Quick tips to help on your journey
Money saving tips come a dime a dozen, but if they come from financial guru Suze Orman, you might want to listen. Orman was on the now cancelled day-time talk show, Anderson Live and was advising a couple on how to stop throwing money away. The video is not long, but it does give good information. Orman details her three tips to saving money now and setting yourself up for the long haul.
The three tips are:
Live BELOW your means
- Interpretation: Just because you can afford a luxury car doesn’t mean you should get it. While it may be tempting to fantasize about all the attention you’d receive in your fancy new vehicle, think about what the car note and insurance would do to your bank account. Simply, get the car that is lower than what you can actually pay.
Get the same pleasure from saving as spending
- Interpretation: Retail therapy works for a lot of people. However, imagine if you derived the same amount of pleasure from putting a couple hundred bucks in your savings, rather than spending it on a new outfit. Feel that sense of joy in knowing you saved for your future and didn’t splurge for instant gratification.
Want or Need?
- Interpretation: Don’t make the mistake of having Champagne taste on a beer budget. Yes, you need groceries to eat and survive, but do you need the highest priced steak from the butcher? Of course, everyone wants to live in a nice home, but are you picking one of the biggest homes on the block just to keep up with the Jones’? There are things we need and thinks we want, focus on what you need and don’t let your wants drive you to extremes.
Those are your money saving tips from Suze Orman and how we interpret them. Now, feel free to watch the video below and be inspired to increase your savings and decrease your spending.