The Complete Beginner's Guide to Saving Money

Tips and Tricks to Help Keep Cash in Your Pocket

Saving money, or the saving habit as Napoleon Hill put it so many years ago, is the foundation of all financial success, including investing. Having money saved is what provides the means for you to take advantage of situations, whether it's going back to college, starting a new business, or buying shares of stock when the market crashes. These saving money resources will provide a foundation and answer questions such as, "How much money should I be saving?" and "What is the difference between saving and investing?". You'll also learn the best places to save things like down payment money on a house.

Saving Money vs. Investing

Hand placing coin in piggy bank
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Did you know there is a huge difference between saving money and investing?  Unless you were fortunate enough to be the child of a wealthy banker or investor, it's unlikely anyone ever taught you this.  Both saving money and investing money have their place in your life but they have very different roles.  How you handle them can have big implications for your financial success, stress level, and how wealthy you ultimately become.  It can even mean the difference between suffering through a recession or depression with white-knuckles or sleeping soundly through the night knowing you have enough spare liquidity on hand.  Discover the difference... More

Does Saving a Few Dollars Really Matter?

Spending a few dollars here and there doesn't seem like it will have an effect on your long term financial goals, but those frequent low-cost purchases can add up rather quickly if left unchecked. You would be wise to remember that a dollar today is worth more than a dollar tomorrow.
Spending a few dollars here and there doesn't seem like it will have an effect on your long term financial goals, but those frequent low-cost purchases can add up rather quickly if left unchecked. You would be wise to remember that a dollar today is worth more than a dollar tomorrow. Anfisa Kameneva / EyeEm / Getty Images

Even if you are committed to saving money, you may find yourself falling into the trap of spending an extra $5 here, or $13 there, thinking, "It's not that much. I'll never miss it."  Depending on your age, this could be a huge mistake.  One of the cornerstones of saving money is understanding the time value of money - that is, the concept that $1 today is more valuable than $1 a year from now.  This single money saving tip could help you transform your balance sheet over the next ten years as you free up cash to put into reserves.  See how saving even a small amount of money today can lead to millions of dollars in future wealth... More

How Much Money Should I be Saving?

"How much money should I be saving" is a common question that almost everyone has asked themselves at some point in their life. The answer isn't as simple as one would like because it is different for every person and family. In order to determine how much money you should be saving, you'll first need to define what your expectations, wants, and needs are going to be at the end of your saving period.
"How much money should I be saving" is a common question that almost everyone has asked themselves at some point in their life. The answer isn't as simple as one would like because it is different for every person and family. In order to determine how much money you should be saving, you'll first need to define what your expectations, wants, and needs are going to be at the end of your saving period. JGI/Jamie Grill/Getty Images

Everyone knows saving money should be a top priority and most people are smart enough to look for saving money tips, but how many people actually know how much money they should be saving?  Most folks mistakenly believe that saving more money is better, saving less money is bad.  Don't get me wrong, that's true in a general sense, but depending upon your needs, lifestyle preferences, and income, the amount of money you need to save and have available in the event of a disaster or golden opportunity could be very different from your friends, family, and neighbors.  Comparing yourself to others is often a mistake that will end up in unnecessary heartache and stress so you would be wise not to do it.  The article I link to at the end of this paragraph was put together to help you come up with a rough calculation as to what might be appropriate for your situation, though it's important you still talk to your qualified financial adviser before making a decision.  My hope is that it can help you gauge whether your expectations are reasonable based on your circumstances and goals.  Calculate how much money you should be saving... More

The Key to Saving Money is to Pay Yourself First

Pay yourself first is a time-tested method for saving money and protecting yourself against lifestyle inflation.
Pay yourself first is a time-tested method for saving money and protecting yourself against lifestyle inflation. Dan Brownsword / Getty Images

The single best way to begin saving money is to use a technique called pay yourself first.  This technique has been proven time and time again to cause people to change their behavior.  In fact, I would say it is probably the single most important money saving tip that's ever been developed.  Learn how you can start saving money by paying yourself first... More

5 Ways to Make Saving Money Easier

There are several ways you can make saving money and investing money easier for yourself. One of my favorite involves incentives; rewarding yourself once you cross certain thresholds.
There are several ways you can make saving money and investing money easier for yourself. One of my favorite involves incentives; rewarding yourself once you cross certain thresholds. JGI/Jamie Grill/Getty Images

It goes without saying that sometimes, saving money can be difficult.   As life often throws at us, unexpected events inevitably occur, impeding your savings schedule and routine.  To help those of you struggling along the path to financial freedom, I've put together these five saving money tips; each designed to help make the process of saving money a little easier so you don't have to stress out as you work toward your goal.  Read what they are... More

4 Ways to Generate Cash for Your Savings

Though there are many ways in which one could generate cash savings for their investment portfolio, for those of you who need a little help, these four tips are a great place to start.
Though there are many ways in which one could generate cash savings for their investment portfolio, for those of you who need a little help, these four tips are a great place to start. KLH49/Getty Images

If you want to know how to get rich, history has shown investing in good businesses is a good place to start.  Yet, unless you are good at saving money, investing in good businesses is not likely something you can do.  To help you start saving money today, these four tips will give you ideas for generating cash that you can use to grow your investments, setting you on the path to financial independence and greater wealth.  Discover these four tips for coming up with cash... More

Should I Pay off My Debt or Start Saving Money First?

A common question asked by folks from all walks of life is whether or not they should pay off their debt first before saving and investing. There are pros and cons to each, but typically the best decision for your situation depends upon your own behavior.
A common question asked by folks from all walks of life is whether or not they should pay off their debt first before saving and investing. There are pros and cons to each, but typically the best decision for your situation depends upon your own behavior. David Sacks/Getty Images

Debts are often a big hurdle to beginning the process of saving money.  If your debt is charging you 15% interest, and you don't have much cash left over after your expenses, it's easy to see why saving money can be a difficult task.  In fact, one of the most popular questions I receive is, "Should I start saving money immediately or pay down my debt first?" Here's my answer on saving money vs. paying down your debt... More

How to Save the First $100,000

By learning these eight tips to generating and saving your first $100,000, the path to financial freedom should become clearer for you.
By learning these eight tips to generating and saving your first $100,000, the path to financial freedom should become clearer for you. Jonathan Kitchen/Getty Images

Billionaire investor Charlie Munger has always said that the most difficult hurdle to becoming financially independent is saving the first $100,000.  Once you cross that threshold, you have the money necessary to get bank loans to build a business or acquire real estate, or make investments in the stock market that can have a real tangible change in your net worth if things work out well.  This step-by-step guide was designed to make saving money, especially the first $100,000, easier by providing practical things you can do to achieve your goal.  Get started saving money now... More

Where to Save Money for a Down Payment on a House

It is incredibly important that you don't take any risks with the down payment money you are saving for real estate purchases. Under no condition should you invest in the stock market if you require the money at any time within the next five years!
It is incredibly important that you don't take any risks with the down payment money you are saving for real estate purchases. Under no condition should you invest in the stock market if you require the money at any time within the next five years!. PeopleImages/Getty Images

Are you saving money for a down payment on a house?  Do you worry about finding the right investments to keep that money safe until you are ready to make a purchase?  You are not alone in your worries.  However, this guide was designed to help you minimize your stress and give you helpful tips and answers to these questions.  Find out what the best places to save money for a down payment are... More

How Saving $19 Made Some Families $5,000,000

Invest in an IPO
The idea of investing in an IPO excites a lot of investors. Is it right for you or should you stick to more traditional blue chip stocks?. Ken Brown / E+ / Getty Images

Did you know that in 1919, families that got their hands on $19 by saving money were able to buy a single share of this well-known, hugely successful blue-chip stock?  Today, that single share, with dividends reinvested, is worth more than $5,000,000.  This was all possible due to the savings habit. It's important that you do not despise the day of small beginnings.  Now matter how small your savings account is now, with wise stewardship and disciplined cost cutting, you can someday be incredibly wealthy.  Check out this real-life success story about saving money and investing as part of a larger discussion about IPOs... More

Guide to Investing in US Savings Bonds

In this guide to savings bonds investing, I'll provide you with in-depth information on how savings bonds work, the Series EE savings bonds, Series I savings bonds, and other products issued by the United States Treasury Department.
In this guide to savings bonds investing, I'll provide you with in-depth information on how savings bonds work, the Series EE savings bonds, Series I savings bonds, and other products issued by the United States Treasury Department. Tetra Images/Getty Images

US savings bonds are one of the safest places to save money if you don't need to touch it for at least one year because each bond is guaranteed to never lose money by the United States Government. Dive into the exciting world of savings bonds ... More

How to Get Rich

Now that you have learned how to save your money, it's time to put it to work. Learn the keys and secrets to becoming rich in this guide.
Now that you have learned how to save your money, it's time to put it to work. Learn the keys and secrets to becoming rich in this guide. Tom Merton/Getty Images

Once you've become familiar with the keys to saving money, the next step is to learn how to get rich.  This comprehensive collection of articles, resources, and guides on investing, wealth building, saving, and money management, were all designed to help you learn how to accomplish that.  Learn how to get rich... More