By Elyssa Kirkham
There are thousands of ways to save money and make more of it, but chasing after every single tip will likely just make you overwhelmed rather than rich. That’s why it’s helpful to find out what the experts say are the best ways to save and earn more. GOBankingRates put the following question to a group of experts: “In your opinion, what’s the easiest way to save money or to make money?”
Here’s what the experts had to say.
TRICK YOURSELF INTO SAVING
Stephen Dubner, who co-authored the New York Times best-selling book “Freakonomics” with economist Steven Levitt and is a co-host of the “Freakonomics Radio” podcast, said a lot of saving money comes down to how you mentally frame money management.
“I am a firm believer in tricking yourself into saving if need be, and taking advantage of what behavioral economists call mental accounting, i.e., treating different piles of money with different intentions (as much as a classical economist might scoff at that),” Dubner said. “Also, discipline really helps. Since I’m self-employed, the first thing I do when receiving any paycheck is divert the appropriate percentage into a set-aside savings account for paying taxes.”
Dubner also advises skipping a commonly used bank product: “I’ve never owned a credit card, only a charge card. Too easy to spend money you don’t have, or don’t really need to spend.”
FOLLOW YOUR PASSION
“Tapping into your passion is the best way to make money,” said Emma Johnson, who is a journalist, business owner, and founder of the popular blog WealthySingleMommy.com, as well as her podcast, “Like a Mother with Emma Johnson.”
Johnson says passion and the drive that comes with it are what will separate you from the competition in your field. “The market is crowded with a lot of people doing similar things,” Johnson said. “Your spark, the thing you love to do most, that is the thing you can bring to the world that no one else can. Devise a business around that, and it’s solid gold.”