The best way to save money?

Rental Property Investor · Norman, OK · Member since 2018 · 158 posts · 529 votes

Yet another chance to be featured in the next issue of BiggerPockets Wealth Magazine!

Calling all finance savants: What money-saving strategy do you swear by?

By responding here, you're allowing us to print your name and response, if chosen, in the next issue of the magazine. We're excited to hear what you have to say!

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Matthew Irish-JonesBusiness Member

Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes

@Kaylee Walterbach Shut down your Amazon prime account

Irish Jones Realty4.947 Reviews

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Daniel Sanchez
Real Estate Agent · Houston & College Station, TX · Member since 2020 · 47 posts · 27 votes
4y
The best way to save money is by paying yourself first. A certain amount (~20%) of your paycheck should go directly into a saving/investing account. In an ideal world, you deposit the maximum amount through a direct deposit style transfer. This takes decision-making and implements the element of delayed gratification.
1 Reply
Jason Kern
Real Estate Broker · Portland, ME · Member since 2016 · 63 posts · 55 votes
4y
Be obsessed with saving money. Foster the obsession every day. All the little things will start to show up and add up.
Every. Day.
1 Reply
Clavel Nelson
Member since 2021 · 6 posts · 1 vote
4y
Purchase a water filter or buy a refridgerator with a filter so you don't have to buy bottled water. Take a bag lunch to work everyday.
1 Reply
Rebecca Mocan
Member since 2021 · 4 posts · 2 votes
4y
l i v e b e l o w y o u r m e a n s
Avoid lifestyle creep from income increases
0 Reply
Jared HottleBusiness Member
Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
4y
I love Scott Trenche's advice it has hit me the most. Live for free by househacking, reliable paid off car, reasonable priced groceries. Don't say no to going out but save it for special occasions.
[email protected]319-288-5382
Jared Hottle Real Estate59 Reviews
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Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
4y
It always hits me when I go back country camping and watch the sun rise while enjoying a coffee - everything I really need fits in my backpack (including a micro coffe maker)!
Pay your (future) self first!
Most people look like the dealer on a poker table after they got their paycheck: just handing it out to everyone in front of them, every single round.
Once you really and intuitlvley understand compounding effects you see how silly most people behave. The reality is everyone make be top 3%, given time and disipline.
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Cody Cross
Realtor · Lake Charles, LA · Member since 2019 · 39 posts · 25 votes
4y
@Kaylee Walterbach In the beginning of my journey “on my own” when I was 16ish I started to look at every single penny I spent and where it went. Cooked a lot of food, never ate out and if I did I only ordered an appetizer and a water, counted my grocery spending dollars by the meal and what I was paying per meal. Which was probably $1.50/meal then. Somehow lol. Now, I have a spreadsheet and I know about what I’m going to be spending per month on the fixed costs things like house notes, grocery, etc. Expense tracking and budgeting is important and I’m also very focused on how much money I could bring in as opposed to how much I can spend. 80% of the time on income and 20% on expenses. Could get more granular too if you’re interested further DM me!
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Curtis Mears
Property Manager · Raleigh, NC · Member since 2014 · 729 posts · 596 votes
4y
@Kaylee Walterbach
When trying to save, understand the difference of want vs need. Many people spend money on things they want, but do not need. Also, monthly subscription items are almost always expensive. Paying $150 a month for cable tv is not $150. It is $1,800 per year or $18,000 for 10 years. Do you really need 2,000 channels. Also, realize how much you spend on vices. People will spend bundles of money on cigarettes or other vices, but never draw a connection on how they never have enough money.
People have money for things they want, but often feel broke for things they need.
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Roman G Wippel
Contractor · Augusta, GA · Member since 2021 · 10 posts · 5 votes
4y
@Caroline Gerardo
Thank you for that information. I am a newly real-estate investor and would love to connect.
0 Reply
Stord Jacob
Investor · West Palm Bch, FL · Member since 2016 · 24 posts · 7 votes
4y
Eating out less is a good starter or just don’t eat out at all.
0 Reply
Gabriel Tapang
Rental Property Investor · Wilsonville, OR · Member since 2019 · 41 posts · 34 votes
4y
@Kaylee Walterbach
Keeping it simple and mindless with automatic deductions
0 Reply
Troy Halsey
Contractor · spring lake North Carolina · Member since 2020 · 27 posts · 10 votes
4y
@Kaylee Walterbach when I first started saving for my first property my idea was if I could save 40 dollars a thousand times, which took like three years to accomplish which it allow me enough to purchase the first house cash.
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Reggie Powell
Realtor · Woodland, CA · Member since 2020 · 33 posts · 43 votes
4y
@Kaylee Walterbach
Good evening Kaylee. For me, simplicity is key:
1. Automate your savings. Have it direct deposit so you don’t have to think or do anything.
2. Create a budget and track your numbers.
3. Know your why and stay focused.
0 Reply
Barry Ruby
Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes
4y
@Kaylee Walterbach make more than you spend. A wise billionaire I partnered with for years had a great motto: “you can’t go broke making a profit”.
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