Free Investment Advice

Budgeting can be implemented in as few as 5 minutes and others require more of a mindset change, but all will help readers save money!

Here are some thoughts to try:

*Buy all your food from the grocery store.*

A very wealthy person I interviewed said that most people unknowingly throw their retirement savings away on new cars and going out to eat. We really enjoy going out to eat, but if you really want to save money, this is a great place to start. This was a tough habit for me to break, but once you break it you will find that you have hundreds and even thousands of extra dollars as a result.

A meal purchased from the grocery store is better for you and is a fraction of the cost at a restaurant. Learn to love brown-bagging it. Deciding to start bringing my lunch everyday rather than going out was one of the best things I ever did for my finances. While you are at it, if you are a Starbucks addict, buy yourself a coffee or espresso maker. My wife just recently purchases an espresso machine for $30 that easily paid for itself in a month or two.

*Lower your car insurance premiums.*

This one blew my mind. I was convinced that I had the best rate. I knew what friends were paying and was sure that I couldn’t get a better deal. How wrong I was. After shopping around, I saved over $500 to have the same coverage.

*Give your hobby a break - or get a new one!*

I used to be a regular golfer, until I realized that all of my money was being spent on greens fees, balls, driving ranges, etc. I still enjoy playing once in a while, but when you are trying to pay off debts and save for a house, having an expensive hobby doesn’t exactly help you reach the goal. I have since taken up tennis and hiking - which are both fun and FREE!. Examine your hobbies and think about what hobby could go on a cash-diet for a little while.

*Simplify your phone situation.*

Look at how much you spend on your land line, cell phones, cable, internet, etc. Could you do away with the land line and get something like Magicjack instead? Could you lower your monthly cell phone plan? Could you combine your cable, internet, and phone bills? Do some quick analysis - there is likely some money to be saved here.

*Limit peer pressure influences.*

For some reason I always thought that peer-pressure was something that ended after junior-high. It turns out that it really never ends if you are hanging out with the wrong people. It takes on different forms - but still exists. The whole Keeping-up-with-the-Joneses addiction that many Americans have is evidence of it.

If you have friends in your life who cause you to feel obligated to make purchases (vacations, entertainment, clothes, etc.) - you should probably limit the amount of time you spend together. Just because they want to live way beyond their means, doesn’t mean that you need to be dragged down that path as well.

Source: ChristianPF