Dave Ramsay: Why this habit might pay more than a pay rise

Author’s note: Cash expert Dave Ramsey Ramsay is the CEO of Solutions. He has authored seven best-selling books, including “Total Cash Makeup.” His radio show “The Dave Ramsey Show” is listened to every week by over 16 million listeners on 600 radio stations and many digital platforms. Each week he answers a question about personal finance in his “Dave Chase” column.

Dear Dave,

I find it difficult to save money. Do you have any practical advice to save when you have an average income?

Nikki

Dear Nikki,

One thing I have learned over the years is that people will only start saving money when they learn healthy money habits such as living on a written, monthly budget, and let their future needs be more important than their current needs.

What I am saying here is that it only happens when you prioritize savings.

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You do not have to magically sort everything out before you start saving, and there are plenty of easy, practical ways to save money and breathe a little extra air into your funds.

Great by saying goodbye to debt. Monthly payments are the biggest drain I can think of when saving money because debt will rob you of your income.

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Most people are shocked when they realize how much they actually cost at the grocery store. Impulse is easy to walk through the aisles of catching things, but it all adds up. Save money on groceries by planning your meals each week.

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Here are some other good ideas:

• Buy generic. One of the easiest ways to save money is to give startups name brands.
• Avoid the coffee shop and make coffee at home.
• Take your lunch to work and have breakfast and dinner at home.
• Check your insurance rates. You owe it to your agent to look for things for you, and see what savings they can dig up.
• When purchasing, ask about cash discounts. You never know until you ask, you should always listen.
• Minimize your home, garage, basement or living room. Get rid of clutter you don’t need and we’re willing to give it up for your financial future.
• Minimize your cell phone bill by getting rid of expensive data plans, phone insurance and useless warranties. Don’t be afraid to stumble with your provider or switch to another company.
• If your goal is to save money, the holidays are about the worst thing you can do. Finding fun near home can save hundreds, but thousands of dollars.

When saving, Nicky, how carefully and deliberately you spend is more important than how much you earn!

Dave Ramsay is a seven-time # 1 nationally best-selling author, personal finance expert and host of The Dave Ramsay Show, which attracts more than 16 million listeners each week. Since 1992, Dave has helped people regain their money, grow wealth and improve their lives. He also serves as CEO of Ramsay Solutions.

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