The Simple Dollar Weekly Roundup: Best Money Saving Tips Edition

Last week, I tried a little experiment on Twitter: I asked all of the people following me on there a simple question:

What’s your best tip for saving money that can be expressed in a Twitter-length statement? I’ll use them in a TSD post & link back to you.

A “Twitter-length statement” means in 140 characters or less. I was overwhelmed by a flood of responses, so I just picked out twenty of my favorites, starting off with the best of the bunch (the other nineteen are in pseudo-random order):

+ Spend only on what you’re passionate about and save the rest for the day when your passions unexpectedly drop in to sweep you away (Chris_Tackett)
+ Make your savings automatic so that you don’t even have to think about it (glblguy)
+ Act immediately – when you don’t spend money you thought you would, move it to savings immediately. Don’t wait – snowflake! (paidtwice)
+ Improve your self-esteem & suddenly you can do without acrylic nails. (dedejustdede)
+ Learn and leverage your neighborhood. You can find a great little eatery, small grocery, etc. – save gas – plus support local biz. (etesla)
+ Be involved with your finances on a daily basis. It’s hard to save when you’re not firmly in control of your spending. (Lynnae)
+ Start each month with a real dollar budget, allocating all of your income to *something*, don’t let life just happen to your money (EdenJaeger)
+ Pay a little on debt or toward savings every week. Smaller amounts are less psychologically intimidating. (sarahintx)
+ Just say “NO” to buying crap. Say “NO” to eating crap packaged foods, buying crap products, and investing in financial crap. (squawkfox)
+ If you have a big annual/semi-annual bill, make “virtual payments” on it monthly to spread out the impact. (davidgeisberg)
+ for general saving, pay yourself first. for shopping, pay close attention to the cost per unit. (fcn)
+ Distinguish between your wants and needs. (mischyfishy)
+ Write down every expenditure -that’s worked wonders for me! (m_s)
+ Let your values, dreams, and purpose drive you finances. They provide more motivation and energy for saving than anything else. (TheHappyRock)
+ Savings should be included in your budget, and taken out of your paycheck first. That way you can’t spend too much to save. (jjeaton)
+ You don’t have to earn six figures to save money. Saving is a function of spending less than you earn, no matter what you earn. (FrugalDad)
+ Set a savings goal, set reminders of that goal, and then make it a competition against yourself to achieve it. People love games. (bargainr)
+ Debit instead of credit! I can only spend money not already allocated for bills/saving/investing-forcing me to limit my purchases (talialeone)
+ I manage to save & I am earning less than 15K/yr. My advice — Just do it! (CindyS531)

That’s a nice collection of tips there with a lot of different voices and perspectives. I may try this again sometime in the future for a weekly roundup.

Now, for some of my favorite posts from other blogs over the last week.

Don’t Want To Work Forever? Retire On Time With These 10 Tips For me, retirement is just the point in time where I can begin to live wholly off of the money I’ve saved and invested and thus I can make personal choices without worrying about income. That doesn’t mean sitting at home and reading all day – in fact, it probably means a lot more travel, if anything. (@ the digerati life)

New Car Every 10 Years or Used Car Every 5? It appears to actually depend on what kind of car you buy. If a car depreciates very quickly (like a GM), you’re better off in a cycle of used cars. If a car depreciates relatively slowly (like a Honda), you might be better off buying new and getting the extra years (the article’s numbers are pretty close on the matter, enough for me to call them inconclusive). (@ million dollar journey)

Don’t Judge a Book By Its Cover The people who look rich aren’t always necessarily rich. (@ master your card)

Warren Buffett on Market Fluctuations: Investors Gain When the Market Falls Excellent excerpts from Warren Buffett’s letters to Berkshire Hathaway stockholders. (@ get rich slowly)

(Not) Keeping Up With Our Parents: Career Struggles I know that I often use my wife’s parents as a measuring stick for how we’re doing – and I feel frustrated when we’re not measuring up. (@ being frugal)

Do You Have An Opportunity Fund? We use our emergency fund for that because we keep a really large emergency fund and don’t sweat it when we have to yank cash out of it. (@ blueprint for financial prosperity)

Inexpensive Frugal Mother’s Day Gift Ideas A lot of good ideas here for celebrating the day without shelling out money to Hallmark. (@ cash money life)

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