10 Ways to Help Save Money and Build Wealth

It can seem difficult to get ahead financially. But it’s possible. In fact, once you get going, it gets easier.

Below are 20 ways to help you improve your financial situation. Some you might like, some you might not like, but any and all of them can help you save money, keep more of the money you earn, and build wealth.

Any of them you like, work to make them habits. Once they are habits, they don’t require willpower, or stamina, they’re just how you live your life. They will help you along your financial journey. Saving then becomes easier. So – off you go!

1. Set it and forget it
Set up automatic transfers from your checking account to your savings account. Transfer with every paycheck or on a calendar basis (monthly, for example). Start with a reasonable amount. If you find you aren’t feeling the transfer financially, increase it.

2. Prep for grocery shopping
Make a shopping list and stick to it. Check the websites of grocery stores in your area. Find the deals. Doing this regularly will save tens of thousands of dollars over the course of your lifetime.

3. Eating out is eating up your savings
Cook at home more often and limit dining out. If you are eating out, check out the websites of restaurants you’re considering. They likely have daily specials.

4. Get a discount or don’t get it
Actively look for coupons, markdowns, and other deals to lower your costs. If you’re going to a restaurant, you can usually buy an electronic gift card at a discount. ($35.00 for a $50.00 gift card, for example). Always look for ways to pay less of your money!

5. Isn’t homemade always better?
This might require some advanced planning on your part, but if you’re giving a gift, usually something you’ve made yourself will mean a lot more to the recipient than something you bought in the store. It might take longer, but if you make it yourself, you make it extra special!

6. Switch your cell phone plan
Phone service is an extremely competitive market. Often, you can save by switching to a new carrier, but most often, your current carrier will offer you a lower rate to say. Either way…you save!

7. Pay off the right debt in the right order!
Prioritize paying down debts with high interest rates. But if there’s a low-balance debt that can be paid off quickly, that may be a better choice, as long as you then apply that payment to other debts to get them paid off faster.

8. Look at the total cost
Try to determine all of the factors in a financial decision. For example, if you are considering a new job, consider things like the total benefit package, 401(k) match, but also things like how far you must drive to get to the new job. If you’re going to make an additional $1,000 per year, but the job is 10 miles further away from you, you’ll be driving an additional 100 miles per week and spending that $1,000 in fuel, plus you’ll be we adding 5,200 miles to your vehicle each year, increasing wear and tear and lowering the resale value.

9. Get a new attitude about money
Like the song says, you work hard for the money. You should work just as hard to keep as much of it as you can. We live in a world where we can spend thousands of dollars with the click of a button. Always ask if you can get a discount or lower price. What’s the worst that can happen? You’ll pay what you were going to pay anyway.

10. Track your progress
Set financial goals for yourself. Make sure you include modest goals in addition to huge, long term goals. You need smaller milestones to encourage you along your financial journey. Set goals for establishing an emergency fund, paying off debt, retirement savings, buying a home (or any larger purchase). Remember – goals are meant to motivate, not intimidate, or frustrate you. You can do this!