how's it going today guys so today I'm
going to be giving you my top 5 tips for
saving money in 2018 and a lot of this
comes from my personal experience and
sure that I am saving more money and as
a result that allows me to invest more
of my money so one of the most common
questions I get on my channel is people
who say they would love to invest in the
stock market or do something with their
money only they have no money because
they're spending all the money they are
earning so the very first thing you guys
have to do is figure out how to generate
a positive cash flow from your own life
and the best place to start is by
analyzing your spending and I want to
give you guys five quick tips right off
the bat as things you can do to improve
your financial situation and hopefully
generate a positive cash flow of some
kind these are five of the biggest
mistakes I see people make and they're
complete wastes of money number one on
my list guys never ever pay interest on
a credit card now notice I didn't say
never use a credit card it's important
to use credit cards responsibly
especially as a young person because you
need to establish a credit history if
you ever plan on buying a car or buying
a house or making a major life purchase
like that so what you should be doing is
buying things on your credit card like
gas or groceries and every single month
pay the balance in full never pay a
penny of interest to these credit card
companies and I actually take it a step
further because the credit card I use
pays me a cash back percentage and I've
never paid a penny of interest and every
year I make a couple hundred dollars for
free from that cashback bonus so you
guys can do that and I always use it I
just used it this year for my holiday
spending I always save it up and use it
for Christmas gifts but it's a way to
get free money and build credit because
most people are going to leave that
balance on the credit card and then pay
that credit card company 20 plus percent
in interest and the thing that is
surprising to me guys is yes we know
that people especially young people may
have interest rates in the 20 to 30%
range twenty to thirty percent just
think about that for a minute you're
paying them 30 percent up to thirty
percent per year on the entire balance
of your credit card is there anything
out there that you want to buy that is
worth paying 30 percent more
just so you can have it today for me the
answer is absolutely not
but not only that guys the average
credit card interest rate according to
bank rate is sixteen point seven percent
it's just surprising to me that we live
in a world now where when you go put
your money in the bank they're gonna pay
you zero point zero five percent
interest on that money however if you
want to turn around and borrow money
from that same Bank on average you're
gonna pay them sixteen point seven
percent Interest guys the number one
thing that you can do to save money in
2018 is not fall into this trap of
paying a crazy interest rate to your
bank that is the first thing I would
recommend is learn how to responsibly
use credit cards to build credit get
free cash back while paying zero dollars
in interest
the second thing guys this again comes
from personal experiences start making
your coffee at home I was reading an
article talking about how Kevin O'Leary
the billionaire on Shark Tank never buys
coffee out he's a billionaire and even
he will not buy coffee outside of the
house because it's just a stupid waste
of money so on average you'll pay about
25 cents per cup of coffee at home and
there's people out there including me
when I used to do this I'd go to
Starbucks I was one of those idiots
waiting in line you know waiting in a
20-person line to fork over five dollars
for a warm cup of coffee you know my
latte or my espresso thing and it's like
what are you thinking spending that much
money on a cup of coffee and I've read a
statistic as well a while ago that said
that on average Millennials are now
spending more money on coffee than they
are contributing to their retirement
accounts which is just scary guys so the
second thing I want to recommend you do
is make your coffee at home and stop
paying your baristas you know five
dollars for a cup of coffee when you can
make it at home for as little as 25
cents at the end of the day it's
caffeine it's gonna get you out of bed
in the morning and it's pretty much
going to do the same job whether around
it cost you 25 cents or $5 the third
thing on my list is to buy any
consumables in bulk and this again is
something I started doing myself because
what I would do in the past is if I need
a toothpaste or any paper products I
would go buy them in small amounts so I
buy a two pack of paper towels or one
too but
toothpaste and then I thought about it
more and I said you know what I'm gonna
be using paper towels and napkins and
things like that for the rest of my life
every single day I'm gonna need these
things why am i buying them in such
small amounts so what I actually do now
is I buy a lot of the stuff on Amazon
I'll go on Amazon and buy it in bulk or
if you have a membership to a wholesale
store like I don't know Sam's Club or
BJ's or maybe your friend has a
membership and you guys split the cost
if you're buying enough of these goods
it's gonna make sense to buy them in
bulk it's gonna save you a lot of money
especially if you're buying them at
convenience stores if you're running to
the convenience store to buy paper
towels or napkins you're paying a lot
more than you should be so my third
money saving tip for you guys is to buy
all of your consumables in bulk it's
going to save you a lot of money and
it's also going to improve your life
because you're going to run out of paper
towels and go oh wait a second I have
like 40 rolls in the basement and you're
just gonna be walking down stairs
instead of taking a trip out to the
store as I always used to have to do so
anything like paper products any laundry
detergent soaps any dishwasher detergent
toothpaste and also pet supplies that's
what we do now - we get our dog food and
and dog treats in bulk online because
again we're gonna be using these things
every single day why not buy as much as
you can at the cheapest price the fourth
tip I have for you guys is in relation
to your cell phone bill and your cable
bill I would highly recommend if you
have not considered cheaper alternatives
for your cell phone bill just shop
around a lot of these new cell phone
carriers don't have any storefront
locations you know and as a result they
are able to offer you cheaper service
and many of them will allow you to just
transfer your old phone number right
over so you could be paying a lot more
for your cell phone bill and your cell
phone data then you should be because
there's other carriers that could offer
you a significantly lower price on that
so I would highly recommend shopping
around with some different cell phone
carriers and also consider whether or
not you need that expensive cable TV
subscription that is one of the biggest
areas that we've been able to save money
in my household is by cutting the cable
and switching over to cheaper
alternatives like Netflix and sling TV
that saves us a ton of money and again
guys those are not like endorsements of
any kind that's just what we do here it
saved us like 70 percent from switch
- cable - these paid streaming
subscriptions and it's really no
different for us and again I'm not
really someone who watches TV anyway but
if you're if you insist on having it
look at those cheaper streaming options
and consider cutting the cable bill it's
it's a huge waste of money and a huge
waste of time and then the fifth and
final tip I have for you guys and again
this is one that I've had to do in my
own life is a budget your restaurants
spending it's important to budget your
spending in general especially if you're
in a situation where you're living
paycheck to paycheck but if you're not
ready for that step yet all that I ask
you guys is that you at least budget
your restaurant spending what that means
is plan your trips out to go to
restaurants or go to the bars and I have
one rule for myself at this point that
rule is that it's a social experience
only so the only time I'm going to go
out to restaurants and bars is when I'm
with friends or with family and I want
to make it a social experience I'm not
just gonna go out with my you know my
friend or something like that or my
girlfriend on like a Monday to go eat
because I'm being lazy no you don't want
to do that guys you want to make sure
that your restaurants spending is
related to a social experience and plan
for these trips because a lot of people
they have no money they are paycheck to
paycheck and then they say you know what
I don't want to make dinner let's go
drop 50 bucks at Applebee's on one meal
it just doesn't make any sense guys so I
would highly recommend budgeting your
restaurant expenses and making sure that
every time you're going out to eat or
drink it's tied to a social experience
anyways guys those are my top five tips
for 2018 to help you save some money I
want to hear what tips you guys have in
the comment section below
if you guys enjoyed this video please
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always I thank you for taking the time
to watch this video
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