Friday, January 6, 2012

Saving Money to Make Money in the New Year

Becoming a millionaire isn't just about making money. Part of becoming a millionaire also involves saving money. As a classic rule of business, you can't be spending more money than you are taking in – especially if you want to experience any form of success. That's just common sense.

So if you are looking for ways to save money in the New Year so that you can increase your net worth, consider some of the following:

Renegotiate Premiums

Each year, insurance premiums, whether they be car or health, cost us hundreds of pounds. To save yourself money this year, shop around before recommitting to your current providers. There are a dozen sites showing cheap insurance quotes online so you are able to find cheaper rates than what you are paying now, and by bundling your homeowners insurance with that of your car, you can save even more.

Cut Out Vices

Cigarettes, alcohol, and other vices quickly add up. In fact, these types of vices are often the biggest unnecessary expenditures most of us face. To save yourself a substantial amount of money in the new year, in addition to doing something good for your health, give up those smokes, that after work drink, or those other indulgences that are robbing your pocketbook dry.

Lose Weight

Losing weight affects your wallet in more way than one. In addition to often spending more on food due to eating out, having extra weight can cause you to spend more on your health insurance and even on gas as your car is forced to carry around your extra pounds. If you want to save money, do your wallet and your health a favor and lose some weight.

Easy on the Coffee

While we all love our caffeinated beverage in the morning, stopping by the local coffee shop every day can quickly add up. If you want to keep some extra dollars in your pocket, brew your own coffee or tea in the morning and avoid the extra dollars spent every day at the local coffee shop.

Ditch the Car

In reality, having a car isn't a necessity for all of us – especially those of us that live in the city. If you have a short commute or live close to a public transportation stop, consider getting rid of your car or becoming a one car household. Not only will you save money on gas, but you will also save money on car insurance and general maintenance.

The new year is upon us and for many it means making some tough life changes. However, by choosing to save money, it will bring you even closer to your goal of becoming a millionaire.

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