8 money tips for beginners

In Mr Money Mustache or MMM blog posting, wealth advice that should be obvious, I decided to a check on myself to see how well am I following the way of the Money Mustache. These are 8 valuable advice that I myself would give to anyone who is keen to save money or simply not waste money. You can read up the full write up (really good read) by the Man himself so I shall not elaborate too much on each of them. Here goes,

1. You Don’t Try to Gamble Your Way to Wealth:

I personally do not really see gambling as an “alternative” source of income and neither should you, though playing some card games or mahjong once in awhile for entertainment is pretty ok. Even if there was no money involved I would still enjoy playing it.

2. Windfalls are for buying Freedom, not Jet-skis

A windfall here could be a bonus, inheritance or a raise at work. Guilty for giving a treat when I receive a “windfall” and that’s about it. For me I will usually buy some stocks as an investment so I do not spend it unnecessarily.

3. You Don’t Buy Shit you Can’t Afford

Doing ok for this since I am not really into shopping. Again, do not buy things on credit if you cannot already afford the full amount. Material goods are hardly worth getting into debt for.

 4. You don’t buy shit you don’t need

Once again avoid buying stuff just because it looks nice/cool/cheap. Usually it ends up somewhere collecting dust or in some storage most of the time. At least for me its true.

5. You don’t Pay to Have Shit Stored

Find yourself paying for storage space outside your home ? Its a sign you have too much stuff. Personally have not gone to that extent though I do have some old stuff which I am still keeping ( like university textbooks ) and they are waiting to be sold or given away to someone who may need them more than I do.

Recently sold my iPad 2 which I hardly touched over the year. *cheers*

6. You Don’t think of Restaurants as a Source of Food

Look at me, I am renting this huge venue and paying an army of servants to prepare food for me!

This phrase really makes me laugh but I really do spend quite a fair amount eating out especially restaurants. Need to cut back on this.

7. You put the Good Shit on Automatic

I am happy to have just done this recently; to put my credit cards on automatic payment so I won’t have to pay late charges or miss a payment.

8. You Stock Up When Things are On Sale

Buying in bulk and when there is a big discount saves you time and money on shopping. I do this sometimes for stuff I use often. Do not use this as an excuse to buy more things you are not already using !

What are your lifestyle tips that should be obvious and may have been overlooked by many? Feel free to leave a comment.


1 Comment

  1. Great tips, a lot of common sense. The earlier you learn these lessons, the better off you will be.


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