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Saturday, August 30, 2014

77. Tips to Save Money - Part 8

Here’s some personal experience on great ways to save an extra buck. I'd love to hear your tips! I have a list of about 60+ tips to save money. This is part 8 tips 30-33. I hope you enjoy!

30. Be weird, it’s cool.
Ignore the opinions of poor people or those with lot's of debt. Live like no one else today, so that you can live like no one else in the future. When people that don't know how to handle money think you're crazy you know you're doing something right. Being weird is cool. Being in debt up to your ears is not. Spend less than you make. Don’t keep up with the Jones’s. Or is it the Kardashians these days? Don’t have the latest model phones, TV’s, cars, or toys. Have money in the bank. Save for retirement, create a will, and buy life insurance. If it is available consider public transportation (train/bus) instead of driving a vehicle. Consider too furthering your education to increase your earning potential over your career or life time. 

31. Pay Off Large Purchases Faster
Putting an extra $100, $200, or $300 towards you car loan or mortgage will drastically reduce the interest you pay on the loan over time. We pay every two weeks (or bi-weekly) our mortgage so instead of 24 payments we pay 26 payments in a year. We also pay an extra $120 every month towards our mortgage. This can mean saving thousands of dollars over the life time of a loan. 

32. Buy Quality
Buying quality products that last longer is a good idea. As an example I used to buy Polo shirts for work around $15. They didn't last long. These lasted for say 2 years. So $15/2 = $7.5 a year. Now I buy $25 shirts. While they are more expensive they also last a lot longer. These last about 7 years or so if taken care of properly.  $30/7 = $4.29 a year. 

33. Buy Older Technology

When we buy technology on the other had we try never to go for the latest model of a TV set, cell phone, etc. Older models are often just as good as the new ones but are a better value. By buying the latest model you are paying a significant premium. We bought iPhone 4s's (for about $99) when the iPhone 5's ($300+) were out for example. 

Which tip did you like best? What tips have worked for you? 

See the full list of tips to save money for the other tips and parts! Leave a comment! 


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