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6 Hacks for Saving Money This Christmas

6 Hacks for Saving Money This Christmas

Christmas is coming soon and hopefully, you’ve planned ahead and saved some money. It’s such a great time of year because the family gets together, but it’s expensive at the same time. In all honesty, you might not be spending a lot per gift but with 10 people to shop for it can get heavy on your wallet. I believe if you know how and where to save money when shopping, you can cut down your bill enormously. Over the years, I’ve compiled a list of money-saving hacks which I use each time the Christmas season comes around. With my family growing it’s important I start saving money right away so I can afford presents. Even if I don’t save as much as I’d like to, however, I can still reduce my spending with these awesome hacks.

I’ve also done some research looking for other great money-saving hacks online. So with my own ideas and more from the internet, here’s what we’ll be discussing today –

  • Plan for Affordability
  • Cashback or Card Benefits
  • Amazon Hidden Discounts
  • Look Around the House
  • Shop Abroad (not a joke)
  • Give to Charity

Let’s jump right in, and if you have some additional tips, please mention them in the comment box.

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1. Plan for Affordability

One of the biggest mistakes we make while shopping is getting caught up in emotions. This means we end up purchasing items we can rarely afford. This doesn’t always have to be the case. Ask yourself this question – Does an expensive gift really show how much I care? We often want to buy expensive gifts because of the sentimentality of the holidays, but then we’re scrambling to find ways to pay the bills.

Just remember you don’t need an expensive gift to show someone how much you care, especially when you’ve been showing them all year long. Like Paris Lees said, if someone doesn’t understand that you don’t have the cash to buy them a gift, they don’t deserve one. Next time, buy a gift that you can afford because you’re thinking about them, not because you want to impress. If you are out to impress you may find yourself in a difficult situation afterward.

2. Cashback or Card Benefits

When cash is tight there are lots of options out there to give you a helping hand. For example, if you really need money you can always apply for a loan or credit card. I would avoid loans because of the higher interest rates, but credit cards aren’t a bad alternative especially with cashback options being available through many. For example, American Express is currently running the shop small program aimed at helping local and small businesses. The program is a great money saver because they’ll give you $10 back when you spend $20 or more at a small or local business. If you can join such a program and find local shops to purchase presents from for Christmas, you’ll be able to save a nice amount of money.

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3. Amazon Hidden Discounts

Many online shopping sites have tricks up their sleeves to pull customers away from street shops. For example, Amazon runs lightening deals to entice people into buying heavily discounted products. It’s worth keeping an eye on these during the lead up to Christmas. You never know what you might see. Plus, Amazon’s shipping is pretty good so you don’t have to worry about getting your items in time for Christmas.

4. Look Around the House

This might sound kind of flaky but I have so many gifts laying around in my house I haven’t used. Some are home electronics, beauty items, baby gear, and clothing. Be selective if you decide to give these away because you want to make sure they are still in style and can be used. You needn’t tell the receiver that it’s an unwanted gift from someone else if it’s something they will enjoy, who cares!

5. eBay

Most people think of eBay and think it’s full of second-hand items, it’s actually not! It’s full of brand new items as well at, more often than not, cheaper prices than you would find in a store. Just make sure when you’re searching that you filter search results to be new items only. The website bidvoy is really handy for checking the price an item typical sells for on eBay, so you can quickly compare prices to stores to see how much you could save.

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Apart from the savings you can get on eBay, another great feature is that your purchases are protected. So if an item you ordered doesn’t turn up or it’s not as described, you can easily get a refund for it.

6. Brand Discount Stores

If you want to get a particular brand item for someone, instead of going direct to the brands’ store or website, try going to an outlet or store that sells multiple brands all under one roof. These places are typically cheaper and often carry last years stock or items that are selling a bit slower. That doesn’t mean the receiver won’t love them though, so give it a go!

The most important thing to remember at Christmas is that it’s a time to be with loved ones and enjoy each others company. Presents are great but don’t let them dominate the holiday.

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Featured photo credit: cdn.history via cdn.history.com

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Last Updated on April 28, 2020

9 Millionaire Success Habits That Will Inspire Your Life

9 Millionaire Success Habits That Will Inspire Your Life

As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

1. Read for Personal Development

A daily habit I have discovered millionaires share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

Here’re some recommendations for you: 25 Best Self Improvement Books to Read No Matter How Old You Are

2. Establish Multiple Sources of Income

Another success habit I noticed about successful people is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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3. Live on a Stipulated Monthly Budget

An average millionaire does not believe in luck and jackpot. They take the time to understand cash flow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

4. Manage and Maximize Money

The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire, regardless of their income, keep their knowledge about tax strategies updated.

They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. Their US income was totaled at $79 billion with an effective tax rate of -5%.

What’s the deal? They got a tax refund.

How do they accomplish these?

An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible.[2]

5. Avoid Debt

Another habit that separates the millionaires from the rest of the world is how they manage debt.

They don’t live an extravagant lifestyle; instead, they only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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They are conscious of the interest rates even when they use credits cards or take loans. If possible, they try to pay with cash because of its zero percent interest rate.

6. Set Daily Goals

It does not matter if they are setting up a business, a career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly goals to generate momentum in achieving their long-term goals.

Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars rather than hundreds of dollars.

7. Don’t Act Rich

The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed in his book that for the most prestige brands of cars, about 86% percent are toys of the non-millionaires. While most believe that people with huge fortunes tend to drive exotic cars, in reality the largest consumers of pricey cars are aspiring millionaires.[3]

According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate.[4]

8. Own or Buy Businesses

In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

  • E stands for employee – they work for others
  • S stands for self-employed – they work for themselves
  • B stands for a Business owner- employees work for them (500 or more employees)
  • I stand for Investors – Money work for them like Warren Buffet.

Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

Check out How to Start a Small Business with Little to No Money for tips.

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9. Avoid Get-Rich-Quick Scheme

A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

Bonus: How to Develop the Millionaire Success Habits?

Having learned these habits, the next question is,

How can I develop the Millionaire Success habits?

Here are six values you will need to develop:

Establish Your Life Vision

You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

Make Your Passion a Profession

When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

Focus on Solution

Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

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A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

Develop Your Leadership Skills

Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

Be Growth-Focused

Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

  • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
  • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

Flip Your Thought Pattern From Acting To Being

It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

Here’s a final thought from me:

It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

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Featured photo credit: Austin Distel via unsplash.com

Reference

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