9 Best Save Money Quotes Explained
Save money quotes are simple to understand but can be difficult to implement in our daily lives. I will explain each quote and let you know how to take advantage of its learning.
Some of these money quotes are a few centuries old, but they are all still relevant to this day.
Whether you want to save more or spend less, you will learn a few things from these 9 best save money quotes.
Money Savings Quotes Explained
1. “Do not save what is left after spending, but spend what is left after saving.” –Warren Buffett
When it comes to personal finance, there is no secret! You are far better off emulating what wealthy people do than what poor people do.
Warren Buffett might know a few things about money since he is one of the wealthiest investors of our time.
Most people spending is tight to their income, that is why they don’t save enough money.
But if they were to base it on their net income after saving, they would improve their financial situation quickly.
An easy way to illustrate this quote is to take 401k plans as an example. Aside from their tax advantages, 401k plans are funded before receiving a paycheck. That way, people don’t even have to think about it.
That is why the best way to spend what is left after saving is to automate your savings! You can set this up by scheduling a money transfer to your savings account whenever you receive a paycheck.
By automating this process, you won’t be tempted to spend your savings.
2. If you would be wealthy, think of saving as well as getting – Benjamin Franklin
Wealth can mean so many different things and be measured in so many different ways.
However, wealth is not about how much money you make. It is about how much you need and how much you keep.
Even if you are saving money, it might not be enough to become wealthy because of inflation.
Benjamin Franklin’s quote is telling us to get more out of our savings by investing. It might be the only way to become wealthy.
The goal is to stop focusing on how many hours you need to work to cover your spending. But how much money you do need to save to take your finances to the next level.
3. The quickest way to double your money is to fold it in half and put it in your back pocket – Will Rogers
This is the funniest of all save money quotes that you will find in this article. At least it makes me smile every time I read it.
I am sure you heard more than once the following sentence. You need to spend money to make money.
While it might be true in some scenarios, most people don’t make any money out of their spending.
Similarly, people are often looking for quick ways to double their money. Sorry to disappoint, but they don’t exist.
Disclaimer, get rich quick schemes do not work.
As Will Rogers said, you will eventually double your money if you keep it in your pocket instead of spending it.
Don’t keep it in your pocket though, invest it!
You can use the rule of 72 to determine how long it will take for your money to double. Simply divide a fixed annual interest rate to 72. The result is the number of years for your money to double.
Spending Habit Money Quotes Explained
4. You must gain control over your money or the lack of it will forever control you – Dave Ramsey
Dave Ramsey is one of the leading authorities on personal finance.
Most of what he learned was from personal experiences and things that he picked up along his life.
The point he makes with his money quote is that you can’t let money control your life.
Unfortunately, when you are deep in debt it can be extremely difficult to do the things you want to do in life.
If you want to gain control over your money, you have to answer two questions. How much money is coming into your bank accounts? How much of it is coming out of them?
Assess your current financial situation by identifying your spending habits and finding ways to change them for the better.
5. Never spend your money before you have it – Thomas Jefferson
The temptation to buy things using personal loans or credit cards is very strong in the United States.
Especially for people that tend to make impulse buys or compare their possessions against other people.
If you make a habit of buying things you don’t need before you have the money to pay for them, you will end up in deep debt quickly.
Instead of relying on credit, set money aside until you have saved up enough cash to buy what you want.
Most of the time you won’t even purchase it because you will realize that it wasn’t something that you needed in the first place.
Be mindful about the money you spend and don’t buy things with other people’s money. You will end up paying your purchase two or three times its price.
6. It’s not your salary that makes you rich, it’s your spending habits – Charles A. Jaffe
Charles A Jaffe makes a good point with this save money quote. It is not about how much you earn but how much you keep.
At the end of the day, your spending habits determine how much money you keep in your bank account.
A lot of people making 6 figures per year have negative assets. Meaning that they spend all their earned money and take on debt to cover their expensive lifestyle.
On the other end, you have teachers, firefighters, and servers, to name a few, that are millionaires because they live below their means and invest their savings to build wealth.
Let’s say that you earn $50,000 per year. At the end of 40 years, you will have earned a total of $2,000,000. So the million-dollar question is: “How much of it will you end up with?”
Answering this question might be hard if you don’t look into your spending habits and create a financial plan.
7. He who buys what he does not need steals from himself – Swedish Proverb
This is a very unique way to look at the idea of spending money. It means that if you buy things you don’t need, you are stealing from yourself.
While you are not technically stealing from yourself, you are still depriving yourself of the ability to build wealth. Don’t waste your money on things you don’t need!
A great exercise to go through is to identify each purchase and divide into one of these two categories: needs or wants.
You should always prioritize things you need over things you want. Ultimately, wants are temporary and will be replaced by other wants.
Reduce the amount of money you spend on wants so that you can afford things you need in life.
Inspirational Money Quotes Explained
8. You don’t have to see the whole staircase, just take the first step – Martin Luther King, Jr.
While this quote from Martin Luther King can be applied to anything in life, it is especially true for your finances.
All you need to do is realize that you can succeed financially without having all of the answers. You just need to start your journey today.
You simply need to be ready to take that first step and the rest will follow. As a baby, you started to move your feet before knowing what it took to walk.
You don’t have to make drastic changes at the beginning to be successful. Start with small steps like analyzing your expenses to learn more about your current financial situation.
As long as that first step leads you towards your ultimate goal, you will be on the right track.
9. The price of anything is the amount of life you exchange for it – Henry David Thoreau
This powerful and inspirational money quote by Henry David Thoreau can be kind of sad, but it is so true.
Whenever we spend money on something, we exchange our time by working long hours to buy it.
For example, if you make $25 an hour, it will take more than a week to earn enough money to buy the Playstation 5.
Before making a purchase, calculate how many hours you had to work to afford it. If it feels like it is too many hours, don’t buy it or find cheaper alternatives.
Your time is valuable so use it appropriately and focus your attention on what you have rather than what you don’t have.
Chances are that the things that make you happy in life don’t cost much.
Thoughts On Save Money Quotes
I love save money quotes! Whenever I need some motivation or inspiration to keep improving my financial situation, I read a few of them.
However, it is not sufficient to just read them. You need to incorporate their teaching into your daily life.
If you need help to gain control over your finances or achieve your financial goals, let’s start the conversation!