Most of us know who Warren Buffet is. He is a well-known investor and the fourth richest man in the world, according to Forbes magazine. With an estimated worth of more than seventy billion, he passes for a financially stable individual.
Fun fact: Did you know that Warren Buffet made his first million at around thirty years of age and that he was not even a billionaire at fifty?
With these little facts, you can rest assured that there is no time too late to make money. Are you around thirty or forty years of age and thinking it is already too late? Maybe you should think again. Check out my other blogs, such as “Making Passive Money With Only A $1000 Investment“.
Hello readers, you are once again welcome to another one of my blogs. In today’s blog, I will be discussing some ways to save money that you didn’t know existed, taking a page from Warren buffet’s book. So, if you think it has become too late for you to make money through savings and investments, maybe this video is for you.
Here Are Some Practical Ways to Save Money
You do not have to always go for brand names
Products with brand names are generally more expensive than the other products, but that is not always a guarantee that it has better quality. Sometimes, they are usually of the same quality as other products but are way more expensive. So, spot those products that are expensive just because of their brand names and steer clear of them.
Avoid city life
As a young boy or girl, all you ever dream of is growing up and joining the adults to enjoy the city life. Most people believe that enjoying life during their youth is the best feeling ever. Well, enjoying your youth involves visiting expensive places, going to clubs and bars, partying and traveling, etc. right? The problem with this is you do not enjoy all these things for free. Money has to be spent in order to enjoy the city life.
Even paying rent in the city is another big expense on its own. Some people say, “I do not spend extravagantly, yet I am still low on savings”. Have you thought of leaving the city to somewhere more affordable, such as the countryside? Some might argue that they have to be at work early and the traffic and distance from outside town might not help. If you can do your work remotely, what is stopping you?
Cars may not be as cost-effective
If you are a car owner, this is for you. At first glance, you may think buying a car saves you a whole lot in terms of time, energy, and expenses. But do you know that owning a car may turn out to be a liability? You may have to pay for parking tickets, insurance, change a few things that need to be changed, maintaining the car, and buy fuel to use it? People have different reasons for buying cars but make sure the hole cars create in your pocket is worth it.
Do not rush into a purchase
Most times, making a purchase is psychological, especially when you already have what you want to purchase, but you just need an upgrade. Your brain starts to give you a million and one reasons for making the purchase. Then, after making the purchase, you finally realize after a couple of months that it was not worth it.
It does not have to be so. How about waiting a day or two to see if you still feel that enthusiasm? Chances are after a few days, and you may finally realize that the purchase was not necessary after all. If you do not feel so, then you can make the purchase.
Write down a list for your shopping and stick to it
Like the previous point, shopping is psychological. People tend to buy goods as they see them. This is why you need to have a shopping list of all the things you need and go with the estimated amount you need to buy them. It is a weird but effective tactic as it helps you not to buy what you did not plan for.
Start cooking at home
This is not always fun considering the stress and all, but it is sure to save money. This money can be used to do something else.
Do not pay for what you do not frequently use
It is not always wise to pay for things just because you have the money. Before buying anything, be sure that it will add value to your life, no matter how little.
Delayed gratification
Even though Warren Buffet became a million at around thirty years of age, it was not the time to start spending money anyhow. The type of background some people come from makes them spend money when they have it. They spend the money with the mentality that they may not have it again in a very long while.
That is a very wrong ideology because if Warren Buffet thought this way, he would not have become a millionaire. Nobody says you should starve yourself of all the good things life has to offer, but saving some of your income (preferably twenty percent) would go a long way to achieving financial freedom.
Never spend more than you earn
You may have heard this a million times. Hear it one more time, “NEVER SPEND MORE THAN YOU EARN.” If you do, it is impossible to save money.
Always try to do things yourself if you can
You do not necessarily need to run off and engage the services of professionals if you can do it yourself. There are always simple tasks that can be done without professional help that may cost you some money. However, you should always know when to draw the line to avoid any major damage.
Conclusion:
In this blog, I believe I have been able to share a few tips on how to save money. So, if you learned something new, don’t forget to like and share this blog. Also, subscribe and let me know what you think in the comment box below.
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