Rich People Are Sharing Their Best Tips to Save Money
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Personal Finance
By Destiney Rosenbaum
September 02, 2022
Have you heard of the FIRE movement?
FIRE stands for Financial Independence, Retire Early–which means people with high incomes can invest enough money so that they can eventually retire earlier than the typical retirement age.
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To get to this point however, you need first know where to cut corners so you can really save as much as you can, invest your money, and reap the rewards while you’re still young enough to enjoy it.
This collection of tips from high income earners who are actively part of the FIRE movement has been known to help people save in big ways and small.
Pay attention and start setting aside what you save from these tips and investing them into your own nest egg.
1. You’d be surprised at how much money you end up spending on non-food household essentials such as these. One way to save would be to cut your kitchen sponges in half.
2. Sign up for DoorDash or any similar delivery service so whenever you have to take long drives, you can use the service to offset your mileage and make enough to pay for the trip. You’ll save a lot of money on gas and even tolls.
3. Visit yard sales and thrift shops and try to flip the things that you already own that you don’t need. You can use the money you earn from it to buy clothes and shoes. PRO TIP: look for goog quality, gently used branded items because these will last, even if they are used.
4. A diamond alternative that is better and more ethical and less expensive is a moissanite. It’s lab grown and look just as good as a real diamond and costs a fraction of the price.
5. If you’re on a gym membership, bring a gym bag, shower, and do your hair in the gym before heading to work to help save on water bills.
6. Ask your local grocer if they do discounts for fruits and veggies that are past their prime. You can often get a big bag for a big discount and you use them to create cakes and smoothies.
7. Whenever the weather is great, hang dry instead of using your dryer. Cost savings might be minimal but you’re not only extending the life of your clothes, you’re also being more eco-friendly.
8. If you have a garden, get an empty trashcan and leave it outside so that it can collect rain water. Use this as irrigation so you save on the water bill.
9. Switch to bar soap instead of body wash.The cost of bar soap is typically a fraction of a bar and you can cut the bar up instead of using the whole
10. Order groceries for pickup versus shopping in store saves not only time but also money by preventing impulse purchases.
11. Check Craigslist or Facebook Marketplace to purchase old appliances or tools to save money.
12. Visit your bakery on days where they have thier dialy sales–usually before closing time, they sell bread at a big discount.
13. Pay using cash instead of credit or debit so you can visually see your money and where it’s going. You also get to see a visual spending limit.
14. Auto-save your money by setting up automatic transfers direct to your savings account.
15. Transfer all windfalls to a savings account.
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