How to Save Money LONG TERM | 11 Simple Tips that Don't Depend on Income

When it comes to saving money, the more income you have, the easier it is to save. Our income has been all over the map. We've had low incomes and we've had high incomes. These are some money saving tips we learned that can be used to save money fast and save money consistently, regardless of income.

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ONE: Know Your Why. Why are you saving money? Is it for a house? To pay off debt and become debt free? Whatever the reason, write it down (something we should have done). Keeping this at the forefront of your mind and somewhere you can see will help tremendously in keeping you focused.

TWO: Track your income and expenses. Make a budget. We’ve mentioned this a lot but that’s because it’s extremely important and makes a huge difference in your finances. A budget will give you an idea of how much money you're spending every month, how much money you can save, and how much you can cut spending to save more.

THREE: Take cold showers. There's less energy going into heating the water by doing this, saving you money. Not to mention all the health benefits associated with cold showers.

FOUR: Don’t leave the water running while brushing your teeth or washing dishes. This is something that we even forget about today, but turning the faucet off when you don't need it on saves money as well. It also conserves water.

FIVE: Turn the A/C up (or heat down) a few degrees when you’ll be gone for a while. This is something that’s easy to get in the habit of. By doing this, you're saving money by only keeping your space cool or warm while you’re there to enjoy it.

SIX: Keep your money in a high interest savings account. We use Ally bank but there are many banks that offer high interest savings accounts. The reason for doing this is to earn more interest on money that you're not using anyway. Why not earn something more than 0.1% if you can?

SEVEN: Use a cash back credit card. It took us a while to get used to the idea of using a credit card after becoming debt free, but they really can help save you money when used responsibly like a debit card. We wouldn't recommend using one if they will get you in trouble. Only use credit cards for things you’d already be buying anyway. Why not automatically save 1-2% on things you need to buy if you can? Chase, CitiBank, and Discover are some of the more popular ones right now with 1-5% cash back on purchases, plus some have intro offers.

EIGHT: Get a roommate, or house hack. Okay, so this one does depend on income if you're interested in house hacking, as you'll need to have the cash for a down payment and the income to support the mortgage. So this one won’t apply to everyone. But Brittany did this in college. If you’re in a situation where you can get a roommate to split the rent, or buy a duplex/triplex and rent out the other units, that could be a HUGE savings. You could possibly be profiting from it as well. Something also to keep in mind if you're living in an apartment, at least from our experience, is that apartments typically frown upon subletting.

NINE: Ditch the cable service. Chances are if you’re paying for cable, you’re also paying for internet, and you really only need internet. You can watch a TON of things for free online. If you want to pay for a streaming service for the few channels you watch regularly, that will be much less expensive that paying for hundreds.

TEN: Play the “How Long Can I Go Without Spending Money?” game. Our personal best is 7-10 days.

ELEVEN: Buy Quality, Not Quantity (when it makes sense). This can save you a lot of money over time.

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Видео How to Save Money LONG TERM | 11 Simple Tips that Don't Depend on Income канала Mike and Brit