What CEOs Have to Say About Saving Money

Posted on 16/10/2014 by | 0 comments

Saving money — or better yet, getting a good deal—is something we all strive for. I don’t care if you have all the money in the world, you will certainly find yourself in a position of wanting to spend a little bit less on your purchases. Hell, even top CEO’s and financial experts want to save a bit of money.

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Image credit: StockMonkeys.com

In fact, we’re going to take a look at a few CEO’s and money experts from around the world who offer some brilliant advice on how to save on that next meal, save on that automobile, or that next purchase you’re considering.

After this list, you’ll feel a lot more confident that you went the CEO way—making a wise purchase and saving some valuable money!

Let’s start with an everyday purchase — food! We certainly need to eat and we definitely want to eat something good. Sometimes it can be a bit tricky to get the best of both worlds? So, what is an empty stomach to do?

Plan your meals and shopping lists around featured sale items.

Stephanie Nelson, founder of CouponMom.com, adds her input on the best ways to save. She mentions that in order to eat good and still save, it’s best to “plan your meals and shopping lists around featured sale items.”

What she means by this is, is checking out your grocers sale items BEFORE heading to the store, BEFORE planning your meals (if you’re the type of person to do that), and BEFORE cooking.

If you’re a planner, then this is the best way to save on food. If not, don’t fret. She also recommends combining coupons. She says learn and “know how your stores’ savings programs work.” It just might help in your quest to be a thrifty shopper, just like these people in the video:

Video: http://youtu.be/2NKDssz5vh4

After a full stomach (or maybe before), you’ll probably desire some good entertainment. You might be ready for a night on the town or even a good movie. Whatever it is, you definitely don’t want to spend a fortune!

Luckily, there are a number of ways to save. There are plenty of phone apps, like Groupon and store-specific apps that constantly publish coupons and savings. Simply keeping an eye out for deals around you is a worthwhile option. If you’re interested in movies, consider watching them after they’ve been released on Netflix or Hulu. If you want to eat out, always remember to check the daily specials that most restaurants provide. You don’t even need an app for that; you just need to be attentive.

Simply put, consider you money a prize that shouldn’t be handed over so quickly. Going out for some entertainment is a big part of life. Being smart about how you spend your money is a wise investment. Also, it gives you a lot more time to make other people happy.

ING Direct CEO, Arkadi Kuhlman explains in detail the importance of keeping reserves for more than the rainy day. He says, “We need more reserves as an individual. We need more reserves as a people, in terms of dealing with realities of everyday life.”

Video: http://youtu.be/kMDJ3MSHu0M?t=1m45s

If you’re like most people, entertaining is probably pretty high on your to-do list. When you’re entertaining, you’re more than likely going to be conscious of every cent you’re spending…not because you’re cheap or unfriendly, but because it can get downright expensive.

Luckily, we have Brit Moran to tackle our money saving problems. She advocates saving money by the ever-so-popular DIY (do-it-yourself) projects. She has a ton of resources and projects you can follow on her website, Brit.co. She has guides on everything from jewelry, cooking, and fashion.

Most of us around the world need an auto to get around. A lot of us have the luxury of using public transportation. Whichever person you are, you should be in the know on how to save when owning an automobile.

One-way to do so: purchase your parts online. The CEO of FCP Euro mentions in his Reddit AMA (ask me anything) that online shops “can sell product at 20-30% margin and still be profitable.” The savings go right in your pocket, or gas tank.

Purchasing a home, or renting a lease, is one of those big decisions in life that can make or break you. You can purchase a home out of your budget or you can play it smart and buy a dream home that you can actually afford.

Elle Kaplan, CEO of LexION Capital understands the importance of buying and renting. She insists that 30% or less of your take-home salary should be set-aside for your rent—and nothing more! She adds, “Your lease is your largest fixed expense. Sign one you can’t afford, and you risk amassing credit card debt and digging yourself into a hole.”

As everyone knows, getting yourself into a financial hole takes a whole lot of time and energy (no pun intended). Speaking of energy.

Energy is also something you need to mind. Colin Robinson, CEO of Energy Friend recommends a whole host of solutions to cut costs at your home. He suggests everything from pulling “your refrigerator at least 10cm away from the wall as this allows [it] to work more efficiently.” Also, a common but often overlooked money saving tool is to “Get in the habit of turning things off fully.” It might seem obvious, but electrical things that are always on will drain a lot of power and cost a lot of money.

The absolute, most important thing you can save is your time. Time is money. Money is time. If you’re wasting your time, you are most definitely wasting your (or someone else’s) money. That’s not good.

Fortunately for us, we have a life hack from two very wise individuals on how to best manage your time.

Jeff Weiner, CEO of LinkedIn, recommends “carving out time to think, as opposed to constantly reacting. And during that thinking time, you’re not only thinking strategically, thinking proactively, thinking longer-term, but you’re literally thinking about what is urgent versus important, and trying to strike that right balance.”

By always being on the right balance, you’ll find yourself making better decisions and eventually saving money. In time, you’ll find yourself with less regret and more happiness.

In parting wisdom, we take a look at another important tip from Amazon CEO, Jeff Bezos:

“When you’re eighty years old and looking back on your life, you want to have minimized the number of regrets you have. That’s what should drive people. Not on how much money they have.”

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