3 Creative Money Saving Tips

Money savings tipsSaving money can become more exciting and satisfying than spending money. That can happen if you approach saving in a creative manner. Use the innovative mindset, which entrepreneurs do with their startups, and you will embark on the adventure of a lifetime. In the process, you might also achieve the American Dream of becoming wealthy. Here are 3 money saving tips on how to begin this new way of thinking and behaving.

Make Friends

Networking is not just for professional advancement. One of our money saving tips is to build a solid base of trusted relationships also creates the foundation for fun bartering.

You move from Florida to Ohio. No need to buy a snow blower when you can use the neighbor’s. In exchange, you tutor their son in algebra or mow their lawn (since you already have a mower). Momentum in bartering will build as you scan the horizon for the endless opportunities to trade your possessions, time, experience, and talents for those others lack. Your existence could wind up costing you nothing, allowing you to put into savings and investments most of your income.

To keep these arrangements from souring, be prepared to give more than you receive. Soon enough, given human beings’ innate sense of fairness, everything will even out or even tip in your favor. Also through word of mouth, the world will come to you with tradeoffs you probably never considered.

Start a Home Business

It is possible to save a lot more when there is simply more coming in. The main problem with getting a first (if you are a homemaker) or second job (if you are already employed) is the tax burden. You bypass much of that with the wonderful deductions allowed a home business.

If that is your principal workplace, then the percentage of space, utilities, and cleaning services it requires is a tax write-off. So are some or all of the expense of your mobile phone, Internet service, supplies, mileage used to purchase those supplies or call on prospects and customers/clients, meals when traveling, postage, related courses, and so on.

In addition to the tax advantages, you dodge the expenses of regular commuting, meals out, and professional attire.

Relocate Where the Cost of Living Is Lower

In this era of telecommuting and Internet businesses, it is possible to still earn excellent income in a geographical area where the cost of living is low. No longer do you have to have proximity to a major American metro area in order to have access to higher-than-average earnings or profits from a business.

The alternative could be Ecuador, Romania, Spain, Arizona, or Florida. The process of researching this option is cool. The Internet has free guides, blogs, and newsletters detailing fundamentals such as income requirements, cost of necessities such as housing and healthcare, the culture, weather, taxes, and inexpensive ways to “test out” the lifestyle there.

A public relations professional reduced living costs by a half through a move from central Connecticut to southern Arizona. Her objective was to begin to rebuild the nest egg that had been wiped out during The Great Recession.

In itself, the approach to creative saving could generate money-making ventures. Those could range from becoming a paid speaker on the art of frugality to operating a formal bartering post on the Internet. Thanks for reading our money saving tips, and remember to consider Bank5 Connect for all your banking needs.

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