Who hasn’t dreamed of becoming a millionaire? For many, this dream typically includes a lottery win, a professional sports career, perhaps marrying rich.
Rarely does it revolve around saving $50 here and there.
Yet ask any financial adviser about their millionaire clients, and they’ll say they have at least one “millionaire next door” – the guy who’s worth seven figures, but lives life as if his bank balance has fewer zeroes.
It’s those clients that inspired Kevin McKinley, a certified financial planner with Robert W. Baird & Co., to analyze his family’s finances to find ways to save money “with minimal loss of enjoyment or satisfaction.” Finally – a list that doesn’t include cutting out lattes or canceling cable.
The result: a presentation called “Fifty Ways to Save at Least 50 Bucks,” which he’s shared on his Wisconsin Public Radio program and is now bringing to college campuses. McKinley is finding that his bag of money-saving ideas keeps growing; once you start thinking this way, it’s hard to stop.
After watching his talk at Inver Hills Community College in Inver Grove Heights, Minn., I asked my blog readers for their savings strategies.
Mel borrows books from the library. Heather buys razors, water filters, even lint traps on eBay, shaving as much as 50 percent off the store price. “You may have to buy a bag of 100 lint traps at one time, but it will last a long time,” she says.
A former restaurant junkie, reader Kevin eats out less since he moved from Minneapolis’ Uptown, filled with tempting restaurants within walking distance. He says he’s saving $80 a month and “spending only a nominal amount more on groceries.” Radio host Kevin says “going out to eat is the biggest waste of money there is.” Emily uses a grocery store loyalty card and buys store brands, “no-brainer savings that add up quickly,” she said.
I won’t enter the grocery store without a wad of coupons and a list of what’s on sale. And I’ll search before trudging to Target. Just last month I scored a $75 coffee maker for $25.
Here are my 12 favorite money-saving tips – in no particular order – from McKinley’s list. Read the rest and share your own on .
