Savings guide for 2016

Thought it could be a good idea to share some savings tips for 2016, which every person that is aiming for financial independence should live by in the coming year.

-Although I need to admit I am not following all of them, but have as a goal to adopt as many as possible during 2016. I will also try to do a follow up within 6 months, to see how much these things saved for me.

Here comes Eighth Wonder Investing savings guide for how you should save as much money as possible during 2016:

1. Always pay your bills in time, and with in time I mean the exact date the when the receiver should have the money. Always store your money until the last day on a saving account with as high yield as possible.

2.Use the car as little as possible, walk, bicycle or ride the bus as much as possible. Preferably do not even own a car, one of the things that are draining a lot of cash.

3.Clear the garage and wardrobes and sell. If you haven't used it in the last 6 months, you probably don't need it or will never use it again. Sell, sell, sell!

4.If you really need a car, get one which is a couple of years old. The depreciation of the price is the largest in the beginning and it could loose as much as half it's value the first 2 years. After following tips number 2, the newer car with more energy efficiency will never make up the cost for the depreciation.

5. If you're buying clothes, always buy clothes with quality and with timeless design. Fashion trends is for people who is weak and never will be able to spend time on their yacht, cigar in their mouth and enjoying financial independence.

                 -Trust me, 95% of the time I am the best dressed man in the room and I am surely not the                               guy who spend the most on clothes.

6. Always buy food on a full stomach and buy in bulk.

7. Be as unfaithful as possible to all companies you have contracts with, electricity, banks, insurance etc. Always check best price and play them out on each other.

8. Going on vacation? Rent out your place on Airbnb.

9.You think you could live smaller? Rent out a room to a person, could gain you a lot of money and a new friend in life.

10. Visit a lot of physical stores, try a lot of clothes and sizes and always check prices online. Before making the purchase never forget to check the second hand market. If you don't like second hand, a lot of products are brand new and with full warranty.

11. Stop with tobacco and alcohol completely, will save you money and health.

12. Start to exercise, will make you more healthier (sick days costs a lot of missed income), same shape (yes, you could use the clothes you bought in your 20s) and you will look better.

13. Switch jobs, could boost your salary and you will meet a lot of new friends.

14. Do not eat pre-made food from the factories, make the food yourself instead. Both healthier and cheaper.

15.Never have anything electric on standby and try to connect as much as possible to power strips which should be switch off during night.

16.Have the right air pressure in the wheels on the car, often you could have a bit more then the recommendations from the car companies. This will lead to less fuel consumption.

17.Stop eating snacks and all the "snacking". Costs you a lot of money and you don't need the nutrition from it. Check below how much your body needs in terms of nutrition, goal weight etc. and balance it:
                               http://www.active.com/fitness/calculators/nutrition

18. Always bring food boxes to work. Will save you time and money.

19. Use a credit card as much as possible, pay in time and use the free interest period. This will give you reward points which you could use on more fun stuff.

20. Take care of your teeth and do practical dental care at home. Reducing the cost for professional dental care.

21. Cancel all the amusement contracts you have, Spotify, Netflix, Pandora etc. spend time with family and friends instead.

22. The last but as important as the first, track all your purchases and look over them after every month, to see where you could save extra money.



This should not be taken as a financial or any kind of advise and all the numbers on this blog could be incorrectly. I am not taking any responsibility for individuals using this information or any damage coming from it.