In the consumerist society that we live in nowadays, we are constantly being tempted by advertisements and the best marketing strategies out there to tempt us to spend our money on foolish things. It’s hard to save money, after all, we are constantly showered with propaganda to spend all of it. What would be the best way to save? Below I will give you some advice based on what i learned in the School of Hard Knocks.

1. Save while you are young—afterwards it gets harder

He that is slow to wrath is of great understanding: but he that is hasty of spirit exalteth folly – Proverbs 14:29

Saving is the first and most important principle of having success with your money. John Jacob Astor once said that it cost him more to get his first thousand dollars than it did later on to get a hundred thousand; but if he had not saved that first thousand he might have died in an almshouse broke, sick, sad and alone.

When we are young and don’t have as many responsibilities as an adult, it’s way easier to accumulate wealth. As you grow older and have to pay bills or support an entire family, it gets harder. If you’re still living with your parents and not paying tuition, this is the best time to save your capital.

This is why I think it’s such a shame to see our youth recklessly spending all their earnings in futile things such as video games, electronics, gold diggers, or brand new cars. If only they knew it would be much harder to save later on in life, maybe they would be more careful with they dimes.  They should leave their desire to have the fanciest truck or biggest house for later on in life when money is no longer an issue.

2.  Instant gratification will cost you later on

Every prudent man dealeth with knowledge: but a fool layeth open his folly. – Proverbs 13:16

We all love to have neat stuff to show off and to increase our quality of life. However, it’s important to keep in mind that we can’t have the best of everything. Our money is a limited resource.

Lacking self-control and long-term strategy with your money can be extremely detrimental to your financial well-being. I recommend you to pick only one or two things that really matter, such as investing, and not spend much on anything else in case you want to save part of your money.

3. Stop living paycheck to paycheck

There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up – Proverbs 21:20

Living paycheck by paycheck is a big sign of inability to plan ahead. It’s not safe at all. How many times have we met someone who ended up broke and poor because he was fool enough to never consider that his financial situation could change at any moment. It’s smart to save for an emergency, such as being fired or a salary reduction. Never spend your entire salary always save a bit for emergencies or a long term goal.

4. Avoid lending to unreliable people even if they are close to you

Let him that stole steal no more: but rather let him labour, working with his hands the thing which is good, that he may have to give to him that needeth – Ephesians 4:28

Well, this one is obvious. If you know someone who has the reputation of always asking for money to borrow and never paying back, you’re dealing with an impulsive person that suffers from an inability to plan ahead. Unless you won’t mind not seeing your money again, under no circumstances lend to this kind of individual even if they are close relatives.

If you feel sorry for them the best way to help them out is to offer them to run a small errand for you in exchange for money or point to them their lack of ability to manage their own capital.

5. Never get into debt

Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law – Romans 13:8

Tightwads might live boring lives due to their obsession of always saving to the point of never using part of their money to have a break and enjoy a bit of the wealth they accumulated. They do all of this with the hopes of achieving prosperity when they older. Nevertheless, if there is one thing they are good at, it is that they never allow themselves to fall into debt.

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Luckily, I’ve never got into debt. However, I’ve seen how sad is the state of those who do. They’re always worrying and have no ability to take back control over their lives.

If you don’t have money, then don’t buy. It’s as simple as that! Avoid borrowing or buying what you know you can’t afford! Apply thrift to your money.

6. Make your money work for you

Do not become Uncle Scrooge. Saving is not the fastest way to accumulate wealth

Some people go through their entire lives being tightwads, thinking that it’s going to make them rich and happy later on, only to find out later that they sacrificed precious years of their life that they could have traveled and risked some of their money to bring prosperity early on in their lives. After all, it’s not fun at all to be rich when you are in your 80s.

This is why you need to find a way to make passive income as soon as possible. Learn as much as you can about copywriting, marketing, computer programming and lastly, learn about farming and breeding animals as well. It can be a very profitable business.

7. Be realistic

Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee – Hebrews 13:5

Lets face it: just because you save your money regularly for a retirement plan, investing, or planning to start an online business to have a passive income, it doesn’t mean that you are going to get rich.

I’m not trying to discourage you of following your dreams, but what I’m trying to ask you is to be realistic and not set your expectations too high. Few people are able to make a living off their hobby or retirement savings and those that do took years of sacrifice, commitment, and a lot of patience.

8. You will always regret some of the investments you made later on

Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth. Ecclesiastes 11:2

Like life regrets and relationships regrets, every now and then we also change our minds about how we should’ve spent our “moolah”. This will always occur no matter how much of a tightwad or thrift consumer you are.

Have you heard of the old saying, “Don’t put all your eggs in one basket?” Well I would change it to “Don’t put all your money in one goal/investment.” Whether it is a savings account, business plan, college fund, or retirement accounts, they can all fail or be spent in something that you can consider later on futile. What you think is worth investing your money and time right now might turn out to be a bad idea.

As you get older, you will change your mind about several things. Your tastes will change, but you will get more experienced in knowing when your brain is just over-hyped about buying something or when its really important to spend money on it.

Conclusion

Trust not in oppression, and become not vain in robbery: if riches increase, set not your heart upon them – Psalm 62:10

While the steps described above won’t guarantee that you become the next millionaire, I can promise you that they will give you a life free of debt and less worries. You will certainly be more prosperous and guarantee a more dignified life for you and your family, in case you decide to start one.

Read More: You’re Not Free Until You Have “Fuck You Money”

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