Savings Rate OVER 65%?! 5 WAYS to Save in 2024! | Save Money 💰, Invest Money 💰

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Today's video I cover the FIVE ways I save hundreds, if not thousands, of dollars, each and every year.

I then turn that savings into investing, building my passive income stream.

I go over the 5 ways you can save money heading into 2024. These are ALL things we ALL can do, just not a few of us, not just the top or bottom earners, but ALL of us.

Who doesn't want to SAVE money, easily, and put it right to work for your financial future?

The 5 areas are significant to us all:
1.) House utilities/energy costs
2.) Auto expenses, including gas
3.) Insurance expense on the house and auto
4.) Phone/connection expense
5.) Food expense

I go over how my family saves hundreds of dollars each and every month. We argue that we even save over $10,000 each year due to the 5 items we discuss in today's video.

I want you to save as much money as possible. I want you to invest as much money as possible. I want you to have a better financial future, no question.

Therefore - what are your top ways to save money? What else do you want to see me test out from a money saving hack stand point? Do you want to see a food cost challenge?

Let's keep saving, keep investing and keep building passive income to get to financial freedom everyone.

Thanks for watching, let me know if you enjoyed this video, if it helps you and if you want to see more investing videos! Don't forget to subscribe, as well, to not miss a beat from me.

Small disclaimer: I am not a professional, not professional advice and please perform your own research!

#Investing #Money #PersonalFinance #StockMarket #PassiveIncome #FinancialFreedom#Dividends #DividendInvesting

[kevinpob]

Aldi and Lidl are the only places I shop.

[davidfrank]

Lanny is a Savage! 🔥
Time to pay off this damn mortgage to clear up cash flow and buy more ETFs.

[Susanhartman.]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[billyjohnson]

Hey buddy, I'm a saver also. I save approx. 65% of my income also. I figure more money to leave my daughter and wife. The only problem is my daughter is a spender and I'm trying to teach my wife on saving. I have to say I also enjoy my life with traveling and eating out. Lucky me I retired in Asia where eating out is 1/2 or less then the U S. When I travel to Thailand food is 75% cheaper and a nice hotel is $40.00... I have to say your doing the right thing. You'll retire early as a multi millionaire.

[Colbycrab]

Love it Lanny! Great suggestions. I would add shop for used clothes and other items when possible. I bought a new winter wardrobe from a friend who sells clothes on eBay for under $50. He wanted to clear out some inventory fast. Who knows how much money I saved there.

And NO DEBT! Pay off every up to amd including the house, which frees up loads of cash. All I have left is the mortgage with 90k left to go. It will be paid off before I’m 43 comfortably.

[jray]

When Aldi came to town, I did a comparison shop with Krogers. Aldi blew them out of the water!

[thomaschew]

We are at 50% savings rate and looking to boost this to 60% for 2024. Debt free including mortgage. Good video.

[annaahmed]

Great job Lanny thanks for sharing keep it up good work.

[billyjohnson]

I also learned never stay stuck with any contractor, insurance company or any company. Every year you should shop around.

[AnyangU]

I love your attitudes toward money. Thanks for the video!

[sebastianoteri]

I pretty much have my bills under control I don’t eat out much it’s expensive and you don’t what your eating most of the time, my only problem is I eat healthy foods and there more expensive I have to check out Aldi and see if I can find some good deals on good quality food.Nice Video Happy New Year Paisan!!!

[lisagayhart]

Let’s see . Limit tv time it uses way more electricity. In the winter close off rooms that don’t have water pipes . Cook at home . Shop clearance meats usually in the morning. ALDIs if they have one . Dollar tree for most stuff . Don’t use your credit card unless it is an emergency. Pay it off very very fast . Get used car that only uses regular gas. Pay bills on time . Late fees will hurt . Interest accrues daily so pay the house on time or early . Credit cards are the same . Every day you are late the interest goes up 1% higher . Maybe more

[donaldlyons]

OK so you (Freedom Finance with Lanny) and Andrie J. had similar responses. Instead of saying what you made vs. what you spent you focused on what can be done to do stuff. Well no saving was not the issue but likely income vs. expenses was the issue. Back between 2009 and 2013 I have saving about 35K by making 6K per year on average excess over that time. By my estimation the most I could save by reducing bills or cutting some stuff out was about 1K per year. So of all the FU*KING money 30K (5K + or -) was income vs. expenses so my behavior mattered very little. You do know 5K out of 100K is 5% right. SO ONLY 5% OF OUTCOME IN MY CASE WAS SAVINGS STUFF ALL THE REST WAS LITERALLY RAW MATH!!!

[vortex]

Utilities: we paid 260 euro's per month, but installed a wood burner and are now down to 40 euro's. Wood we can get for free.

[leevillafane]

We are brothers at heart. But this is California. People here overpay for housing and cars so as not to look "poor", it's fucking ridiculous! Add public transport here sucks. I dunno, my cars, which are a necessity are 15-20 years old. Toyotas in general are great money savers and very reliable. I'm not an accountant, but I've kept a budget for many years. So many things and costs in modern life are negotiable, but keeping up with the Jones's will cost you the most!