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How to Save Money Quickly

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I enjoy reading about wealth and investing. I have three homes and one in a different country.

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It has been found that Americans have no savings at all. Saving money is a big problem in the United States as most people cannot come up with an emergency of $400 if needed. How to get ahead financially? Read on for our tips.

1. Live with Parents

Do not waste money on rent and unnecessary mortgages. The best money decision would be to live with your parents. This might be at odds with American culture, but to get ahead in the financial game you need to go against the grain. You can save money easily by not paying either the rent or mortgage. Then there are utilities like gas, electricity and internet that you don’t have to pay. Insurance costs such as renters or mortgagers insurances can also be avoided. You basically just need to check your ego at the door.

If you are like most Americans, you’re paying your fair share of student loan debt. The average student loan payments come to about $393 for a month. Staying with parents can allow you to cut down on interest and save more to pay off the principal.

Investing is something you can now do by being rent-free. The stock market is a good avenue to park your money. You could also look at investing a bit of your money in cryptocurrencies like Bitcoin and Ethereum.

You’ll be able to share resources like the TV, fridge and kitchen appliances. Otherwise these are big purchases which often go on your credit card putting you in even more debt. By living with parents, you can save money by having a home-cooked meal from time to time.

There is a lot to be said about the chances that can be taken. You can be picky with jobs and even look to start your own business. Even if you graduated with no college debt and have a job, the prudent decision would be to stay with your parents. You’re already way ahead of most people in the country if you have no debt and are employed, now it is time take it a step further and boost your savings.

There are more savings on the cards. If your parents residence is closer to your job, you could save a substantial amount on transport. Additionally, insurance companies will tend to charge lower premiums if you’re address is considered to be in a safe neighborhood.

Living with multiple generations in the same house might just be the future. Home builders have identified the trend and are working towards it.

There are several benefits to multiple generations living in the same house including sharing expenses, responsibilities and a cure for loneliness among others. One in six Americans currently live in a multigenerational household, and that number keeps going up.

There is the isolation aspect for the elderly and the ability to afford for the young. Both these problems are solved with the concept of a multigenerational home. There is also the case where banks won’t lend to people over 60 for them to purchase a home. So seniors benefit a lot by living with their young ones in a home. There are downsides to this type of living as with anything else in the world. But if you need to save money fast, this would be one of the ways to go about it.

2. Use Public Transport

By making the decision to take the bus, you could save up to $30 a week and a $1000 over a period of a year. Do it for two years and then you can come up with the cash to buy a second-hand car outright.

Furthermore, you could save a ton of money on parking too. The parking fees can all add up and before you know it you’ve saved another $1000 over a year.

Car insurance, vehicle maintenance costs and any emergencies all add up. Maintenance costs can be quite high over the life of your car. For instance, you have to change the oil and filters. Engine repairs and tyre replacements are also substantial costs borne by a car owner.

Car payments may just be a way of life. But you want to be a weird person here. This is because you are losing out on nearly a million dollars by making car payments on a new vehicle. Dave Ramsey is the person to go to for advice on this matter.

Now there are downsides to riding the bus. For example, you may have to come in contact with homeless people. But the upsides for saving money are huge. If you have a trust fund or you have $5000 saved up, I don’t recommend this. But if you have little to no savings, riding the bus may put those few thousand dollars in your pocket that could give you a tremendous leg up.

If you can afford it, weekly or monthly passes are the way to go about it.

If you find that taking public transport is a hassle, then you can look to do it on your way back home from work. Walking to the bus stop or train station can leave you with sweat patches and this isn’t going to be a good look for you at work. So look to do it when you are on your way back home.

Keep in mind, that all of this is temporary. A means to save some money which can then be invested. After more money flows into your bank accounts, you can then take a taxi or even buy a car for a couple of thousand dollars.

3. Skip the costly gym membership

Being healthy and staying fit is a wonderful thing. However, you could simply visit the beach or a park and go for a long walk or jog instead if of spending upwards of $100 on a gym membership each month. If you live within walking distance to the beach or park, you should definitely walk it. If you are fit, that is another way of saving money.

There are also ways to be creative by doing some exercises at home. You can watch some of the home workout videos on YouTube.

20 MIN FULL BODY WORKOUT // No Equipment | Pamela Reif

4. Inexpensive Entertainment Options

With the growth of videosharing, platforms like YouTube, Vimeo and DailyMotion are serving up free content in order to attract eyeballs. Take advantage of this and don’t pay for entertainment until you have saved up a sizable chunk in cash. For example, we love Beyoncé. There are so many Beyoncé concerts on YouTube. So we prefer to watch these until we are able to afford to go see her in person.

There is plenty of content available on video-sharing platforms whether you’re interest is science, technology, politics, sports or business. In fact, 500 hours of video are uploaded to YouTube every minute.

Go to the museum, aquarium or zoo. Ever since you bought that iPhone you have been absorbed with it. Sometimes seeing the physical world can be a lot of fun and it doesn’t have to cost much. There are also books and magazines that are sure to be lying around in your room. Pick these up and start reading.

If you still live in your hometown, you can catch a high school game. This could be football, basketball or volleyball. It doesn’t have to be sports, you can sit in on a musical or watch a play. These things should be free or of minimal cost.

The lovely Beyonce. It was so hard to find a free photo of hers.

The lovely Beyonce. It was so hard to find a free photo of hers.

5. Learn to cook

Eating out can be expensive.

For starters, you could by a whole roasted chicken. Then you can cut the pieces and have a chicken sandwich, chicken salad and then a soup. Cooking less meat will also save you money. There is plenty to be said about the protein value of eggs, green gram and beans. Talking about beans, one tip is to cook dry beans in a slow cooker for additional savings.

One of the best dishes to get started is to learn to cook eggs. It could be scrambled, poached, omelette or fried. The taste is great with toast and they also go well with veggies. Eggs and steamy veggies always make for a great inexpensive meal. There are plenty of things you can do when your cooking. One is to put leftovers to the fridge and freeze the meat. You can freeze so much of food that you would otherwise throw away. This includes bell peppers and bananas. If the bananas are too ripe, you can simply freeze them and they will be perfect for smoothies.

Keep a journal for your various menus for a given week. That way, you’ll know exactly what you are going to make and can go out and get them. Then you don’t have to make multiple trips to the store. When you plan ahead and have food cooked ready and waiting for you to dig in, you are less likely to eat out.

Get the rewards card for your grocery store. You’ll save as much as $200 over a period of a year just by doing this. Then there are store memberships that are also worthwhile.

If you live in North America, there are always sales of your favorite items at the big stores. Wait for these sales and stock up on meat, fruits and vegetables by buying them at half their value. If you are at the strip mall, it is always best to take some time to compare grocery prices between Target, zeal-Mart, Costco and your neighborhood stores. A word about Costco is that the store is great for bulk purchases. Again be adventurous. You don’t always have to go to the big and popular names. There are some ethnic stores, for example, which are also very inexpensive. So experiment and be on the way to get some good savings.

6. Master a skill

In order to save money, you need to make money. Skills are the currency. You can try your hand at different things and see what you are good at. The best way to master a skill is to read a book on it. Again, look for the free options to get the book. After you master the skill and start making money, you can then look to purchase a book. PDF drive is a great way to get free books with over 70,000 PDFs accessible on a variety of genres.

The multimillionaire Daniel Ally has recommended reading books for mastering skills. So what is stopping you. Pick up a book today and explore something that piques your interest. When looking to master a skill, keep in mind what Gary Vuynerchuk has to stay on the topic. It goes like this, “I may suck at 99% of the skills, but I am going to do the 1% really well”.

The important thing is to stick with it. A time frame of about a year to learn the theory and practice the skill is essential. After all, genius is 1% inspiration and 99% perspiration.

There is an endless list of skills to master.

In closing, we would like to stress that you should give these tips a go. It may take some time to get used to and could feel rather odd at first, but it will be worth it in the end.

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