Learn how to start saving money by following the advice of our expert guest blogger, Michael Pesochinsky. In our entitled society who thrives on instant gratification this may seem like taking pretty drastic measures. But, trust me when I tell you that it is worth it in the end.
Live Below Your Means
Saving money has been the bane of humanity’s existence since the word “job” came into popular vernacular. It can be hard to save money especially when you reach the age of having lots of expenses that you never had like phones, Internet, kids’ school, insurance, mortgage payments, and those sudden expenses that show up out of nowhere.
Our best advice to you is that you should live below your means. If you live beyond your means then you will just constantly rack up debt. If you live at your means then you would just maintain the status quo. You won’t be losing money, but you won’t be saving it either.
If you live below your means you will be surprised at how much money you would be saving month to month. A few things you can do is to maybe ease up on your spending at the supermarket and not buy so many name brands for products that are pretty much the same across the board, washing your car yourself, bundling your TV service with your phone and Internet, and staying in more often than going out. It may be a bit of a chore but in the long run you will thank yourself.
Great advice, Michael! Make a list of expenses that are necessities and luxuries. Then cut back on the luxury side of your list. And be brutally honest with yourself. I mean, is cable really a necessity?
How have you cut back in order to start saving money?