SAVING CASH FOR YOUR FINANCIAL INDEPENDENCE
If you want to know how rich you really are, find out
what would be left of you tomorrow if you should lose every dollar you own tonight.
- William J. H. Boetcker
The best way for you to attain financial freedom is to earn more cash and save more of what cash
Although money can’t buy happiness, sooner or later you will likely want a measure of financial
freedom that adds to your feeling of overall freedom and the feeling of prosperity that comes with it.
People who are good with money are respectful of themselves and respectful of their money. A
long time ago they learned the basics of earning money, spending it wisely, and investing the remainder to attain
Wise people don't spend a lot of money on fashion and know the relationship between fashion and money as well as
cars and money. In other
words, they are not fools with their money.
No doubt we all can be fools with our money at times. The key is to minimize how often we fall
into the idiot trap that is so prevelant today and instead adopt smart money saving tips and
Most important, they don’t spend their cash before they earn it.
Five basic ways to save a lot
Here are some tips on how to save cash that I liberated from a book called Don't
Hurry, Be Happy (written many years ago by no other than yours truly and for which I received an
advance of $21,000 cash).
#1 of Top-10 Tips on How to Save Cash
Keep your overhead low. Cut down expenses and have "a high joy-to-stuff ratio" by reading Your Money
or Your Life by Joe Dominguez and Vicki Robin. This powerful book has helped tens of thousands
of people get their financial lives in order so they have to work less.
#2 of Top-10 Tips on How to Save Cash
Buy quality instead of luxury.
#3 of Top-10 Tips on How to Save Cash
When you are considering buying something, ask yourself how many hours you will have to
work to pay for it. Is it worth it?
#4 of Top-10 Tips on How to Save Cash
Live below your means. Attempt to get the Joneses to your level instead of aspiring to keep
up with them.
#5 of Top-10 Tips on How to Save Cash
Don't look at your limit on your credit card as a required spending amount.
#6 of Top-10 Tips on How to Save Cash
Go one step further with your credit cards. Don't ever use them for credit. Use them for
convenience and to acquire airmiles. Pay the bills immediately.
#7 of Top-10 Tips on How to Save Cash
When spending on any item, spend only as much cash as you have to and as little as you can
get away with.
#8 of Top-10 Tips on How to Save Cash
Don't buy something just to be cool. Cool and intelligent are not synonymous. The urge to
be cool has driven many people into personal bankruptcy. Note that most "cool guys" are broke.
#9 of Top-10 Tips on How to Save Cash
Don't buy something just because it is on sale.
#10 of Top-10 Tips on How to Save Cash
Above all, remember that spending money wisely on a limited income and saving more cash can be more productive
and powerful than earning more money.
Saving for Retirement
When it comes to having sufficient money for retirement, everyone is
on a different page. Some people need a million or two to retire in lavish comfort and style. Others need a few
hundred thousand to lead a modest lifestyle. Still others have few needs and wants and can retire in their
mid-thirties with relatively little money.
— from How to Retire
Happy, Wild, and Free
Kids' Tips on Spending Less Cash and
Saving More of It
A class of elementary school students aged ten and eleven recently gave their advice on saving
cash and spending money wisely. The fourth- and fifth-graders at Hiawatha Community Elementary School in
Minneapolis could teach many adults a thing or two about how to attain financial independence.
Here are their ideas onhow to save cash:
- Spend money on things you really need, such as food and clothes.
- Make old stuff last longer: "If your furniture is old and dirty, wash it.
- Save some money for medicine or an operation or cavities.
- I have a spending jar and saving jar. I try to have more in the saving jar.
- Don't buy junk food or cigarettes.
- Give the toys or clothes you don't like to friends or charities.
- Take a bike instead of a car: My family bikes 600 miles a year.
- Turn off the lights when you leave the room.
- Pay the bills you haven't paid.
- If you don't have the money, don't buy it.
The Money Cafe is brought to you by Ernie J. Zelinski, an innovator and content
creator of best-selling books, creative free e-books, and websites.
Ernie is the author of the international bestsellers How to Retire
Happy, Wild, and Free (over 250,000 copies sold and published in 8 foreign languages)
and The Joy of Not
Working (over 280,000 copies sold and published in 17 languages).
Resources to Help You Save
1. American Savings Education Council: Nonprofit national
coalition of public- and private-sector institutions trying to raise public awareness about saving for
retirement. Offers online tools.
2. Choose to Save.org: A Website
completely devoted to financial education. Savings tips on a wide range of savings topics as well as links to
related resources arranged by subject category and alphabetically.
Federation of America Savings and Wealth Page: Brochures on 6 Steps to Six-Figure Savings,
66 Ways to Save Money, Build Wealth Not Debt, and Teaching Your Children How to Save & Spend.
4. Saving for College.com: A comprehensive
guide to 529 savings plans. Saving for college.com was established as a private company in 1999 with a mission
to help individuals and professional advisers better understand how to meet the challenge of paying higher
education costs. Bankrate, Inc. acquired Savingforcollege.com in December 2007.
5. National Save for
Retirement Week : National Save for Retirement Week is a key event employers use to inspire their
employees to save more for retirement.
6. Retirement Saving
Tips: From the Choose to Save Website.
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