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One of the most simple ways to save money and achieve financial freedom, is to reduce your outgoings as much as possible, so you have more left over from your incomings.

This simple discipline is so underated, and an incredibly valuable practice to introduce into your life. If you research some of the most successful finance magnate’s – Warren Buffet, Jeff Bezos, John P Morgan, John D Rockefeller, Nathan M Rothschild – they were all known to live frugally within their means. Yes, they spent money, but they knew the importance of every penny.

It is such a simple premise, people often can’t believe they haven’t started following it earlier. It’s never too late to start. Sometimes, acolytes fall off the path, but like any discipline you have to jump back on the horse.

On a positive note, the ways to reduce living costs are vast. To get us started I’ll list ten and recommend some other reading on the subject matter.

1) Live near your place of employment.

2) Live in a low cost home.

3) Take your lunch and coffee to work.

4) Reduce travel costs. Train/bus subsidies. Old car. Bike. Walk.

5) Use vouchers/deals for restaurants.

6) Shop in low cost supermarkets to reduce food bill.

7) Eat less meat.

8) Batch cook.

9) Review all costs regularly to ensure on best deals.

10) Buy second hand when can.

These financial gurus have been wonderful motivation for me.