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9 Ways To Save Money Long-Term

9 Ways To Save Money Long-Term

I always love to save money—don’t we all? Especially in this economic uncertainly, many of us are looking for ways to our save money long-term and retire well. Let’s review 9 basic ways to save money long-term.

1. Don’t waste your money.

Every dollar that you waste on something you don’t need (like cable or new clothes or a bigger TV) is a dollar that you cannot save for your future. Cancel your extra monthly subscriptions and anything else that you really no longer need. Run outside instead of paying for a gym membership.

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2. Plan ahead and have a savings goal for retirement.

Make a plan to save money for your retirement. Having a written plan is the first and most important step to long-term financial success.

3. Become debt-free as soon as possible!

Paying off your debt is essential to being able to start saving money long-term. How can you save money if you’re constantly paying for credit card bills, a new car, a bigger house, or old student loan debt?

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4. Eat all of your meals at home.

Instead of eating breakfast, lunch, and dinner out at restaurants, commit to eating all of your meals at home, every day. This will likely save you around $500 per month if you are currently eating out daily. Look at your current bank statements and calculate how much you spend on eating out at restaurants each month. You might be surprised at how much you are really spending on food!

5. Get a piggy bank and save your change every day.

This might sound like a small step, but saving your change each day and watching it slowly grow will motivate you to keep saving. Make a plan for that extra change. Take it to your bank monthly and put it directly into your savings or retirement account. Every dollar helps!

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6. Look for buy-one-get-one-free deals on groceries.

Many grocery stores offer buy-one-get-one-free deals on everyday grocery items and these savings can really add up! Many of these deals happen during the middle of the week so stock up then for canned goods and pantry items. Groceries are a large part of any budget, so even saving $20 per week on groceries will add up to large savings each year.

7. Use cash instead of your credit card.

It is so easy to spend frivolously using a credit card and not even think about how much you’re spending. Credit cards are also really terrible for impulse shopping so stick to cash: it forces you to only buy what you can afford.

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8. Set up an automatic payment to your 401K or equivalent retirement account.

Determine how much you will need for retirement by using an online retirement calculator. Then set up an automatic payment for that amount each month. Just set it to a reasonable percentage, many people choose 15-25% of their income, but that depends on personal financial goals for retirement. But remember, do not change this unless you need to for an emergency that is not covered by your emergency fund.

9. Always think long-term.

Instead of thinking about short-terms wants, think about long-term financial goals like retirement. This will motivate you to keep saving your money long-term. This will also keep you on track.

Saving money long-term for retirement is important and it does take planning! Start saving your money today and set yourself up for a successful and enjoyable retirement! Good luck saving your money!

What are other ways that you save your money long-term?

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

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