- Carry cash--without a credit card, there's no temptation to buy beyond your means.
- Know where your money is going--keep track of purchases by making lists of everything from food to utilities to subscriptions.
- Leverage "freebies" and discounts--take advantage, for example, of your employer discounts for gym memberships and transit discounts (for trains, buses, and parking).
- Pay yourself first--make sure you "save" for that big-ticket item (including retirement) before spending on a new pair of shoes or the latest gadget.
- Time is your best friend--while living at home, organize your finances as though you were out on your own. Set aside what you would pay for rent and food, and pocket the savings. By accumulating assets, you can get out on your own sooner and/or afford more luxuries later.
- Make coffee at home--invest in a coffee maker and save money by not spending $4 a day for a super latte at the fancy coffee bar.
- Have a fun night "in"--make cooking dinner fun by having friends over; each person is responsible for making or bringing a different course (e.g., salad, sides, dessert).
- Know your limits--is it cheaper to have unlimited cell phone minutes? If you cannot stay within a certain limit, then paying for unlimited minutes makes sense, but if, in the last six months, you averaged, for example, 3,000 minutes, then maybe you should get a more cost-effective plan.
- Stop gas guzzling--with runaway gas prices, consider mass transit or carpooling with coworkers from your neighborhood.
To discover how LPL can help you create your own vision of success, download Customize Your Practice, Shape Your Success.
You can do it all - if you had a 50-hour day. Until there is one, hiring a junior advisor may be what you need...
The College for Financial Planning is the leading provider of financial education with more than 135,000 graduates and 40+ years of experience educating the nation's...
Mar 17, 2015
Clients are turning more to their financial advisors for guidance regarding how to handle their Social Security withdrawal strategy. Therefore, advisors need to not only...
Feb 12, 2015
Join Anne Kritzmire, Managing Director of Closed-End Funds & Global Structured Products, as she dispels seven commonly held misconceptions about closed-end funds and provides resources...
Jan 28, 2015
How advisors execute their exit from the business they spent decades building is no less momentous a decision than the succession decision of their business...