? When trying to attain financial freedom, many advise having an accountability partner.
A spouse, significant other, or even a roommate can ensure you (or both of you) are on the right track with helpful words of encouragement.
Related: See how an accountability partner helps you pay off debt
6. Prepare More Meals at Home
I’m sure you’ve heard this advice before in one form or another, but it remains true whenever financial wellness is involved: stop eating out so much.
Eating homemade meals — and even bringing homemade lunch to work — is infinitely more affordable than eating out.
7. Use Designated Bank Accounts
While only a few people have multiple checking accounts, if no fees are attached to these accounts, then it makes sense to take advantage of them.
It gives you another level of organization that can help you save money.
“This way, you transfer the exact amounts you need into each account depending on their purpose,” one person says.
Related: Check out Worthy Bonds for a great way to earn a high interest rate
8. Cap Your Social Time
Saving money takes discipline. Think of all the extra money you’ll have to put towards savings if you knowingly limit yourself to one evening of socialization per week.
If you’re a spontaneous person, this can be quite the challenge, but as soon as you realize how much money you’re saving by not going out and spending it on a whim, you’ll become more disciplined by the day.
9. Consider Buying an Electric Car
Although switching to an electric vehicle comes at a high upfront cost in many cases, ditching gasoline-powered cars will pay dividends in the long run.
“I drive an electric car,” boasts one thrifty saver. “It’s one of the best decisions I have made – my driving costs are down about 85%!” In addition, there are some seriously cool cars in the electric vehicle space now, so why not consider them?
Related: See why hybrid cars might not save you money
10. Stop Eating Red Meat
Certain foods are more expensive than others, and cutting out a high-priced item like red meat will naturally translate into more savings!
“This has been fabulous for my health (which is the primary reason for my decision), but I also noticed a massive positive impact on my financials,” confesses one ex-meat-eater.
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This thread inspired this post.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.