Here are tips to help you build wealth. There are tips for paying, buying and saving. Since few people read the introduction in full, I am going to give you one of the best (and yet most underrated) tips right here. If you have not started skim reading already, then here is your reward.
The best tip for building wealth is to take care of what you have. This doesn’t mean wearing your clothes until they fall off you, it means buying high-quality items that will last a long time, and then taking care of them so that they DO last a long time.
To hammer home the point, I used to buy cheap potatoes peelers for £1 each, and after around four months they would break. I then spent £12 on one that was made out of metal and had a blade that (apparently) always stays sharp. I have had that potato peeler eight years and counting. I will allow the mathematicians among you to figure out how much I have saved.
This tip may not make much sense in an article about building wealth, but what if you applied this principle to every corner of your life. What if the car you bought was one you knew would last you 15 years? What if the shoes you bought lasted you the entire year (or longer?). What if you took the time to buy a washing machine that was very energy efficient and that had a reputation for lasting years and years?
If you take care of things and extended their lives, the savings you make will be legendary. It means more inconvenience, but it also means you get to have nice things instead of a series of cheap things.
Lower The Amount You Are Paying Out
Shopping around is one of the best ways to lower the amount you spend. This doesn’t mean sticking to comparison websites and Google Shopping indexes. It means searching a wide variety of websites, making calls and asking for discounts, and emailing companies to see if they can offer you a better deal. What is stopping you getting a quote from one company, calling their competitors, and asking them to beat the price?
Can You Do The Job Yourself?
Before you hire a decorator or repair person, look on YouTube and see if you could manage the job yourself. It may not be as big of a job as you thought it was. Many service people have callout charges, which means it will cost you a lot of money even if there is nothing wrong with your item/product.
Try A Hostel When You Go On Holiday
Hostels offer a cheaper alternative than Bed & Breakfasts and hotels. They are often close to the inner city, and there are family rooms that allow you and your children a little privacy.
Save Money By Hiring Students
Students offer a great way of saving money. Offer to be a subject at a barber school or hairdressing school for a free or cheap haircut. You may also get free or cheap meals at a catering school. Hire cheap photographers from photography courses to photograph your parties or to be a backup photographer for your wedding.
Learn To Live With Public Transport
Carpooling and taking the bus are the most cost-efficient ways of getting around. A car will cost you an epic amount of money and will set back your wealth building plans. Taxis should only be used in emergencies.
Can You Budget Your Money For Direct Debits?
Most companies will offer you a better price for services if you pay by direct debit. Many also offer better prices if you order over the Internet.
Check The Internet For Local Events In Your Area
There are many that are free, and many that are child-centric. It means you still have to supervise your child, but other people and attractions are keeping them busy. It allows you to have a little rest whilst your child is entertained by other things. Plus, if you go with your friends, then it gives you both a rest along with a little adult company.
You Can Usually Avoid Item-Removal Fees
Stop paying for people to take things away. For example, if you have a sofa that you want to get rid of, then do not pay a removal or waste company. Put it on the Internet for free and have other people pick it up from you. They can use it for firewood for all you care.
The Little Power Savings Matter
Install a solar powered light in your garage and shed. The battery is charged by the sun during the day. The amount it saves you over time is rather good.
The Gym Is Only For Body Building/Sculpting
Do not pay to go to a gym if you want to lose weight. Gyms are only for people that are trying to build muscle and sculpt their bodies. If you want to lose weight, then make sure you have a varied diet, and do more cardio exercise around the house and when you are out and about.
Hosting At Home So You Are Not Paying Too Much For Nights Out
Lower the amount of nights you spend out with your friends by starting a “Hosting at Home” scheme, where each becomes the host in turn. It lower the amount of money you spend going out with your friends. If the hosts are willing, you may all save money on babysitters by taking your kids around to the host’s house and having one babysitter look after them all upstairs.
Lower The Amount You Spend When You Are Buying
You have been groomed to spend money, and the worst thing is that you do not know it. If I were to ask you what you would do with your lottery winnings, you would list off all the things you would buy. You would explain how you intend to go from being rich, back to having no money. If you can honestly say that you would put every penny of your lottery winnings into a bank (or investments) and leave it there, then maybe you do not need this advice.
The Wrapping Paper Trick
Buy plain color wrapping paper at Christmas and you are then able to use it all year round for birthdays too. You should also buy wrapping paper just after Christmas and into January when most companies have it on discount.
Online Shopping Can Save You A Bundle
Online food shopping is a great way of only buying the things you need. Plus, you are in your home, so you are able to check what you do and do not have in your house. Online food shopping can save you a lot of money if you take time and care over what you buy.
The Old Hand-Me-Downs
Hand-me-downs are still a good way of saving money. Swap clothes with your friends. As one kid grows out of a set of clothes, they are handed down to another child that is younger. If you cannot put your pride to one side for your own clothes, then can you at least do it for your children?
Want A Delicious But Cheap And Hot Sandwich?
Buy vegetarian chicken burgers, but instead of grilling them for 30 minutes and it costing you lots of money, just slip them in your toaster. Even from frozen, you can often have them cooked within six to eight minutes. In addition, they do not have meat in them, which means they do not drip oil in your toaster. If they were real meat, then you would have to cook them thoroughly, but because they are vegetarian you do not have to cook them as long or as thoroughly. Stock up on frozen vegetarian chicken burgers the next time they are on offer or discount because they are often in small boxes that do not take up much space in your freezer.
Understand How Valueless Novelty Is
Just because something is new, a novelty, clever or surprising, doesn’t mean you have to buy it. These are the types of items where you should allow yourself to have them, but only if you buy them ten days after you first saw them. After ten days, if you still want it, then buy it. Theme parks and holiday destinations have shops full of novelty items, and they make their money because they know the people visiting do not have a lot of time and so feel more pressured into buying things they would never buy at home.
Learn How Supermarkets Work
Remember that supermarkets put things on offer that are going to go out of date soon. That is why you always see yogurts on offer. Don’t be fooled by the supposed value of getting more products for a special price because many times those products are thrown away.
Your Kids Do Not Understand Second Hand And New
Buy second-hand toys from charity shops for your kids and pre-teens. They don’t know the difference between them and the expensive stuff, and most toys break after a few days anyway. You may be able to buy your children more presents and still spend less than if you were buying new presents.
Stop Pandering To Your Children’s Vanity
Life is cold, cruel and harsh. With that in mind, stop pandering to the narcissism and vanity of your child. For example, if your child needs the most expensive shoes to go to school with, then it is time to re-examine your parenting. Your child should be willing and happy to wear second hand shoes that have no name brand on them. If your child is not, then your child needs reeducating on money and vanity. If your child is afraid that he or she will lose friends of he or she doesn’t wear the best clothes, then you need to teach your child to win people over with more than their clothes and money.
Get Discount Codes Without Pesky Junk Mail
Set up an email address that you can burn, and sign up for every free web offer. If you do not want to give your real phone number, or your real address--then don’t. Just set up your free email address, and sign up for all the free stuff and free codes. You will get epic amounts of junk to that email address, but it doesn’t matter because you can burn (delete) the account without consequence whenever you like.
Thicker Curtains Mean Bigger Savings
Buy thicker curtains and you will save money on your heating and cooling bills. If they are too expensive, then buy two cheaper sets of curtains and sow them together to make them thicker.
Realize That You Have Been Sold To
Almost every time you buy something, it is because you have been sold to. This is a troubling thought for most people, but it is a fact. To help break the hold that marketing has over you, ask yourself if you can live without something for a little longer. The impulse to buy may be premature, and that is often due to the fact you have been sold to (marketed to). If your washing machine breaks down, then you may have to buy another right away, but if your shoes are looking a little old, ask yourself if you can go a little longer before buying. Ask yourself this quite often, and you will find you spend far less money. Consider making a rule for yourself where you have to wait ten days before every purchase over $15 or £15.
Plan Your Presents All Year Round
There is never a bad time to be gift shopping. Keep your eyes open all year round for bargains. Christmas presents do not have to be bought in December, and birthday presents may be bought months in advance.
Time To Decide To Change Your Life
Think of your daily purchases in the way that an accountant would. If you have the will and a big enough desire to change the way you spend, you should log every penny you spend every day so you may go over the numbers at a later date and see where you are hemorrhaging money. If you are not willing to do that, then ask yourself how much something is going to cost over a year to see just how expensive something is. For example, if you decide to buy one bottle of coke per day at £1 each, it will cost you £365 per year, which is enough to buy a new phone. If you decide to pay a cleaner £30 per week, then that is £1560, which is enough to pay back a credit card.
Learn How To Snipe eBay Auctions
Sniping eBay items is a good way of getting cheaper stuff. Put in your bid during the last few seconds and hope you secure the item. If you want to improve your chances, then snipe auctions at weird times of the day or night when other people will not be online.
Saving Money Is The First Step To Wealth Building
These are not tips for investing your money, these are tips for keeping your money. If you use these tips, you will not need to go out and spend money that you could have avoided spending. A person that isn’t able to be careful with money, and a person wastes money, is unable to build wealth.
Old Fruit Still Has Its Uses
Squeeze the juice from old fruit, and make chutney out of old fruit that doesn’t have juice. When fruit goes old, some people blend it and freeze it in ice cube trays for martinis and sangrias.
Free Range Chickens And Bone Grinding
If you are somehow able to grind the bones a chicken, then it makes a good addition to your compost. If you use caged chicken, then the excess chemicals will repel some of the insects and worms that your compost needs to mature. In addition, caged hen bones are harder to grind into dust. Use free-range chickens and it will help make your compost a little more nutritious, and if you have organic free-range chicken, then it will add no chemicals to your compost at all.
Avoid Things That You Know Will Tempt You
Know your own weaknesses. If you know you will be drawn to the cake aisle in the supermarket, then avoid it and/or go online. If you know you always get a pizza after you drink, then avoid the pizza place.
Sneaky Sleepy Tricks At The Airport
Sleep at the airport and avoid getting a hotel. Nobody asks questions when they see somebody sleeping at an airport, and you are unlikely to be the only person doing it.
There Is A Very Cheap Way To Reduce Acne
Save money on acne medication by washing your hands more. Most people touch their own face over 20 times per day. The movie Contagion (2011), says we touch our faces an average of 16 times per hour. A study at the National Institutes of Health in Bethesda, claims we touch our faces an average of 3.6 times per hour. Wash your hands more, and your facial acne will recede a lot faster than you may have otherwise expected.
Time To Use Your Phone
Stop buying calendars, watches and alarm clocks if you have a mobile phone. You can use your phone and save you the trouble and hassle of buying things you do not need.
Save Water In Your Toilet
Use some of your bath water to flush the toilet. Just grab a bucket full after you take a bath and pour it down your toilet. Do not put it on your garden because the soapy chemicals are bad for the soil.
Readjust Your Tolerance Levels
Lower your standards if you want to save money. There is no need to always wear new clothes. Buy clothes that are machine washable, and you are able to wear most trousers (US - Pants) for around three days before they need washing. Do you really have to have the most expensive cosmetics too?
The Sad Truth About Your Phone Contract
Pay-As-You-Go phone plans are almost always cheaper than the alternatives. Unless you are a phone addict, you are better able to moderate your spending and your use if you do not have a contract. There is a reason the phone companies push their contracts so viciously, it is because they know there is more money to be made from them than there are from Pay-As-You-Go customers.
Cold Water Without The Extra Cost
Keep a jug of water in the fridge. It helps keep your fridge energy efficient because a fuller fridge is more efficient. Plus, it means you do not need to run the tap to get cold water.
People With Thick Hair Can Save Money
If you have thick hair, then consider learning how to cut your own hair. You can often get away with a bad cut of you have thicker hair, plus hair gels and products will help make your style look intentional. Save money on binoculars by standing closer to things.
The Money-Saving Power Of Grated Cheese
Grated cheese always seems to go further than if you slice or cube it. Sometimes, bags of pre-grated cheese are cheaper than blocks, but are rarely as delicious. There are some people that claim freezing grated cheese saves them money, but sometimes it affects the taste. Freeze your cheese in small portions, so you may pull out a little at a time when you need it.
Change The Way You And Your Friends Build Wealth
A great way to save money is to share things with other people. For example, why buy a hedge trimmer when you may borrow your neighbors or friends? Just, do not turn it into a Homer Simpson and Ned Flanders situation. In other words, reciprocate and encourage a sharing culture.
Do You Need All Of Your Radiators Running At Once?
Turn off your radiators in rooms that you do not (or rarely) use, and consider turning down the temperature on your heating system, water system, and on your radiators because it can save you a lot of money.
Spending Money On Your Bin Is Like Throwing Money Away
Do not spend money on your bin. If your bin has a secure lid, then smells should not be a problem. Keep it further from your house if you are worried about smells. If you are buying bin liners for your outside bin, and if you are paying people to clean it, then you are wasting your money. If it has reached a stage where it is truly disgusting, then rinse it out with a hose, leave it upside down to dry, and then forget about it for another couple of years.
Written By Ashley Gaynor, 03/04/2016