The fifth lesson in The Wealthy Barber by David Chilton covers “Saving Savvy.” This chapter is mostly about common sense. It’s diverse and briefly covers some down-to-earth concepts that I’ll list here for a quick overview.
- For obvious reasons, avoiding credit cards is to our advantage. After monthly fees and the high interest rate, as well as buying things we wouldn’t have bought if we had no credit card, we tend to lose a lot of money through using them.
- Instead, pay yourself first and plan for the purchase.
- By investing a little time shopping around, you can save a lot of money.
- It may be helpful to try to establish a budget.
- You should also consider a ‘household financial summary’ to discover what kind of hidden expenses you may not be aware of that are holding you back.