Want To Save Money? Follow These 5 Financial Tips By A Self-Made Millionaire – News18

Saving money is not easy. Some may struggle to devise a proper investment plan to do so. Mindful investment and saving strategies are crucial to multiple incomes. A self-made millionaire named Jonathan Sanchez shares his insights on effective savings. The 39-year-old is the first millionaire in his family. In an interview with CNBC, Jonathan revealed that building passive income streams has allowed him to work less and spend more quality time with family. Jonathan also shared that living frugally doesn’t mean spending less or buying cheap things, but it is about being more intentional and not wasteful. He shared the 5 things he refused to spend his money, as well as time on. Let’s take a look.

1. Never buy brand-new cars

According to Jonathan, cars often shed about 60 percent of their original purchase price within the first five years. That is why he avoids spending so much money on new cars, knowing that their value will only depreciate. He also pointed out that the insurance premiums for new cars are typically more expensive than used ones. That is why he prefers to buy a used car, which is a couple of years old.

2. Never buy fast fashion items

Jonathan keeps his closet small with timeless clothes. If he opts for casual, he will wear jeans and a T-shirt or polo. For attending formal events, he will wear a suit with a tie. He also mentioned that he buys new clothes only when he needs them.

3. Never buy extra food

Jonathan said that while grocery shopping, he always prepares a plan with his meals and what he already has at home. He also doesn’t like to waste food, which can be consumed the next day as well. Jonathan mentioned that if he couldn’t finish a meal at the restaurant, he would pack it with him and take it back home.

4. Never buy low-quality investment items

He said that if he is planning to buy an investment item, such as a mattress, sofa or refrigerator, he will do research and read all the product reviews. He will choose a better quality that can survive multiple uses rather than constantly replacing them due to being poorly made.

5. Never spend time mowing the lawn

He shared that mowing his lawn was time-consuming and exhausting. He has hired a landscaping company to do the job once a week, so he can have the time to spend some quality time with his family.