Hard work often gets associated with rich rewards. While putting more hours into a job or jobs usually means more income, time is the ultimate scarce resource. With unlimited time, consumers would not have to worry about budgeting, but given the limitations of a lifespan, only smart consumers come out on top. One way to learn about smart spending and smart money saving is to study the habits of successful people.
Lessons from the "Oracle of Omaha"
Warren Buffet became a financial legend through his investing brilliance and his humble lifestyle. Buffet still owns and lives in the first home he purchased in Omaha, Nebraska. Even as Buffet’s assets grew, he lived within the means of his salary. Living within means is the ultimate financial decision. Borrowing money comes at the great cost of paying interest, which means extra hours or perhaps years of labor.
Refraining from credit card use might be the most important step in ensuring financial freedom, but without the purchasing power of the card, some consumers might feel as if their lifestyle has taken a hit. Cosmetics tycoon Charles Revson teaches another important lesson. The founder of Revlon was famous for his perfectionist personality that bordered on brutishness and his spending habits. Revson paid for some of his preferred products in bulk and as a result earned 20 to 30% revenue tax-free annually.
Save with Bulk Purchases
Purchasing in bulk can be done for nearly every product and has many positive benefits. The 10% saved by purchasing six or more bottles of wine, for example, immediately puts money into the pocket of a consumer, while also saving on the time and cost of transportation of taking multiple trips to the store.
Purchasing online is another way to save on the price of traveling. Sites like overstock.com offer consumers deals on almost every product. Overstock coupon codes can offer consumers huge savings for choosing to shop this way.
Affordable Autos
Cars and transportation are usually one of the largest parts of most consumers’ budgets. The era of inexpensive gasoline has given away to $3-per-gallon prices with prospects for increases as demand for crude oil grows in emerging markets. Driving an economical car can save thousands of dollars on your budget for gas annually.
Transportation might be one of the biggest black holes in a budget. Cars depreciate in value, and the markups for new cars make splurging on a fresh model a decision that makes little financial sense. Few consumers have the ability to pay cash for a new car when many new models cost more than $15,000, and financing through a dealership is similar to carrying a large credit card balance.
The advantages of buying a used car include:
• Cheaper to insure
• Lower purchase price
• Easier to avoid financing
• Prices generally more negotiable
Automobile insurance is another area for consumers to be wary. Smart shoppers will use online resources to find the most reasonable rates. After finding a reasonable rate, raising insurance deductibles with provide all but the most unlucky motorists with savings over the lifetime of driving.
If you follow the above tips, you'll learn how to save money on the areas of life that seem to stretch our budget the most. Make sure you understand and have considered all financial commitments you make- and make it your personal mission to get a better deal or save some money.
Lessons from the "Oracle of Omaha"
Warren Buffet became a financial legend through his investing brilliance and his humble lifestyle. Buffet still owns and lives in the first home he purchased in Omaha, Nebraska. Even as Buffet’s assets grew, he lived within the means of his salary. Living within means is the ultimate financial decision. Borrowing money comes at the great cost of paying interest, which means extra hours or perhaps years of labor.
Refraining from credit card use might be the most important step in ensuring financial freedom, but without the purchasing power of the card, some consumers might feel as if their lifestyle has taken a hit. Cosmetics tycoon Charles Revson teaches another important lesson. The founder of Revlon was famous for his perfectionist personality that bordered on brutishness and his spending habits. Revson paid for some of his preferred products in bulk and as a result earned 20 to 30% revenue tax-free annually.
Save with Bulk Purchases
Purchasing in bulk can be done for nearly every product and has many positive benefits. The 10% saved by purchasing six or more bottles of wine, for example, immediately puts money into the pocket of a consumer, while also saving on the time and cost of transportation of taking multiple trips to the store.
Purchasing online is another way to save on the price of traveling. Sites like overstock.com offer consumers deals on almost every product. Overstock coupon codes can offer consumers huge savings for choosing to shop this way.
Affordable Autos
Cars and transportation are usually one of the largest parts of most consumers’ budgets. The era of inexpensive gasoline has given away to $3-per-gallon prices with prospects for increases as demand for crude oil grows in emerging markets. Driving an economical car can save thousands of dollars on your budget for gas annually.
Transportation might be one of the biggest black holes in a budget. Cars depreciate in value, and the markups for new cars make splurging on a fresh model a decision that makes little financial sense. Few consumers have the ability to pay cash for a new car when many new models cost more than $15,000, and financing through a dealership is similar to carrying a large credit card balance.
The advantages of buying a used car include:
• Cheaper to insure
• Lower purchase price
• Easier to avoid financing
• Prices generally more negotiable
Automobile insurance is another area for consumers to be wary. Smart shoppers will use online resources to find the most reasonable rates. After finding a reasonable rate, raising insurance deductibles with provide all but the most unlucky motorists with savings over the lifetime of driving.
If you follow the above tips, you'll learn how to save money on the areas of life that seem to stretch our budget the most. Make sure you understand and have considered all financial commitments you make- and make it your personal mission to get a better deal or save some money.
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