How to Make Money by Saving Money

Have you ever heard the saying, "A penny saved is a penny earned" or some variation of it? I bet you have. And it does have a lot of truth to it. Many of the wealthiest people in the world are also very tight with their money, or at least they were before they got rich. They are very good about saving money where they can and not wasting it on things they don't really need.

Part of making money with your home business, or any other way you earn your living, is saving money you don't need to spend. Not to mention the fact that we are in an economic crisis right now and saving money is on all of our minds!

So, while you are trying to learn how to make money online, you can also be thinking about how to save money that you can either reinvest into your home business to make more money or help yourself get out of debt, or anything else you need it for.

Here seven ways you can make money by saving money today:

1) Always Carry Cash - Make sure you always have cash in your pocket and when you see something you want to buy only use cash to buy it. If you can't afford it then don't buy it. It's easier to stop yourself from buying things you don't really need or can't actually afford when you are using cash instead of credit. You will save money by doing this.

2) Cash Back Credit Cards - I know I said above not to use credit cards but there are times when you simply have to. During those times make sure you use a credit card that gives you cash back on purchases. Most of them won't give you much but even a couple percent is better than nothing. You can also go to OpTempo.com and find money saving reviews to help you save even more money when buying some of the products you need.

3) Gas - Although gas prices have gone down a little bit lately they are still outrageous and will probably go back up again. Every bit you can save on gas will add up very quickly. You can save money on gas by walking when you only have to go a few blocks, carpooling to work, riding your bike when possible, buying a hybrid vehicle or converting your vehicle to run on water, etc...

4) Buying IM Products - If you are reading this blog then there's a good chance that you are an internet marketer or are at least trying to make money online. But do you really need to buy every new ebook, membership site or program that comes out promising to make you the next internet millionaire? No you don't! There are plenty of sites and blogs that will teach you how to make money online for free.

5) Set Up a Budget - Getting back to the basics on this one. I'm sure you have heard a million times before that you should have a budget so you know how much you are spending and where your money is going. There's plenty of software out there that will help you keep track of your budget. You can save a lot of money by knowing exactly what you are wasting your money on.

6) Pay Yourself First - If you spend all the money you make without keeping any of it then you aren't helping yourself at all. Let's say you work for 10 straight days and earn $100 each day. By the end of that period, you will have earned $1,000. Now, if you spend the entire $1,000 and you have none of it left all your efforts have evaporated! You have nothing left to show for it! What were you working for? You gave away all your money by paying everyone else except yourself!

If you keep the money you earn on day one you would be keeping 10% of your income and spending the money you earn in the remaining nine days on bills and whatever else you need to spend it on. If you do the same thing in every 10 day period, no matter what, you would be paying yourself first and your money savings would add up very quickly.

7) Read Books on Money - It's not a coincidence that most wealthy people read books on money. People who don’t know a lot about money strategies are the same people who are usually poor. People with a lot of money tend to use their time learning about making money, investing money, handling money, and saving money. You should be doing this too!

There, now you have 7 ways you can make money by saving money. Since you now know how to make money by saving money it's time to start practicing these techniques to put more money in your bank account today!

Dedicated to your success,
Trent Brownrigg
Free Money Making Advice

Did you enjoy this post? Show it some love...