TOP 10 MONEY SAVING TIPS
I want to help you make massive amounts of money, but I cannot begin that conversation if you are struggling to pay bills. Right now I want to help you save money. Below are my money saving tips that put you on the road to financial freedom.
1. Internet service: Verify what speed you need and only buy what you need. Ask your self is the internet a luxury or a mandatory tool for your success. Most people could chose a slower speed and Save $10 Per Month
2. Cable TV – Basic Cable is $9.95 per month. More stations cost more money and wastes more of your time. Choose a basic cable plan and Save $10 to $30 Per Month.
3. Eating Out is a luxury and if you are financially struggling don’t eat out right now. Save $30 to $100 Per Month.
4. Car payment – if you have one I’m sorry. I could tell you why you should never ever buy a car on credit, but that won’t help you now. If you can sell your car to get out of a payment and buy an older good used car with cash, by all means do it. Save $100 to $500 per month.
5. Coffee and Latte – Ask yourself, do you have money to cover all your bills, plus the latte. If not it’s a simple choice: the latte or end up evicted and on the street with no home. Cut the latte. Save $20 to $30 Per Month.
6. Cell Phone Service. Ten years ago you didn’t even have the cell phone so do you really need it? If you feel you do, then how many minutes do you really need? Most people could choose a phone plan with less hours and save big fees. Save $20 to $40 Per Month.
7. Food Costs. Buy less processed and packaged foods and more bulk and natural foods. Save $100 to $400 Per Month.
8. Entertainment - such as movies. Instead find a good show on TV. Save $ 10 to $30 Per Month.
9. Housing – If you are single consider rent sharing with a friend and do yourself both a favor. Save $300 to $600 Per Month.
10. Memberships and Subscriptions – Ask yourself are you receiving real value out of your monthly subscriptions and memberships. Cut out anything not helping you make money, Save $10 to $50 Per Month.
If you were able cut out everything on this list you would Save $610 to $1740 Per Month. Wow! You may not want to make changes in your lifestyle, but if you are not able to pay the bills, you absolutely must make some changes and this list will put you on the road to financial freedom. Let me help you get started. Be sure you are signed up for my FREE newsletter and get my FREE reports at www.FormulaForMillionaires.com
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Paul McCormick
Best Selling Author: Secrets of the Millionaire Inside
www.FormulaForMillionaires.com
Comments (2)
rameyer
April 1st, 2009 at 12:34 pm
Paul,
You presented some good advice on cutting down expenses. I do have one question. Slower internet speed is definitely a time waster. Shouldn’t people value the time they same with high speed internet more than the money they will same with slower service? Sacrificing time to save $10 per month seems like poverty consciousness thinking to me?
Robert A. Meyer
http://www.libertarianway.com
pmccormick
April 5th, 2009 at 1:42 pm
Robert, in reply to your question:
Everything you’ve heard me teach up until now says, spend money any way you can to save time.
So, I understand when you question my Top 10 Money Saving Tips list. The way to riches is to spend money to save time, and then invest that time in more productive wealth building activities.
BUT!, if you spend more money than you have you will go broke so fast I cannot help you. The road to riches requires that you spend only as much as you actually have available to spend.
Today I can lavishly spend 100 times more than I could spend when I was 23 years old. If I would have spent then as I spend now, I would never have become rich.
The point of the Top 10 Money Saving Tips is not for people already in my position. It is for people struggling to pay the rent at the end of the month, but who want to become a millionaire.
The first step is to create a way to keep up with the bills, then to have a little extra, then a little more and more and more. It is a process that leads to wealth.
I did not start out spending $1,000 on everything I could find to save me time. I started out spending only $15 to hire people to mow my lawn. That’s all I had so for me that was all I should have spent. This was in the 1990’s and I chose to not even have any internet. Wow!
Is that the decision I would chose for me today? Absolutely not. Was it what helped me become a millionaire faster for where I was at the time, absolutely yes.
I don’t sugegst anyone stop their internet service, the point of the Top 10 Money Saving Tips is to point out several areas for you to consider saving money in order to make ends meet, based on your own specific financial situation.
Granted, it’s not where you ultimateley want to be, but for some people it might be the right first step.
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