Key Steps To Take To Become A Self-Made Millionaire (4 of 4)

Ditch Memberships

You would be surprised how many people are spending money on memberships that they’re not even using. The biggest one is gym membership. Every year people set new year’s resolutions to lose weight or get fit and sign up for gym memberships. But not that many really take advantage of them.

While being healthy is certainly important, it’s also vital to be practical. If you’re not showing up at the gym regularly or you prefer some other forms of recreations that’s okay. But do yourself a favour and cancel your gym membership. This rule also applies to other memberships or subscription services you’re paying for.

Drop Phone Services And Cable Channels

Dropping subscription services is especially important when applied to the services on your phone or TV. Cell phone bills are already pricey and they are loaded with services that you don’t even use or need. At the end of the month, take the time to look over the bill and see what you don’t need. From there call your provider and cancel those services. You want to do this with your cable as well and for the channels you don’t watch. You may even consider dropping cable entirely and switching to streaming options like Netflix or Hulu, which will be cheaper.

Turn The Lights Off

While our dads nagged us about the power when we were younger, there is no doubt that they were right. Electricity is costly and the best way to be saving it is to ensure that things aren’t on when they don’t need to be. So get into the habit of turning off lights whenever you’re the last one leaving the room.

You can also go one step further and instal a power bar with built-in timers or auto shut-off, which will fight phantom power drains.

Consider Public Transit

Depending on where you live, public transit is quite affordable and reliable. It’s not out of the question that you can save a lot of money by spending time familiarizing yourself with the transit system. What’s also nice is that some employers offer pre-tax commuter benefits and some states offer tax credits to those with public transit passes.

Unless you have to drive long distances to reach the city, getting a car may not be a bright idea. Opting for transit will save you on the car loan payments, the gas, yearly upkeep, and repairs.

Another thing to note is that you can always consider renting a car or car-pooling with a co-worker or friends or family if you really need a car too.

Take Advantage Of Free Stuff

Everyone loves free stuff and thanks to the world being more digitally connected, there’s actually a lot of free stuff to take advantage of. There are several ongoing events that take place around all towns and cities. From music festivals, dance classes, art exhibits and more! Either way, these are great ways to treat yourself after a long day of hard work. The road to being a millionaire is not an easy thing to do, but if we are smart about our daily choices and how they affect our long-term wealth, we can definitely get there.