If you dream of a high-rolling life, then there’s one skill you need to learn today: How to save money.
In this article:
- Learn How to Save Money to Live a Baller Life
How to Save Money | 6 Money-Saving Tips For Future High-Rollers
Learn How to Save Money to Live a Baller Life
There’s no better time to start learning how to save money than today. By now, you already have an idea of what it means to live large.
If you’re like most guys, you came up with those must-haves for a baller life. Do you dream of owning a surf shop? Perhaps you want to take a year off to work and live the #camplife. Do you like to treat your buddies to extended brewery tours?
These are luxurious dreams, and no one is stopping you from pursuing them. Know, though, they’re going to need a nest egg, as any money-saving expert will tell you.
The question is, how do you begin? These money-saving tips will help you get started.
1. Know How Much You’re Spending
Are you a paper-and-pen kind of guy, or do you prefer using an app? Your budgeting style doesn’t matter. What is essential is knowing how to start saving money.
You begin by learning where your money is going. Sit down and chart how you spend your money now.
The most immediate expenses you need to identify are the non-negotiables. For most people in their twenties and thirties, this means rent, groceries, car payments, or public transportation passes. You may also have insurance and student loan payments.
What about the rest of your paycheck? If you’re coming up short when it comes to having money for savings, your incidental expenses may be to blame. That daily $4 Venti can add up to serious money by the end of the month. The same goes for fast food, impulse online buys, and drop-off laundry services. Don’t forget the after-work drinks and new gaming systems.
2. Enjoy Down Time at Home
One of the best ways for how to save money is to spend more time at home. Even better, put your downtime to good use and make more money!
Raid your closets, your parents’ attic, hidey-hole in your truck—anywhere. You may find old but good video games, tools, toys, clothes, and small furniture you don’t need anymore.
Get creative with staging these found treasures for photos. Then, list them on an online selling site of your choice. Some options are Craigslist and Facebook Marketplace.
Tip: Here’s one of the essential saving-money tips when you’re selling. Don’t forget to include the shipping and handling fee in pricing. Don’t let profits end up going to the post office or courier.
Take the time to visit online freelance boards to offer yourself for hire. There are more “grab-and-go” opportunities than you might realize for short online work. These include virtual assistance, copywriting, accounting, and app development. Head to sites like Upwork to check out the ways you can make couch potato time more profitable.
3. Diversify Your Savings
Before you can start turning your money into investment capital or serious lifestyle upgrade, savings have to be a priority.
One of the tried-and-true tips for saving money is diversification. Even when you’re starting, it’s good to squirrel money away in two or three accounts.
The most important is an emergency fund. You can use this if you need a costly car repair or you’re in between jobs. It prevents you from racking up debt.
Next, look into retirement savings options at work. Your savings can start earning higher interest, and you’ll also be offsetting the IRS’s cut of your salary.
Finally, if there’s a luxury you can’t or don’t want to defer, like an anniversary gift or a cell phone upgrade, put aside a little bit toward it each month.
4. Be Your Personal Creditor
One of the smartest ways how to save money is to pay yourself first as soon as you get a paycheck. How do you do it?
Consider an auto-debit in your account. It means as soon as the money comes in, the bank debits your desired amount. It then transfers it to a savings account. Hopefully, it’s one you can’t access fast. This way, you don’t end up dipping your hands into your savings.
If you don’t have an auto-transfer function set up through payroll, connect your savings account to checking. You can easily transfer a set amount into your savings account as soon as you receive the payment.
5. Scoop Up the Windfalls
Sometimes nice surprises happen. Throughout the year, you may earn more cash than you realize. It can be a birthday check from your parents, a tax rebate, or a freelance job that fell into your lap.
When these things happen, resist the urge to splurge. Instead, put it away toward those baller opportunities that help augment your savings or investments. For example, you may add it to your retirement account or participate in the stock market.
6. Deny Yourself with Some Pleasures
Everybody wants to know how to save money fast. Whether you want to supercharge your savings or buy a big-ticket item without going on a payment plan, sometimes you need a more extreme money-saving challenge.
The buzzword for learning how to save money fast is self-denial. Whenever there’s an inexpensive option (e.g., bringing lunch from home versus going to the cafeteria), go with the cheaper one.
Consider staying at home instead of going out with friends if it means splurging on cocktails. Better yet, have them come over. Make your meals and order a cheap beer.
Perhaps you also should think about moving in with family temporarily to save on rent. You can think of this period as “how to save more money—on steroids.”
How long do you expect your financial “starvation diet” to last, though? It depends on you. If it’s two or three months, look into canceling some things you can probably live without during that time. These can include cable, Netflix, gym memberships, Amazon Pantry, and premium apps. Opt for the free ones instead.
You will be able to save a couple of hundred bucks a month. Most of all, you can relearn the simple pleasures of running in the park and going to the library.
Want to start investing? Then check out this video from Project Life Mastery for tips on investing for beginners:
There are thousands of ways how to save money. You may even have your favorite tips on saving money. They don’t work, though, unless you stick to them. Take to heart the different pieces of advice on how to save up money for your next big purchase or future investment portfolio. Then, begin to live those money-saving tips. You may not be able to follow all, but try your best to get a few of those good habits going. For sure, you’ll be on your way toward baller status in no time!
Do you have more tips on how to save money? Share your strategies in the comments section below!