How to save money?

By Bruce Firestone | Business Coaching

Nov 26

Here’re a few tips on how to save money from the Financial Diet, https://youtu.be/G6l5GWYE9fQ:

1.       cash cleanse—pay only using cash (wherever you can)

2.       BUY IN BULK and use coupons/take advantage of deals

3.       treat yourself occasionally but don’t overspend due to stress, excitement or sadness

4.       rack up points but only if you can pay off your credit cards every month

5.       take advantage of loyalty cards

6.       rethink your commute—mainly cars—live with one less car or take public transit

7.       use an app like gas buddy to find cheaper petrol

8.       organize a carpool

9.       take the second-hand challenge—get half your furniture, flatware and other stuff like appliances 2nd hand 😊

10.   enroll in rewards and loyalty programs

11.   buy less stuff

12.   get cash back credit cards

13.   link your credit cards to your checking account so you can’t spend more than you have in your account

14.   use gift cards that you buy at a discount and use them to reward yourself for reaching your saving goal—this is your release valve!

Chelsea, the Financial Diet

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Brucie’s q-ways to save?

a)       freeze your credit cards in a bowl of water—it’ll take many hours to unfreeze during which you think better of spending on useless stuff you don’t need

b)      if you buy something, you only do so by first removing something from your house or apartment (this courtesy of Jennifer Schweers)

c)       get a roommate to share rent or help you pay your mortgage

d)      buy a smaller house or rent a smaller apartment or buy a bigger home (with, say, a basement apartment) or rent a bigger apartment but get tenants, roommates or subtenants to help pay the mortgage or rent

e)      put an extra room on Airbnb or Vrbo (this is not strictly saving money—it’s making more 😊)

f)        cancel cable TV

g)       get rid of landlines or get a Magic Jack phone (about $2.50 a month)

h)      buy a house or condo—every month you pay off your mortgage, you are paying off part of the principal owing to the lender—it’s a form of forced savings

i)        form a family savings plan or a circle of friends’ savings plan—where you match each other’s monthly savings and no one can spend without the approval of 2/3 of the group

j)        form a trust of two people whereby you control via a trust the savings of another person and vice versa

k)       have a set amount set aside from each paycheck or bonus (10% is good)

l)        create a monthly budget and track your expenses and revenues

m)    save your loose change

n)      eat-in, cook more, go out less, drink less too

o)      use term insurance instead of life insurance

p)      create a personal balance sheet showing all your assets and liabilities—get rid of bad forms of debt (like credit cards) and focus on good debt (secured debt like mortgages)

q)      create both a NEWPIN, new era financial plan for yourself and your family

Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD

Real Estate Investment and Business coach

Century 21 Explorer Realty Inc broker

Ottawa Senators founder

1-613-762-8884

bruce@brucemfirestone.com

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FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE

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Tags: ways to save money

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Bruce is an entrepreneur/real estate broker/developer/coach/urban guru/keynote speaker/Sens founder/novelist/columnist/peerless husband/dad.

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