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Very, Very Best Money Saving Tips

February 24, 2008 by Lazy Man 6 Comments

Over at No Credit Needed (updated link), the blogger has come up with a great idea of summarizing some of the best money saving tips from all around. There’s nothing like combining the knowledge of many people and taking the best 5% of that.

I read through them and was just shocked that the best money saving tip I ever heard was not included. Simply, pay yourself first. Set aside money from each paycheck to automatically deposit into a separate savings account, mutual fund, money market account, etc. The key is to have it in any account that you normally wouldn’t pay attention to or have easy access to.

The idea is that if you don’t see it, you won’t spend it.

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Comments

  1. Anonymous says

    July 30, 2006 at 10:20 pm

    I totally agree. We started “Paying ourselves first” last year and went from saving 6 percent to 29 percent. Now each time we get a raise that percent is increased.

    Reply
  2. Lazy Man and Money says

    September 28, 2006 at 7:49 pm

    Anonymous, that’s a huge success story. Keep it going…

    Reply
  3. melogos says

    September 13, 2010 at 12:29 pm

    Why isn’t this concept being taught nationwide in our public schools, colleges, and universities? Could it be because those in charge don’t know this simple, yet profound principle? In light of today’s economic climate, managing one’s finances and saving for one’s retirement should be a top priority for every American. This article does an excellent job outlining several steps toward financial security. Especially useful is the concept of saving a percentage of one’s income. I just read about an interesting concept called the 10/90 principle – paying yourself first by investing in your financial future. It advocates paying yourself at least 10% of your income and living off the remaining 90% http://www.christianretirement.com While it may seem selfish to some, I feel that if I do not take care of my own financial needs no one else will. I have been following the 10/90 principle (paying oneself first) for years, and it works wonders for your finances. Great article lazyman and money!

    Reply

Trackbacks

  1. No Credit Needed Blog » Blog Archive » Your Very, Very Best Money Saving Tips: Updated!!! : Personal Finance Blog About Debt Repayment, Saving Money, and Retiring With Wealth says:
    January 19, 2007 at 4:33 pm

    […] 2. From Mighty Bargain Hunter (Buying Used – ) 3. From The Good Human (Saving Energy – ) 4. From Simply Us (Groceries – ) 5. From Frual For Life (Dumpsters – ) 6. From Bringing Down The Debt (Trains – ) 7. From Beyond Broke (Thinking – ) 8. From A Dollop Of Sour Cream (Waiting – ) 9. From Money Wise (Bulk – ) 10. From Blogging Away Debt (Pausing – ) 11. From Boston Gal’s Open Wallet (Sharing – ) 12. From Mapgirl’s Fiscal Challenge (Water – ) 13. From Tired But Happy (Re-Using – ) 14. From Udandi (Groceries – ) 15. From Single Ma (Organization – ) 16. From Lazy Man and Money (Yourself – ) 17. From Seeking Contentment (Library – ) 18. From Pragmatic Finance (Researching – ) 19. From Don’t Mess With Taxes (Momma – ) 20. From Financial Freedumb (Wait – ) 21. From We’re In Debt (Walk – ) 22. From Stuff You Oughta Know (Make – ) 23. From Debt Free (Warehouse – ) 24. From My Money Forest (Learn – ) 25. From Jane M. Says (Magazines – ) 26. Frome Commentor Terry (Catalogs – ) 27. From Commentor Aimee (Phone – ) 28. From Jane M (Magazines – ) 29. From Commentor Jersey Girl (Freeze – ) 30. From Merle Sneed (Insurance – ) 31. From Commentor (Language – ) 32. From Double2Mil (Garage Sales – ) 33. From Confessions Of A Hoarder (Awareness – ) 34. From Easy Change (Half – ) 35. From One Big Mortar Board (Volunteer – ) […]

    Reply
  2. Personal Finance Bloggers Share Their Very Best Money Saving Tips says:
    January 21, 2008 at 3:47 pm

    […] Lazy Man suggests that you pay yourself first. […]

    Reply
  3. Frugal Babe » Archive » My Favorite Money-Saving Ideas says:
    January 22, 2008 at 9:36 am

    […] Man’s suggestion that we pay ourselves first.  I eagerly anticipate every paycheck so that I can allocate fund to whichever savings account is […]

    Reply

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