10 Things to Stop Buying to Save Money & Retire 10 Years Early
Researching things to stop buying to save money now? Look no further than the popular Youtube vlog, The Money Resolution, created by Frankie Calkins.
Frankie says the secret to how to retire 10 years early is to completely eliminate these ten money-wasting items from your budget. Once you do, he says that you’ll be able to retire years ahead of schedule and with a cool million dollars in the bank. Not too shabby.
Starting out, Frankie suggests avoiding credit card interest at all costs. He says it shouldn’t come as a shock to most, but spending more than you can afford on something and paying tons of interest on top of that is like robbing your future self. It’s just not financially smart.
Some of the other things I stopped buying on my path to financial freedom, according to Frankie, include higher education—because there are so many alternatives these days to traditional four-year colleges and the student loans that come with them—individual stocks, and excessive amounts of entertainment.
Plus, I’ve added timeshares, exercise machines and gym equipment, pools, and unnecessary items for babies to the list of things I don’t buy, says Frankie. And that’s because you can live without all of these things and the costs you inherit by owning them just keep adding up.
Looking for even more things to stop buying now so you can retire early? Frankie says you should no longer buy cheap products and replacements or real Christmas trees either. Let’s face it, all of these items cost you money in the long term and you just throw them in the trash anyway.
Things to stop buying to save money
There are plenty of things to stop buying to save money for retirement now. And the items Frankie is sharing today are just the tip of that financial iceberg.
For more money-saving advice, discover this guide on how to achieve financial freedom (and retire early as a millionaire) or these 6 money-saving challenges.
To see more videos, check out The Money Revolution YouTube channel.