Living below your means- three new tips

Thanks for the suggestions! money

Sean posted an excellent tip:

"A trick I was taught is to pay yourself first. These investments are for you and your future and not to be considered another expense along with rent/mortgage, car payments, insurance, etc. money

So, what you can do is direct deposit a piece of your paycheck into a separate account, and then use that account to either save for the initial investment, as you point out, or feed those investment accounts. This way, you never see the money, and, really, once you get used to that $50 or $100 not being in your paycheck from week to week, you don't notice it. And then you can increase it by living further below your means, piping a raise right into it, or some other method. money

Something else I used to use when I didn't have a lot of money is sharebuilder.com. The fees add up quickly, but for a would-be investor without a lot of starting capital, I think it can be a good entry into the game." money

I have not looked into sharebuilder.com and am curious how their fees work. Regardless, the pay yourself idea is a great tip, especially if your habit is to spend the money in your checking account. money

David offers:

"I often buy generic products at the grocery store, and when my employer didn't pay for my lunches, I always brought a lunch." money

We'll post more about packing your lunch later- and possibly we'll explore how to find an employer who will pay for your lunches, or maybe we will just mock David to try and abate our jealousy. money

Finally, Holly wrote a post a while ago and suggests that you make your own coffee. This can easily save you $100 a month if you currently buy coffee out every morning. I like Holly's approach too- do not 'cut out' going to Starbuck's or Dunkin Donuts if you enjoy their sugary treats. Just do not go every day. And if you experiment, you will likely find you can make coffee you like more than what you are paying more for. money

Please post any ideas you have as a comment to this post and I will add them to the list as well. You can also email your ideas to me at wyliemoney at gmail dot com. money