The Millionaire Next Door: Tips And Tricks To Start Saving Today

2019-02-05   minute read

Vicky Samuels

Lifestyle Debt

Thinking about financial freedom is like thinking about starting a diet — forcing yourself eat only healthy and unsatisfying foods when all you really want is a piece of double chocolate cake. But if you worry that finding financial stability means no more dining out, buying new clothes or spending on extras, I have good news for you…

While it takes time and effort to learn how to take control of your finances, finding financial stability also means having the freedom to spend your hard-earned money on the things that are important to you.

In, The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, Thomas Stanley argues the richest people in America are not the ones driving fancy cars and buying million-dollar suits. Instead, the wealthiest individuals are those who make smart purchases.

People sitting in a coffee house with two cups of coffee, a calculator, pens, paper, tablet, and a laptop on the table

Here are some tips and tricks you can use to start saving money today:

Make a budget that has some flexibility and stick to it.

Make sure that you include a category for fun in the budget. This will prevent you from breaking the bank when you’re dying to buy the newest trending fashions or want to go out with friends. Familiarize yourself with the categories which you tend of overspend on each month rework your budget to reflect your priorities.

Shop the market.

Make a point of shopping around — whether that’s to different grocery stores or shopping malls in your area. Each store will have different prices and sales and it may even make sense to travel further from your immediate vicinity to find the best deals. Some stores may have rewards programs or coupon offerings that will save you a few dollars each week and add up to significant savings over time.

Bring a water bottle and snacks with you when you leave the house.

Spending a few dollars on a bottle of water may not seem like a big deal, but it adds up quickly. If you find that you are always buying food or drinks when you’re on the go, it may be time to invest in a water bottle.

Determine what kind of consumer you are.

Do you like quality or quantity? If you’re someone who values options, experiment with shopping at used clothing stores or trying lesser known brands that make goods of similar quality at a more reasonable price. Many used clothing outlets also offer consignment programs where you can drop off your used and unwanted clothing and receive a store credit once it’s sold.

If keeping up with fashion trends is important to you, make sure your budget reflects this and try to cut back on spending in other categories.

Carpool, take the bus, bike or walk.

Finding an alternate mode of transportation has many benefits. Not only will you save money, but you will get the benefits of fresh air, exercise and social connection while catching up with friends and coworkers.

Bringing it all together.

Wealthy or not, cutting back on small daily purchases is one of the fundamental keys to saving money and finding stable financial ground. Capitalize on everyday savings opportunities during a period of financial stability by making these small, impactful changes and you’ll build the skills and habits to weather whatever hard financial times lay ahead.

However, if you’re currently struggling with unmanageable debt, these tips alone may not be enough to break the cycle. That’s why MNP offers several Life-Changing Debt Solutions to help you get the financial fresh start you need and deserve. During a Free Confidential Consultation, your Licensed Insolvency Trustee will review your financial situation and explain your options. Whether you would benefit from for a Consumer Proposal, bankruptcy or another opportunity, they will help you choose the right one for you and your situation, so you can wipe the slate clean once and for all.

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