Track your spending and expenses. Even if you don’t plan to change your spending habits at first, I’d say it’s pretty hard not to once you see where all your money is actually going.
Beyond that - and while it’s not exactly a “saving” tip - I’d argue that investing is the biggest lever you can pull when it comes to growing your wealth. I’m a blue-collar worker, and while I do okay for myself, I’m by no means rich. But the money I’ve put aside from my wages and invested now pays me passive income each year that roughly equals two months’ worth of income. That’s money I don’t have to work for.
I’d seriously struggle to save that much each year through budgeting alone - especially since I’ve already picked all the low-hanging fruit when it comes to frugal living.
ETF index funds that are heavily diversified across both sectors and geographic regions are a great place to start - just make sure the total expense ratio stays below something like 0.3%.
Personally, I’ve set mine to automatically invest €500 each month, regardless of what the market is doing. I never try to time it - I just keep buying and never sell. The ones I’m personally buying are iShares EUNL and IS3N with 80/20 distribution.
Track your spending and expenses. Even if you don’t plan to change your spending habits at first, I’d say it’s pretty hard not to once you see where all your money is actually going.
Beyond that - and while it’s not exactly a “saving” tip - I’d argue that investing is the biggest lever you can pull when it comes to growing your wealth. I’m a blue-collar worker, and while I do okay for myself, I’m by no means rich. But the money I’ve put aside from my wages and invested now pays me passive income each year that roughly equals two months’ worth of income. That’s money I don’t have to work for.
I’d seriously struggle to save that much each year through budgeting alone - especially since I’ve already picked all the low-hanging fruit when it comes to frugal living.
How do you suggest one start with investing?
Index funds.
Start by investing as much as you can afford (even if it’s $5 a paycheck) and find a place that lets you buy fractional shares.
https://www.investopedia.com/buffett-says-index-funds-beat-stock-picking-11724706
https://www.nasdaq.com/articles/warren-buffett-recommends-vanguard-index-fund-it-could-turn-450-month-888200
https://www.cnbc.com/amp/2024/10/09/warren-buffetts-sp-500-bet-paid-off-some-experts-say-it-may-be-time-to-diversify.html
ETF index funds that are heavily diversified across both sectors and geographic regions are a great place to start - just make sure the total expense ratio stays below something like 0.3%.
Personally, I’ve set mine to automatically invest €500 each month, regardless of what the market is doing. I never try to time it - I just keep buying and never sell. The ones I’m personally buying are iShares EUNL and IS3N with 80/20 distribution.