Money Habits for Saving Wisely From a CFP

Available for Interviews: Mario Payne, CFP

Mario Payne is a Certified Personal Planner and is the Founder of TOAMS Financial in Jacksonville and brings over 15 years of investment experience to his business. He is also the author of the forthcoming book, The R.e.l.a.x. Investor: A Stress-Free Approach to Investing While Building Wealth.

What Mario Payne could say on
Saving Money:

Under-the-Radar
Money-Saving Strategies

Saving money is less about the amount and more about developing the right habits and strategies. It’s never too late to start; even small steps can significantly affect your financial health over time. It’s the phrase you have to crawl before you walk. Whether using under-the-radar tactics or sticking to tried-and-true methods, the key is staying consistent and focused on your long-term financial goals.

1. • Pay Yourself First. It’s a classic strategy that still surprises me with how underutilized it is. The idea is to treat your savings like any other bill—it should be a non-negotiable part of your budget. This is the 50/30/20 rule. 50% of your check goes toward your bills account. 30% goes toward your wants account. 20% goes toward investing and saving. A certain percentage should be automatically transferred to a savings or investment account when you receive your paycheck. It’s an easy, automated way to build wealth over time, yet it’s surprising how many people don’t adopt this strategy.

• • Review Subscriptions Regularly.  With the rise of digital services, from streaming platforms to monthly subscription boxes, it’s easy to lose track of where your money is going. Many people are surprised when they tally up their monthly subscription costs. A regular review, say every quarter, can help identify any services you no longer use or benefit from, and canceling them can lead to significant savings.

Key Strategies for Saving Money

If I highlight the two important strategies for saving money, they would be starting early and consistency.

1. • Start Early. The power of compounding is genuinely transformative regarding savings and investments. The earlier you start, the longer your money has to grow. Even small amounts saved in your 20s can lead to significant wealth in your 60s.

• • Be Consistent. Regular, consistent contributions to your savings or investment accounts can add up significantly over time, even if small. Regular saving habits also instill financial discipline, which is invaluable for overall financial health.

The Biggest Mistake in Saving Money 

In my experience, people’s most common mistake when saving money is not setting clear goals. Whether for retirement, a down payment on a house, or an emergency fund, having a specific goal gives your saving efforts direction and purpose. It makes the process more rewarding and helps you stay disciplined, even when faced with tempting spending opportunities.