Investments & Loans

Today I posted a link loving list of 25 ways to save money. I thought it was only fair that I sit down and put some effort into sharing my own sage wisdom of 25 ways to save money.

It is certainly an interesting exercise, to sit and think about the ways you save money. For me anyway, because my focus really is always on generating income, increasing my capacity to generate cashflow into our family businesses. The basic philosophy being twofold.. one, if you have lots of money, you do not have to really worry about how the bills will get paid.. but, two if you have no money, all the greatest saving strategies in the world are not going to help your situation much.

But, having just shot this whole series in the foot, let me redeem it a little by mentioning the two biggest factors in long term financial success are patience and discipline.. and they go very well with cost control and saving ideas. And, I think you need to have a flair for both sides of the balance sheet if you are going to accumulate $1M and retire in comfort.

Anyway, enough tangent activity.. here is InvestmentLoan’s list of 25 ways to save money:

1. Invest in Index funds rather than mutual/managed funds (save on fees)
2. Recycle grey water onto your garden
3. Consolidate your super into one account
4. Consolidate you savings accounts into one internet cash management account
5. Use debit cards instead of credit cards
6. If you have to use credit cards, pay them on-time.
7. If you have to use credit cards use ones with frequent miles/flier programs and save on tickets
8. Use VOIP (internet phone calls)
9. Pay yourself first (savings) before you pay everyone else (Council rates, electricity company)
10. Budget. Always know where your money is flowing. If you know where it is flowing you can control it.
11. Write a shopping list
12. Do not shop for food when you are hungry
13. Complete online surveys and receive free movie tickets and other rewards
14. Use a front-loader washing machine (clothes last longer)
15. Do it yourself (DIY). Pay yourself the “labour” section of the bill.
16. Read and study. The more ideas you have the more money you will save.
17. Do not buy branded clothing.
18. Make your own kids clothing.
19. Do not watch TV.
20. Never buy on impulse.
21. Never buy on credit. Unless you are paying home loan rates.
22. Always pay all your bills on time.
23. Have a financial plan. Just like you have a fire plan. So, you know what to do in an emergency.
24. Invest in super. (401k) Save on tax.
25. Never have kids (just joking.. we have 3)

Do you have any great saving tips? Maybe something that makes a world of difference to one of our readers? If you do, leave a comment and I will post it up. Or, you can send me an email with suggestions for InvestmentsLoans.

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