Ask anyone, and chances are they admit they’d love to be wealthy — or at least have more money than they do now. But the best way to wealth isn’t necessarily getting a PhD or going to law school. Even when you’re young, you can use these strategies to become richer.
1. Live Below Your Means
Most people actually do the opposite. They use credit excessively to live beyond the money they actually make. However, this can get you in big trouble later. No matter how old you are, start living below your means and watch your savings grow.
2. Pay Off Debt
Nothing gives you more flexibility than not being tied down to payments. Pay off debts as quickly as you can, and promise yourself you won’t accrue more.
If you aren’t investment-savvy, get some help from someone who is. Investing even 3-5% of your income from a young age will help you grow your wealth.
4. Stop Buying on Impulse
Just because something looks tasty or is on a great sale, doesn’t mean you should buy it. That doodad may be at the lowest price this year, but do you really need it? No matter how great a deal it is, spending is spending. Impulse buying always means less money in your pocket.
5. Get Educated
Getting an eduction doesn’t automatically mean you’ll be rich. However, going to college or trade school will generally help you make more money than a high school diploma alone. Yes, it costs money — but the payoff is greater. And if you have to work full time and take fewer classes to be able to pay for it, it’s well worth it.
6. Drive Past (Not Thru) the Coffee Shops
How much do you spend on coffee every month? Learn to make your own coffee taste better, and you could save hundreds.
7. Pretend You Make Less
What if you could “pretend” you make less every month? Take a look at your budget and redo it, minus $100-200 every month. By taking that right off the top, you’ll have automatic savings. You might be surprised how much you can cut and still get by just fine. And if you get a raise, keep your spending budget at the same level.
8. Don’t Socialize With Food
It’s always fun to meet with friends over a meal. But you could all save some money by meeting up at 3pm at the park instead. Being more creative with gatherings can help you save money, cut calories, and enjoy better conversation.
9. Overlook Brands
We tend to be loyal to our favorite brands — even when they cost significantly more. Instead of going for your old standby when shopping for clothes, food, or cars, look at brands that could save you money. You’ll probably be surprised at how little you’ll be giving up in quality.
10. Love Your Library
While you’re cutting back on expenses, consider your local library. Preview music before buying it. Check out books instead of buying. Attend activities and book clubs instead of window shopping. Check out DVD series instead of paying for Netflix.
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