“If your outgo exceeds your income, then your upkeep will be your downfall” - Bill Earle
The key to becoming wealthy is investing. Millionaires spend money on things that grow in
value, while the poor spend $'s on things that lose value.
Below are a few ways on how to find between 20 - 50% MORE money each week that you can put
into paying off your debts or into investments to multiply.
You must make your money work for you, instead of you working for your money.
"Live beneath your means - don't make the mistake of looking good and going no-where" - Robert
Most Millionaires became millionaires by being frugal until their investments began producing
them enough income to live off and then splurge on!
Being frugal does not have to mean being a penny pinching miser – it’s simply making better
choices, ones that will move you TOWARD your dream of financial freedom.
Frugal - economical in use or expenditure: prudently saving or sparing
Economical - avoiding waste or extravagance
Prudent - wisely cautious - careful of one's own interests - careful in providing for the future
The idea of saving money is not to spend at a later date, it's to pay off your debts faster or to invest.
The spirit with which you undertake saving this money is vital - if you do it from a place of lack,
you will attract more lack, if you do it from a place of excitement about paying off debts faster and
having more to invest, you will then attract more money.
If you implemented even half of these strategies - you will save thousands of dollars a year, which
you can put towards paying off debts or investing and making your money multiply. You may
find it helpful to put the money you save immediately into paying your debts/investments that day,
otherwise the money will evaporate into other expenses.
These ideas were compiled over a one year period from the many enthusiastic participants in a
program called The Millionaire Mindset Program. Once you get excited about saving money, you
too may discover many ways you can use your money wisely and therefore have more to multiply!
Enjoy and have fun – and remember - it’s all about how you FEEL!
1. Rent out a room
2. Enquire at local University about taking in overseas students (approx.$70-150 board per
3. Rent your house out over holidays - tourist areas can make $2500 in one week during peak
4. Buy a smaller house, live more simply, sell or donate unnecessary appliances, furniture &
5. If renting, look at something cheaper – in winter you don't need a pool
6. Why pay rent or mortgage when you can live rent-free. Check out www.caretaker.org.
Banking & Money:
7. Monitor your credit card balance. Shop for introductory offers, close accounts you don’t
8. Have an automatic deduction to pay off bankcard, hence avoiding late fees.
9. Consider changing your checking account to one with a smaller monthly charge.
10. Be conscious about everything you decide to purchase.
11. Only use your own bank’s ATM - you pay fees to use others
12. Organise anything superfluous for a garage sale.
13. Buy right at auctions & sell at markets.
14. When receiving a pay increase/winnings/gifts - pay off debts or invest difference
15. Stop spending coins. Save change from EVERY purchase and deposit in Savings account.
16. Have a portion of your pay automatically deposited in your Savings account
17. Spend down, any extra money you have at the end of the month put away in your Savings
18. Have friends/family give you $$ instead of gifts for your birthday/Xmas, etc. and put that
19. Tax yourself 10% of the purchase of any "luxury" item and put that away.
20. Barter/exchange your services for others goods/services
21. Congratulate yourself every time you do something different and helpful in saving money
22. Refinance your house to lower repayments
23. Pay bills regularly - don't pay late fees/disconnection fees
24. Don't let cheques bounce - $25-$35 fee each time
25. www.lowermybills.com (a US based site) offers discounted internet, utilities, wireless,
loans, insurance etc. Long distance 4.5cpm anytime, credit cards - debt relief.
Beauty & Personal Care:
26. Get haircut at a Hairdressing School, and save over half the cost.
27. Space out regular appointments - massage, hair, chiropractors, adding an extra week or 2
between usual appointment times will save you thousands over the years
28. Give up your addiction eg. Stop smoking, drinking alcohol, café lattes, eating chocolate
29. If you utilize the services of a professional hairdresser for colouring, they may be willing to
supply the colour number/code and brand name of your hair colour. Get colour, toner,
squeeze bottle and gloves at a local Beauty Supply outlet store and do your own touch ups.
30. Shave your own legs, saving the cost of waxing.
Books & Magazines:
31. Instead of buying books, get them from the library for free
32. Read to gain knowledge instead of watching T.V.
33. Buy books from www.half.com at a deep discount, or amazon’s used books
34. Ask yourself “Do I really need this or can I sit in the CAFE and skim what is pertinent to
35. Cancel your subscription to magazine and buy fewer newspapers and magazines.
36. Save money on certain books - download free articles from Harvard Business Review web
37. Investment research. www.motleyfool.com is an Internet group offering to set a person up
with freebies for 2 weeks to see what types of investment publications they find most
helpful. One can decide at the end of the two weeks if they want to subscribe to any of
these offerings, and some are offered at reduced prices just for being a motleyfool Internet
subscriber. Once you know what you like to read - just head on over to the library or the
local coffee shops.
38. Keep current with car maintenance to prevent engine problems from belts that break, tires
that may blow out OR cause an accident if they are worn.
39. When replacing tyres for your car use the Internet to locate less expensive top brand name
tyres that are specific to your car make and model. These Internet outlets are happy to ship
your tyres directly to your local tyre shop. Almost all tyre shops will accept the drop
shipped tyres, and won't tack on any extra fees for having received the tyres. You get the
benefit of paying a low fee for a top brand tyre + choose the local people you trust to install
the tyres at a cost less than one of the big "chain" tyre shops.
40. Make sure your car insurance is for the present value of the car and reduce it each year if
appropriate (Insurance companies pay out based on the current value of the car, not the
insured value – unless you are insured for ‘replacement cost’) Consider whether its really
worthwhile holding comprehensive car insurance, especially for a car more than 3 years old
41. Every three months, or more often if specified by your vehicle owner's manual, and prior to
leaving on a trip, check the tyre pressure and the other fluids which include:
Transmission fluid, Brake fluid, Power steering fluid, Radiator coolant (check the clear
plastic bottle), Windshield washer fluid. It is important to keep the fluids at their full-level
marks as these lubricate moving parts to reduce friction, heat, and wear. They are the
single most important factor for extending the life of a vehicle.
42. Make sure to change the oil every 3000 miles to extend the life of the car. .
43. Keep a car a little longer than you want
44. Never buy a new car, it’s price drops dramatically as soon as you leave the car yard
45. Wash your own car at the car wash Use coupons when you have your car washed –
internally and externally. Saves water and time. Also keeps car in good condition. Use
hand, coin-operated vacuum in-between if there is excessive dirt that may damage the
carpet, and clean windshield when you fill up the tank
46. Shop for the lowest gas/petrol prices – service stations sometimes have specific days when
they charge less
47. Shop for clothing at 2nd. Hand shops
48. When shopping for clothing and accessories ask yourself "Do I really, really want this
item? How often will I use it"
49. Eliminate clothes that need to be dry-cleaned from your life. Better for the environment and
50. When you go shopping for clothes, ESPECIALLY in sales, be sure you know what you are
looking for – browsing is dangerous, and so are sales shopping without a list!
51. Have a clothing swap party – get your friends and their friends around and invite them to
bring all the clothes that no longer fit them or they just don’t wear. Everything goes in the
middle and your names go in a hat. Draw out the names and you get to choose an item
each until they’re all gone
52. If you shop at high-end consignment stores, purchase ONLY clothes that look fabulous &
fit like a glove.
53. Have big celebrations at special places. Go to hotels for shared afternoon tea which is
cheaper than dinner
54. Stop renting videos - tape good shows on T.V
55. Really THINK about the value of what you sign up for – e.g. cable TV. How often will you
watch it? Do you usually watch the no-pay stations anyway?
56. Alternate weekly dinner with friends (at our homes) Treat as a special night out.
57. Buy theatre tickets for same day performances by standing in line for cancellations at
58. Encourage kids to get a summer job, rather than send them to camp
59. Celebrate at the beach or other beautiful free places with food & drinks to share
60. Eat out less.
61. Buy Take-outs less.
62. Cut out Hungry Jacks/McDonalds treats.
Foods & Groceries:
63. Buying fresh fruit & vegies from markets.
64. Don’t buy fruit juice... water & milk only.
65. Keep bread in the freezer so as not to throw out the last few slices which usually go stale.
66. Always take fruit & snacks in car to avoid having to buy food on long trips.
67. Eat healthy food rather than taking supplements
68. Wash fruits and vegetables with special “fruit &vegetable rinse” that extends the life of
produce at least 3-4 days & makes it taste better.
69. See about getting bottled water a cheaper way.
70. Eat all the food you buy
71. Buy laundry detergent, toilet paper, soap, shampoo, etc in bulk.
72. In the US there are gigantic warehouse discount clubs; one must pay an annual fee (eg.
$25) to be a member and then buy items in large quantities. E.g. 24 rolls of brand name
paper towels or toilet paper; jumbo boxes of cold cereal; they also sell good quality meats
& seafood as well as appliances.
73. Prepare tea at home instead of buying bottled tea.
74. Buy fewer expensive cookies.
75. Pay more attention to what is on sale at the grocery store.
76. Go food shopping once a week instead of every day.
77. Never shop for food when hungry.
78. Use up what you have before buying more.
79. Only buy as much fresh fruit and vegies as you need for that week.
80. Play a game with buying groceries with the goal of buying a little less and saving a little
more each week.
81. Have a community garden for fresh fruits and vegetables
82. Buy generic food brands – toilet paper, baked beans, rice, rolled oats
83. Make your kids be conscious of how many batteries and pencils they buy
84. Comparison shop - buy things on special.
85. Have pizza making and eating parties - used prepared bases - this also makes useful
exciting lunch material and interesting, cheap snacks
86. Have plain coffee instead of latte or better still, make your own at home.
87. If you're using your oven, throw in other stuff that you can eat later. So while your
casserole is cooking, you can also cook potatoes or winter squash with no additional energy
88. Use coupons when possible. It takes some discretion, as some coupons are simply not
worth it. For instance 20 cents off one brand when the brand sitting next to it is a dollar
89. Recycle wherever possible - plastic bags, aluminium foil, leftovers from meals.
90. Take your lunch to work instead of buying each day
91. Take your own snacks to the cinema
92. Grow and take flowers to family and friends (pansies, sweet peas, primulas etc - ones that
are not usually for sale as cut flowers)
93. Save the colourful "comic" section from your Sunday newspaper and use as wrapping
paper with some of the natural looking straw ribbon string on the market.
94. Make special food gifts and package in cellophane wrap. Eg. Christmas gingerbread
95. Write a calligraphy message as a special present
96. Buy fewer Christmas items, enjoy making a few gifts yourself
97. Make and give a ‘grateful journal’
98. Give a ‘voucher book’ as a present. Write on each voucher what you will give eg. 5-
minute foot massage; Do the dishes for a week; take out the garbage for a month etc.
99. Offer to do the some-thing that person dislikes eg. Mow the lawn, clean their house, take
the kids to the beach for the day
Household Costs :
100. Try to save on the electricity bill by turning lights off in rooms not used. Saves money and
conserves energy as well.
101. Shop around – always get more than 1 quotation for contractor work, or DIY if you know
102. Have your house cleaned only once a month instead of twice a month
103. Dry clothes with a wooden drying rack or on sunny days - a clothesline.
104. Put water heater on a timer. Heat 2 hours morning & 2 hours late afternoon.
105. Burn candles at night instead of electricity - economical and a lovely soothing light
106. Turn down the heat by 1 degree.
107. Clean the coils behind your refrigerator. Vacuum them every four to six months. (You may
have to unscrew a panel to get to them.). Your refrigerator will run cooler and quieter, last
longer, and use less electricity
108. Turn your dishwasher's dry cycle off and let the dishes air dry. (Tip: after an hour or so,
turn the cups upside down so the water collected on the bottoms can dry.)
109. If you have to mix cold water to make your hot water usable, turn down the temperature
setting until it comes out just right.
110. Use less water! Instead of running the hot water the whole time while washing dishes, fill a
basin of soapy water, soak the dishes and sponge them off with the water OFF, then turn it
back on to rinse. Hot water is one of the largest energy expenses, so every gallon you
don't use is a gallon you don't have to heat.
111. Get an energy audit from your local electric company. The power companies are under
instructions to encourage conservation, so will do energy audits free or for a $10 or $20
fee. They also usually supply you with all sorts of goodies you'd otherwise have to buy:
pipe wrap, outlet insulators, hot water heater blankets, and so forth.
112. Have a weatherization check done on your home -- implement the suggestions to lower
heating and cooling costs.
113. Put your hand over an electrical outlet on an outside wall on a cold night and you'll feel the
rush of frigid air! Insulate your electrical outlets and phone jacks on outside walls. If your
energy auditor didn't give them to you, most hardware stores sell inexpensive foam outlet
and phone jack insulation pads; just unscrew the face plate, slip the foam pad on, and put
the face plate back. As for the outlets and phone jacks themselves, if they're not in use, slip
in outlet protectors. You'll find these in the child safety section
114. Caulk your windows. A $3 box of rope caulk will probably last two or three years--even
longer if, come spring when you remove the caulk, you store it in an airtight plastic bag for
reuse. Any place you feel a draft, fill the crack with rope caulk. If a window is really drafty,
cover it from the inside with a single sheet of clear plastic.
115. Insulate your hot water pipes and cover your water heater--ONLY if it's the older, un-
insulated kind--with a heater jacket.
116. Buy appliances you know you need in SALES
117. Buy second hand whenever possible
118. Buy scratched and dented white goods (they still work the same)
119. Buy high quality when it is something you will be using a lot, lower quality when you will
only use it a little.
120. Don't buy on impulse. When you have an urge to make a major purchase, think about it for
a week or so. If you still want it, then look at buying it. Often the urge passes
121. Buy used furniture
122. Pottery Barn and Bombay Company. If you like shopping from either of these stores, or
from their Internet sites, you can benefit by checking on their daily phone specials. Just call
their 800 #'s, and the sales rep. will happily run through the end-run products, which have
been slashed to ridiculously low prices. It helps to have a catalogue in hand to visualize
what the rep. is talking about.
123. Share tools with friends and neighbours -- especially things you rarely use.
124. Ask for a discount, and give a reason. It can be paying upfront, buying a larger quantity,
any kind of defect in the product (no matter how unimportant), buying a display model,
paying cash instead of using a credit card. Just ask, "Can you do better?" More often than
not, the vendor will say something like: "I'm sorry, I can only give you 10% off."
Phone & Office:
125. Put each phone call or computer dial up call on your list
126. Phone around to get the most economical phone carrier based on YOUR needs eg. Do you
phone long distance, international or local more often?
127. Recruit children to be conscious of long distance phone usage.
128. If you kids get carried away phoning mobile/cell phones, put a block on the phone with a
pass code that only you know
129. Buy a pre-paid phone card to save on international phone costs.
130. Buy refills for your Printer – save up to 80%
131. Re-use envelopes that are in good condition
132. Use the backs of papers from the printer that have been tossed to print new pages.
133. Always think in terms of the ANNUAL cost of whatever it is e.g. website domain rental of
$11 p.m. looks reasonable, but that adds up to $132 p.a.
Subscriptions & Memberships:
134. Don't pay to go to more seminars/training classes/ teleclasses etc – implement everything
you know before you spend more
135. Use member only discounts (e.g., AARP rate for AOL etc; AAA hotel rates)
136. Cut down on club memberships, and be sure to USE the memberships you have
137. Read the SMALL PRINT especially on things like Insurance and Health Care contract
Travel & Transport:
138. If you don't mind travelling alone, you can save on overseas airlines by flying as a courier
for international mail companies. There are some restrictions, but they are very workable.
Find out how to do it by searching the web for "flying by courier."
139. Look for package deals e.g. when travelling, focus on the overall cost of the holiday rather
than just the air fares. Deals often include hotel, transfers, etc. which can add up to a
major part of the total cost.
140. Travel at low peak times of year, and low peak times of day if it makes a difference.
141. Use your bike to get to and from work if you live close enough, and save on public or
private transportation. Get physically fit at the same time. Or carpool if you can't use a