5 Money Saving Tips To Save Extra Money

TL;DR

Learn how to generate a positive cash flow, avoid paying interest on credit cards, make coffee at home, buy consumables in bulk, and budget restaurant spending to save money.

Transcript

how's it going today guys so today I'm going to be giving you my top 5 tips for saving money in 2018 and a lot of this comes from my personal experience and things I am doing in my own life to make sure that I am saving more money and as a result that allows me to invest more of my money so one of the most common questions I get on my channel is pe... Read More

Key Insights

• 🤑 Generating a positive cash flow is crucial for saving money and investing.
• 💳 Avoid paying interest on credit cards by paying off the balance in full each month.
• ☕ Making coffee at home can save a significant amount of money compared to buying it from a coffee shop.
• 🏪 Buying consumables in bulk can save money in the long run and eliminate the need for convenience store purchases.
• 🤑 Shopping around for cheaper cell phone carriers and cutting cable TV subscriptions can save a substantial amount of money.
• 💄 Budgeting restaurant spending and making it a social experience can help avoid unnecessary expenses.
• 🏛️ Building credit history responsibly can help with future major purchases.

Questions & Answers

Q: Is it important to establish a credit history as a young person?

Yes, it is important to establish a credit history if you plan on making major purchases in the future, such as buying a car or a house. Using credit cards responsibly and paying off the balance in full each month is a good way to build credit without paying any interest.

Q: How much money can I save by making coffee at home instead of buying it from a coffee shop?

On average, you can save around $4.75 per cup of coffee by making it at home instead of buying it from a coffee shop. Over time, this can add up to significant savings.

Q: What are some consumables that can be bought in bulk?

Consumables such as paper towels, napkins, toothpaste, laundry detergent, dishwasher detergent, and pet supplies can be bought in bulk to save money, especially if purchased from wholesale stores or online.

Q: How can I save money on my cell phone bill and cable bill?

Shop around for cheaper cell phone carriers that offer the same service but at a lower price. Consider switching to streaming options like Netflix and Sling TV instead of expensive cable TV subscriptions to save money.

Summary & Key Takeaways

• To save money, analyze your spending and find ways to generate a positive cash flow.

• Avoid paying interest on credit cards by using them responsibly and paying off the balance in full each month.

• Instead of buying expensive coffee, make it at home to save significant amounts of money.

• Buy consumables in bulk to save money in the long run and avoid convenience store prices.

• Budget restaurant spending and only go out for social experiences to save on unnecessary expenses.