Have you ever thought about how making small changes in the way to live can actually save you loads of money? Well, today I’d like you to think about your lifestyle and what areas might be out of whack with your current desires to become financially free – and achieve Zero Debt status.
For example, do you live in a metropolitan area and take cabs too frequently – instead of hopping aboard the less expensive subway or rail system?
Do you entertain once a month or more at your home – I’m not talking lavish parties, but certainly large enough or frequent enough shindigs (or even pizza and beer bashes!) that you have to dole out a lot of money for food and drinks, etc.?
Do you think you’re “above” wearing clothes that don’t carry a designer label?
Maybe none of these situations describes your lifestyle. That’s fine. I still want you to think about how it is that you’re living.
We all have areas of our life where, with minor adjustments, we can save money. My goal here isn’t to send you into “can’t have” or “can’t do” mode. I simply want you to consider less-expensive options, or alternatives to what you may be currently doing.
Again, to get you going, here are five lifestyle changes from which I think most people could benefit:
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Image by _Jer_ via Flickr
When shopping, never pay full retail price That’s right, I said NEVER pay full retail. You might be thinking, “How is that even possible?” Well, for starters, you can wait for the item to go on sale, you could find equivalent bargains online, you might also hit outlets or discount stores, or you can simply say: “I don’t need/want it that badly” – and walk away. (For those of you with a shopping Jones, please read the special advice at the end of this chapter called “How To Look Like a Million Bucks Without Spending a Fortune.”)
- Become a frequent library patron Borrow videos, DVDs and books, instead of purchasing them. The average DVD now costs anywhere from $15 to $30 (depending on if you get it on sale). Even if you buy just 10 a year, making the switch to borrowed DVDs will save you hundreds of dollars. If your households buys dozens of DVDs annually (and many families do have hundreds of DVDs in their collections), you’ll save thousands.
- Take advantage of free/low-cost attractions/events in your city
Enjoy parades, museums, and city parks rather than expensive outings like amusement parks.
- Eat out less often
Saving $5 a day by skipping fast food or restaurants will keep $1,825 a year in your pocket; $10 a day means an annual savings of $3,650.
- Walk, versus driving, to any place in walking distance
You’ll save money on gas, help the environment, and be healthier too!
My point is that there are probably some behavioral patterns in your life – some things that you do frequently, buy regularly or spend money on all the time – that may not be financially feasible or prudent at this time. If so, see if you can change those things. And who knows: After a few months, you might even find that you enjoy the lifestyle adjustments. One thing is certain: you’ll have a fatter bank account to show for your actions.
On the following pages, you’ll find a special chapter supplement for all you serious shopaholics out there – guys and gals! This information was included in my first book, Investing Success, because I realize there are so many people out there who feel financially pinched because of their spending habits. So if you’ve got too many bills to pay, and a little less cash than you’d like to go around, try the following ideas. They represent my Top 10 Rules for Money-Wise Shoppers.
Next – Day 19: Adopt Five Lifestyle Changes to Save More Money (Part 2)
