Fri Jul 05 2024, by Tyler Gardner
Five Effective Strategies to Save Over $500 Monthly
Here are five more ways that I'm able to save over $500 a month in order to max out my Roth IRA each year. I'm Tyler, a former financial advisor and portfolio manager. Now, I create financial content for free so that you don't have to pay for it.
1. Cut Out Travel Expenses
I do not spend money on travel. With the average millennial budgeting close to $5,000 annually for travel, I find just as much joy exploring something new each day on my local trail. In the wise words of Seneca, "Why do you wonder that globe-trotting does not help you, seeing that you always take yourself with you?"
2. Avoid Luxury Cars
I do not spend money on fancy cars. Don't get me wrong; I used to. Then I realized it was a massive waste of money. With luxury leases running upwards of $600 a month, I opted for a Subaru Outback. Being from New England, I will drive that car into the ground, well past 250,000 miles on lovely backwoods roads.
3. Keep Wedding Costs Low
I didn't spend any money on my wedding. I wanted to, but then COVID hit. The silver lining was that we couldn't have the wedding we envisioned. Instead, we got married on a beach in Maine for free. This way, instead of spending $40,000 on a two-day event where we wouldn't even get to see each other, we confidently invested in our first house with that money.
4. Limit Phone Expenses
I don't spend money on the latest iPhone or phone plan. The only thing I really want my phone to do is screen calls, so I don't have to engage in unnecessary conversations.
5. Focus on Content Creation
I do not spend time consuming media; I devote that time to creating my own. Commit to spending 30 minutes today writing your first blog post, making your first video, writing a song, or drafting your dream business plan. Life is too long to do nothing and too short to do something. So get rolling!
And if any of this is helpful, like and follow, and I'll keep trying to get you one step closer to where you need to be.
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