If you want to get rich, you have to start thinking like someone who has money – and that means not wasting cash on stuff you don’t really need.
Everyone thinks the wealthy have money to burn – and they may well have once they have made their pile.
But you’ll get on to the rich list quicker if you save rather than spend.
Here are 10 things you can easily cut to save some money:
Interest payments
Borrowing is OK, but shop around for the best rates and deals on credit cards and loans. Don’t make late payments, so you can keep your credit score high.
Give back cards you don’t use because they still count towards your credit limit and can influence your overall score.
Turn the tap on
Bottled water is just an expensive way of buying tap water. Unless you are in a country without clean tap water, pour a flask before you go out rather than buy expensive plastic bottles that are bad for the environment and hard on your pocket
Healthy living
Most people have membership of a gym they never visit and spend on vitamin supplements they don’t need.
If you have a balanced diet, unless the doctor tells you that you must have vitamins, don’t bother and cancel that gym membership unless you get something back from the expense.
Understand your tax
File tax returns on time, declare your earnings and read up on reliefs and allowances that can reduce the amount you pay
Wasting food
Filling the freezer with food you don’t eat is the same as filling the icebox with cash. Just buy what you can eat.
Satellite or cable TV
How much do you spend a year on hundreds of channels that just repeat what you can watch for free on ordinary TV?
Coffee shops
Starbucks, Costa Coffee and their competitors have spawned an industry that did not exist. Everyone managed to have tea and coffee breaks before they came on the scene with their expensive latte and ristretto.
The Lottery
Economists dub the lottery a tax for the stupid. The odds are stacked. Winning the main prize on the UK lottery is a 14 million to one chance. That’s four people out of the entire population. Save the money into a retirement fund that is tax relieved instead.
ATM fees
Not planning your spending and having to pay ATM charges can really slash a hefty amount from your monthly budget.
Smoking
It’s your health as well as your money going up in smoke. Stub out that cigarette and save the cash instead.
