Become a Money Saving Expert

Become a Money Saving Expert April 28, 2014

The thought of being an expert at anything can be intimidating, especially when it comes to money.  But you don’t need a degree in finance to become a money saving expert.  You just need a little creativity and an open mind.

If you’re tired of living paycheck to paycheck, you can learn to spend less and save more with these money saving tips. But before you can really succeed, you need to:

– Have a plan

Your budget and savings plan need to have clear goals for how much you’ll spend and also save. It’s a two way street here and you want to set the right expectations or you’ll get lost!

– Change your mindset

You CAN be good at saving money. Don’t let past failures keep you from succeeding now. Today is the best day to start fresh!

– Follow this simple principle:

Spend less than what you make. It’s simple, but it really comes down to this.

I didn’t expound on these general tips because most are self-explanatory and some are simply idea generating tips.  If you’re like me, I can usually think of a few good ideas when I read a couple of tips, so if you do, be sure to share them in the comments!

30 Money Saving Expert Tips

Ways to Get Frugal

– Buy used books online

– Borrow DVDs and books from libraries

– Shop secondhand

Buy generic brands

– Make your own laundry detergent

– Save your spare change!

– Prepare double dinner portions for tomorrows lunch

Ask for discounts – student, children, military, senior, church affiliation

– Ride a bike or walk

Controlling Monthly Entertainment

– Cut cable or trim satellite package

– Use Redbox instead of the movie store

– Use Netflix instead of cable

– Set specific days of the month for eating out

– Go to the matinee instead of the evening movie

– Make your own coffee or set aside cash only for your mochas

Lowering Other Monthly Bills

– Contact insurance providers – increase deductibles, lowering payments

– Call credit card company to lower interest rates on outstanding balances

– Use Sunday papers to reduce grocery bill with coupons

– Cut unused subscriptions and memberships

– Lower your utility bill with an automatically adjusting thermostat

– Trim down your cell phone plan

Building Retirement Savings

– Take advantage of the match!

– Make an Ira contribution for you and your spouse

Convert to Roth for future tax savings

– Max out retirement accounts and utilize catch up provisions

Growing Your Wealth

– Create automatic savings – pay yourself first!

– Build your emergency fund!

– Have a garage sale – bank the cash!

– Sell Your Stuff on eBay!

– Set aside money for a car fund – pay for your next car with cash!

If you had one tip to contribute to this list, what would you add?

image credit: posterize

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  • I’ve really enjoyed the perks associated with loyalty programs and I sign up for anything and everything. I’ll give my email out to anyone! It only takes a few seconds to delete any emails I don’t want, but I rarely go a day without getting a coupon code for shoes, clothing, toiletries etc. I don’t use them every day, but if I do need to go shopping I always have a coupon! I also sign up for free samples all the time. Stuff like that goes a long way.

    • Tim

      Great tips CityFlips – we’ve saved quite a bit of money on gifts by getting deals on groupon and living social. Sounds like you’re reaching ‘expert’ status :)

  • I appreciate your concise approach to finances. It really does start with spending less than you earn. From this point you have options.

    • Tim

      Thanks Hunter! Once you have that part down, you can do a lot of things!

  • I would add:

    Sacrifice an hour of TV each day and read books on how to save money and grow your wealth!

    • Tim

      Excellent tip Darren! Reading about business and finance is a great way to get ahead with your finances. I’ve heard it said that the more you learn, the more you earn..

  • Indentured Servant

    Better yet, sell Other People’s Stuff on eBay. Many people do this to earn side income and a substantial number do it for a living.

  • My one tip would be to minimize your tax with holdings and maximize your paycheck so you can spend you money most effectively. There is no sense and in giving the government an interest free loan.

  • Michelle

    My one tip would be to buy 4 gift cards and use one per week for groceries. That helps me stay on budget even if I go over a little.

    This has worked great for years.

  • my 2 tips to add to your list would be:

    1. Be consistent/persistent

    2. Don’t try to change too many things at once. Lots of small steps ……….

  • storewars news

    Nice read! Very informative. Hershey to invest S$312 mln in Malaysia. Read it here:

  • storewars news

    Nice read! Very informative. Did you know that Marks & Spencer plans to go up to 100 stores in India. Full story here:

  • willyrave

    Becoming financial advisor is a great way to make much money as hiring financial advisors is a good step to boost sales for any business. This is a smart decision which may turn in increase in the cost of the company. And if you are not invited on a good vacancy at a big company helping people with fast loans, student loans and mortgages will also bring sufficient income.

  • Nice read Tim. I am especially planning to follow your tips on cutting down on entertainment costs! Striking that perfect balance between earning and expenditure remains a tough battle

  • I love clipping coupons. There are even coupon sites online that allow you to print coupons. Before I go out shopping, I always type in the stores name and type in coupon afterwards to see if there are any offers. Most of the time there are!