Developing your saving muscle is foundational to building (and keeping) wealth.
Here are some motivation and tricks.
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Improving your ability to save and be frugal is a lot like legs day at the gym. It may not be as fun as earning more, investing or learning how to get the most fun out of your spending, but it's 100% essential to building and keeping wealth. So how do you develop your saving muscle?
First, what is your goal? What are you saving for? Motivation is crucial in the beginning
Second, the secret to wealth is not how much you make but how much you keep. Although it's true that saving alone won't make you extremely wealthy, if you spend 100% of your income (like some celebrities), you'll have no wealth. Like a bucket with no bottom, it never fills up. So plug the holes in your financial bucket, your wallet or bank account! Budget, observe what's going in and out, and see if what you're spending is absolutely necessary to your happiness. It's easier to avoid "lifestyle creep" (see the video) when you're young, but it's still possible when you're older with the right discipline. You can develop it. Like the smoker's problem or "time inconsistency", you need a commitment device like a group or a penalty that you pay if you don't abide by the rules you set.
Also, obtain quotes and shop around for your expenses like utilities, insurance, etc. You'd be surprised how much you can save!
Other saving tricks include switching to generic brands when shopping and hacking things like accommodation (renting out part of your home or sharing rent with others) and cars (sharing with friends/family).
Last, be mindful of taxes as these tend to be people's biggest expenses and yet we rarely think of them as such! See one of my videos on how to avoid taxes (legally): https://youtu.be/M656jRZB5qg
00:00 Intro
00:54 Why Save?
03:44 Secret to Wealth: It's How Much You Keep
06:05 Start Here: Budget & Quote
07:13 Save More: Food, Hacking & Taxes
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