17 Sneaky Ways to Reduce Expenses and Build Wealth

Want more advice on how to save money wisely? Here are some suggestions from forum goers that you might find helpful. These people have figured out ingenious methods to save money from the commonplace to the out-of-the-way.

Not Buying Bottled Water

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So, this user has eliminated the need to buy bottled water. Investing in a water softener and purifier system, which may cost you some money, ensures access to fresh, clean, healthy water. Since their water source does not contain chlorine or fluoride, relying on expensive bottled water is unnecessary. This decision provides a lifelong solution to avoid the ongoing expense of purchasing bottled water.

Curb Overspending

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One user offered two ways they’ve curbed spending. First, pay yourself by depositing money into a savings account on payday. Second, place your credit cards in an inconvenient location, like a lock box, to discourage impulsive use. Use the saved money to pay down credit card debt gradually.

Double-Check Bills

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When shopping, a clever tip is to check prices as you go. “Stick to your list, compare prices, and verify the total bill at the counter.” Advised one user. This attention to detail helps avoid overpaying.

Making a Budget

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Highlighting the importance of budgeting, one individual advises that one should Take the time to sit down and write down everything being purchased, then analyze the list to identify areas where one can make cuts. Before buying anything, they recommend asking these critical questions: Do I need it immediately? Will it add value to my life? Can it bring passive income? Can I afford to wait?

Understanding My Needs

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A valuable realization a commenter notes was that many things they considered “needed” were actually just “wants.” Expensive pens, entertainment expenses, and high-end cell phones were not essential when they took a step back and critically analyzed their spending. This shift in perspective, they say, helped them distinguish between genuine needs and unnecessary wants, ultimately leading to smarter and more cost-effective choices.

Indulging in Low-Cost Activities

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Finding alternative sources of enjoyment helped one person save money. Instead of buying tickets for concerts, sports games, or movies, they explored free or low-cost activities. For instance, taking walks with family, working in the garden, reading, surfing online, and even napping. They found satisfaction in these simple pleasures and productive pursuits.

Shopping Roadside Produce

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Kimberly Walker shops at grocery stores and roadside produce stand, allowing her to shop like royalty within a budget (capping it at $200). With the added benefit of growing some of her own food, she prepares delicious and extravagant meals at home for an entire month. She saves money by eliminating junk food, soda, snacks, and fast food from her routine. She indulges in these treats only on rare occasions, particularly while traveling.

Recycling Clothes

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Sabeeha, inspired by minimalism, has adopted a clever approach to saving money on clothes and accessories. Rather than frequently shopping for new items, she embraces a minimalist mindset and refrains from excessive purchases. With a collection amassed over 37 years, Sabeeha finds ways to recycle and repurpose her existing wardrobe.

Becoming an Expatriate

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Relocating to a region with a lower cost of living can be an effective strategy for individuals seeking financial stability and enjoying a more affordable lifestyle. To reduce his expenses, one user became an expatriate and relocated from the USA to Southeast Asia in 2017. By making this move, he could significantly lower his cost of living. This decision allowed him to enjoy his passion for traveling while cutting his expenses by an impressive 50%.

Buying Durable Clothes

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Another individual offers a clever money-saving tip when it comes to clothing. They buy classic, made-to-measure quality clothing that stands the test of time and doesn’t go out of style. Investing in better-quality clothes, they argue that can lead to earning more and enjoying longer-lasting garments. While this may be a significant expense upfront, it pays off in the long run. As an alternative for those on a tight budget, they suggest purchasing a standard suit from a department store and altering it if a tailored suit is financially unattainable.

Stocking Up

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Teresa Shaw discovers that having a stocked cupboard encourages her to cook meals at home instead of resorting to fast-food options. By having ingredients readily available, they can easily convince themselves to prepare homemade meals, ultimately reducing their expenses on dining out. This approach highlights the power of planning and maintaining a well-stocked kitchen to encourage healthier and more affordable eating habits.

Buying a Pre-used Electric Car

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Michael Cheng saved significantly by purchasing a cheap second-hand electric car with cash. A monthly savings of around $120 to $150, as the cost of gasoline was replaced with a slightly higher electricity bill.

Homecook Meals

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Despite being working professionals, one couple prioritizes homemade food every day. They highlight that a typical lunch for two in Toronto can cost around $30, and by choosing home-cooked meals, they save over $600 every month.

Being Their Own Barber

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Another user found it helpful to become skilled at cutting both her husband’s and her own hair. She eliminates the need for costly salon visits by taking on this task herself. Helena also embraces the natural greying of her hair, which saves her money and aligns with her and her husband’s preferences. Choosing to embrace their natural hair color allows them to avoid the costs of coloring treatments.

Prioritizing Timely Bill Payments

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By consistently paying bills on time, someone admits they’ve been able to achieve higher credit scores. This strategic approach has proven beneficial when it comes time to shop for a mortgage with a low-interest rate for their home purchase. The improved credit scores provided them with more favorable lending terms, ultimately saving them money in the long run. Highlighting the importance of responsible bill payment habits in securing better financial opportunities.

Deprivation

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John Lim’s clever money-saving approach involves avoiding the LA rat race of keeping up with the Joneses. He forgoes owning a place and instead focuses on entering the buyer’s market in the future, even if it means living out of suitcases for over three years.

Opting Ride Shares

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One user found it helpful to save money by driving a hybrid Toyota to work. This choice brings several benefits, including minimal repair costs and significantly lower fuel expenses. Moreover, they take advantage of the car’s potential by participating in paid ride-sharing services, effectively turning the vehicle into a source of additional income. This way, they save money while earning some extra cash.

From Boom to Bust: 18 States on the Brink of Financial Ruin—What Went Wrong?

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We’re embarking on a financial roller coaster ride through 18 states, and it isn’t the fun kind. We’re talking about states having to check under the mattress and behind the couch cushions for extra change. These states are trying to balance their budgets, but the numbers aren’t increasing. Why are they skimming through their wallets like they lost a 20-dollar bill? Let’s find out!

From Boom to Bust: 18 States on the Brink of Financial Ruin—What Went Wrong?

Avoid These 19 Pointless Expenses When Living Paycheck to Paycheck

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Living from paycheck to paycheck puts one in a dangerous financial bind. It’s more prevalent than you can imagine. According to a survey by CNBC, more than half of all Americans (58%) live paycheck to paycheck. When money is tight, it’s crucial to pinpoint and cut out wasteful expenditures that eat away at your hard-earned savings.

Avoid These 19 Pointless Expenses When Living Paycheck to Paycheck