Tuesday, April 21, 2009

Top Ten Money Saving Tips For Financial Freedom

Here are my 10 Money Saving Tips for one to gain financial freedom. Saving money is part and parcel of the process towards financial freedom. Every penny saved is a penny earned.

Imagine the effect of compounding if you were able to save $100 a month and invest it in an instrument that gives you 5% returns per annum. After 30 years, you would have a pretty cool sum of money.

So here you go. My own Top 10 Money Saving Tips:

1. Don't eat at fancy restaurants. If possible, eat at home. If not, just eat fast food. It is much cheaper than eating at a fancy restaurant. Don't upsize your meal. If you just want a burger, order a burger instead of adding a meal on top because it seems like value for money to pay an extra dollar to have a large fries and drink.

2. Save electricity. Off all lights when not in use. Do not leave the heater on if you are not using it.

3. Cancel your global roaming. Most people have global roaming attached to their mobile phone plans. Cancel it if you are not going overseas.

4. Park at a cheaper carpark. Different carparks have different carparking rates. Choose the cheaper one and walk a little.

5. Read your news online. Don't buy newspapers everyday especially if you won't have the time to read it. Just read your news online.

6. Visit the Library. Don't spend money on books. Borrow books from the library.

7. Wash your own car. You save money on both petrol and the expensive car washing services provided by those petrol stations.

8. Pump a cheaper grade of petrol. The grade of petrol should not make much of a difference. I always believe that it is psychological feeling that people get when they use a higher grade of petrol and think that their car responds better to it.

9. Don't buy magazines. You can read them online too! Just surf the net and I am pretty sure that you will come across various sites that gives you the information that you want totally free of charge.

10. Give Starbucks a miss. A Caffe latte probably cost you around $5. That is money that could easily buy you lunch or dinner. Skip Starbucks and make your very own coffee instead.

So there you have it. My own top 10 list for saving money.

Read Related Articles:
1. Save Electricity, Save Money
2. Retire Young, Retire Rich
3. 3 Key Lessons from Rich Dad Poor Dad
4. 3 Sources of Passive Income

1 comment:

  1. I completely agree on you points that saving money is part and parcel of the process towards financial freedom and also that every penny saved is a penny earned.

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