How Do You Get Rich Living Frugally?

Save Your Money!

Source

How Do You Get Rich?

Do you remember that old Steve Martin joke about the secret formula for becoming a millionaire?

"First, get a million dollars ..."

Everybody loves to give saving and investment advice, and most of it sounds like this joke. In fact, a 2011 study revealed that only seven percent of Americans ever reach the point where their assets, net worth, are valued at a million dollars or more. While a million dollars doesn’t go as far as it did back when Steve Martin made his joke, it’s still a financial landmark for most of us. If you’re like most Americans, you need to start by trimming your monthly budget and learning how to save money on practically everything, so you can save money like a millionaire. This site is all about providing tips on how to live on a tight budget, so you can begin to save.

With homes, land, and cars skyrocketing in value over the last few decades, you’d think there would be more millionaires in America. There aren’t. According to studies conducted in 2010 and 2011, somewhere between forty-two and seventy-seven percent of Americans live from paycheck to paycheck, and fifteen percent of America is receiving welfare or food stamps. As you might expect, this isn’t conducive to getting rich.


How to Be a Millionaire Living Frugally

In reality, it’s not as hard as you might think to become a millionaire, but you certainly can’t do this when you’re living paycheck to paycheck. There are numerous ways to reach this financial peak. Speak with any financial advisor, and you will hear these three questions:

1. How much time do you have to work with? Perhaps the most critical part of saving is when you start. Start saving as early as possible, even if it’s just a few dollars a month.

2. How much will you save? A popular commercial asks, “What’s your number?” This is actually a crucial question.

3. How will you invest that savings? The answer to this depends on how much of a risk taker you are, how much time you have before you want to reach your goal, and how much money you are saving.

The problem with these questions is that they all assume that you have a savings, that you make more than you spend. Regardless of how you answered each of these questions, you need to save more and spend less. Luckily, there are many, many ways to do this, but first you need to be frugal. These sites will help you save money on virtually everything.


Live Frugally and Save Money on Practically Everything

AUTOMOBILE

Auto Insurance

Spend Less on Auto Insurance: The Money Saving Expert

Auto Leasing

Is It Better to Lease or Buy a Car: Budget Savers

Auto Loans

Pay for a Car: Auto Loans and Bank Rate Auto Loan Calculators

Car Rentals

How to Save Money on Rental Cars: Penny Pinching and Frugal Living

Gasoline

Save Gas, Cut Fuel Costs: Expert Money Saving

New Car

New Car Negotiating Tips: Spend Less

Used Car

How to Buy a Used Car: Cut Spending

-------------------------------------------------------------------------------------------------------

HOME & LEISURE

Food

Save Money on Food: Food, Coupons, and Frugal Living

Entertainment

Free Entertainment: The Money Saving Expert

Heating & Cooling

Save Money on Air Conditioning: Save Money on Heating Bills

Telephone

How to Save Money on Phone Bills: The Budget Saver

Water

Save Money on Water Bills: Cut Spending and Save Money

-------------------------------------------------------------------------------------------------------


MISCELLANEOUS

Airfare

Save Money on Flights: Money Tips and Tricks

-------------------------------------------------------------------------------------------------------


MONEY & CREDIT

Home Insurance

Your Home Insurance: The Money Saving Expert

Mortgage Refinancing

Current Mortgage Rates USA: Penny Pincher Budget Savers

Purchasing a Home

Tips on Purchasing a Home: Cash Budgets

More by this Author


Becoming Rich by Living Frugally Comments 4 comments

Carmen H profile image

Carmen H 4 years ago

Interesting hub title; it pulled me here. A very neat thing of having your hubs on money matters all in one hub. Voted up and useful.


lj gonya profile image

lj gonya 4 years ago

Agree with you 100%. My mother was a genius when it came to saving money. The problem today is, setting aside money after paying for gas, food, and other necessities.


arizonataylor profile image

arizonataylor 4 years ago from Arizona Author

Thank you.

I kept reading advice on how to prepare for retirement, but every article assumed that the reader had excess cash to invest. Today, fewer people have that income. Many people are literally living from paycheck to paycheck. Because of this, I decided to write a series of articles (hubs) about how to slash expenses, so you might actually have extra money to invest. I think it's safe to say that most of us can cut expenses. Just a small amount of money, over a period of time, can become quite a large sum of money.

Best wishes.


arizonataylor profile image

arizonataylor 4 years ago from Arizona Author

Thank you. I'm glad you enjoyed it. My favorite article is on hypermiling, saving money on gasoline. With gas prices the way they are, I've saved a lot of money following the advice within this hub.

Best wishes.

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working