I totally agree with all these tips. Like several people said, in a nutshell, the best thing to do is to live below your means.
Pinpoint the level at which you can live comfortably given your current finances, and then make sure that you live well below that. Of course, this doesn't not mean in any way that you should deprive yourself of some comforts or luxuries that you can actually afford. The key is just to keep a firm grip on your spending.
A really good tip is to make sure that you have a good budgeting plan in the first place. Really, "spending less" isn't a concrete budgeting strategy, I'm afraid. For example, if you opt to buy a certain generic product over a brand-name one in the store, but you make no move to lessen your monthly cable bill, then you will definitely not
be able to save as much as you actually can. If you do not apply saving to all
the aspects in your life, then you aren't really saving at all.
This is where a concrete budgeting strategy comes into play. Having a concrete guide will really help you get in the right track towards saving.
- My personal finance blog dedicated to helping people take control of their finances.