Best money saving ideas * pay off debts * accumulate wealth * cheapest mortgage interest * best money saving ideas * increase income * accumulate wealth

If you have taken up my first four money saving ideas, you should be better of by between 10-12 thousands pounds per annum. You should have been able to reduce your outgoings and increase your spendable income by paying off those high interest debts. However, I don't want you go on a spending spree, because I can demonstrate how someone who is on just an average income can accumulate wealth.

Start of article about money saving ideas.

The problem that most people have is that they get a little money behind them and it burns a hole in their pocket. They spend it as soon as they get it and have nothing much to show for it at the end of the day. It doesn't matter if you are earning 15,000 or 50, 000 a year, if you spend and borrow, your money ends up in someone else's bank account.

The way to accumulate wealth is to cut your outgoings to the bare minimum, get just a little bit behind you then start to make your money work for you. Money makes money. One person can spend 5,000 whilst someone else will take that 5,000 and turn it into 10,000 and later on I will show you how.

Money saving idea number 1 - How to cut your food bills in half

Money saving idea number 2 - Pay off your credit and store cards

Money saving idea number 3 - Reduce your utility bills

Money saving idea number 4 - Only ever pay cash

However, first we have to concentrate on saving money, so that less flows out of the house and more stays in your bank account. The more money you save, the less you spend, the more money you will accumulate and the more money you will have to work for you and make you more money.

Then one day, you wake up and you realise that you can have virtually anything you want and you do not need to borrow the money to buy it. Then, if you are like Bill Gates or Ingvar Kamprad the reclusive owner of IKEA, you will realise, that you have made it and don't actually need the things you desired. One drives a 1989 Porsche and the other a 1994 Volvo. Why? Only they could answer but my guess is that they are businessmen used to making a profit and the idea of driving a car off a forecourt knowing they have just lost money goes against the grain somewhat.

Money saving idea number 5. Drive a cheap car. Like Bill and Ingvar, although I would not put myself in their league; I don't drive and expensive car. In fact I hate cars. I could if I chose to, drive any car I wanted but I choose to drive a Nissan Terrano that cost me 900. It's a workhorse I use around our farm and country lanes, it works, it does the job and I could sell it tomorrow for what I paid for it.

I hate to brag, but my wife also has a car; a Renault 4TL that cost 300, is 35 years old, still runs like new and we have been offered 1200 by a collector. Both cars still produce 40 miles to the gallon and as we only do about 160 miles on average a month between us, they are very economic to keep on the road including their third party insurance.

Why do I need an expensive car that is going to lose me money? I have nothing to prove, I don't need to impress anyone, I'm relatively successful and growing richer by the minute, I'm well hung and my wife would kill me if I went around in a flashy sports car trying to pull birds. (Do they use that expression nowadays?) Not that I would, I hasten to add.

I don't drive unless I absolutely have to, don't pay for parking, preferring to park somewhere with no restrictions and walk the rest of the way. I estimate that the average household, if they followed suit would make savings on their car loan repayments, insurance, petrol and parking of 350-400 per month. Getting onto a further 4,000 to 5,000 per annum.

I have a friend who drives a Bentley Azure who asked me when I was going to buy myself a decent car. When I asked him "what for?" he replied "So that people know that you've made it in life." So I replied "Are you telling me that you have spent all that money so that people will hate you? You didn't buy that car for the pleasure it gives you, you bought it for the displeasure it will give other people".

What is so laughable is the fact that he had to take out a loan to buy it. He couldn't even pay cash and whilst this is an extreme example; that is what people do. They are worried about what people think of them so they have to own big expensive cars because that is how they judge people themselves.

People who have really made it in life, don't care what other people think of them. You don't have to drive around in an old banger if you don't want to but don't for one moment think that the car maketh the man; or woman for that matter. I laugh at people like that, like I laughed at my friend, as much as I like him because he has yet to make it big time. Don't jump the gun, buy your Bentley Azure when you can afford to pay cash. The likelihood is, when you get there, you won't want to waste your money.

Money saving idea number 6. Use your commonsense. Don't just renew your insurances when the renewal notice comes in. Get on line and shop around. Comparison sites are OK but they are middlemen and only compare insurance companies that pay them commission. Don't buy anything unless you really need it. Wait for the sales. Look at and compare the price of everything. Draw up a shopping list and stick to it. The diet I recommended helps you cut your food bills in half. Don't try and keep up with the Joneses, they are in more debt than you. Find the highest paying savings account and transfer all your monthly savings into it at the end of each month. Fill the dishwasher before using it, only fill the kettle with the water needed, use half the recommended dose of washing powder (they want you to use it faster). All this will save you 500 - 1,000 per annum.

I could go on but I'm bored. It is all commonsense and boring stuff but if you don't want to give your money to companies who don't need it as much as you, don't waste it. I'm going to show you how to make your money make money and the more you save, the more money you will make.

Now for a couple of big money saving ideas.


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