The Smartest Way to Save: Why You Can’t Hang on to Money and What to Do About It

This book does a great job of showing why it is not what you earn that is important but what you keep that matters. While so many of us are busy playing financial offense, literally killing ourselves for large incomes or with two income families. What we should really be doing is playing good financial defense, buying what we truly need. We should buy a car based on what we need a car for, which we can usually get used for a fourth of what a new car costs.Our home should be our castle but it should not cost as much as a castle in the mortgage and to maintain. The book turns over all stones in discussing how to save smart.

Here are Sam’s principles for financial independence:

1. Daily choices add up.

2. Small savings over a long time create more wealth than big risks.

3. Pay yourself first.

4. Separate wants from needs.

5. Toxic debt is poison.

6. Credit is for emergencies. Pay cash until you reach your goal.

7. Windfalls are capital, not income. Capital is for wealth investment.

8. Never take a risk or purchase an item you cannot afford.

9. Put your own oxygen mask on first. (Do not try to help others financially until you are stable yourself).

10. Inexpensive gifts can show you care. Expensive gifts give a false impression and are motivated by insecurity.

11. Enjoyment of luxury is brief. But the anxiety can last a long time, at least until the debt is paid.

12. Get fulfillment from personal relationships not material things.

13. Why are you shopping? Know the reasons.

14. Resist the urge to indulge in instant gratification; invest instead.

15. Ask, ask, ask for what you want-and be clear. (For deals and discounts).

16. Comparison shop first.

17. Buy wholesale whenever possible.

18. Do not buy labels, buy value.

19. Buy pre-owned whenever appropriate.

20. Keep price tags and receipts.

21. Keep your funds invested and working for you, but cautiously.

22. Income $1.00; spend .99 cents= happiness; spend $1.01=misery.

23. Buy what pays you; don’t buy things that decrease in value or cost you to own.

24. Immediately set aside for taxes.

25. Personal purchases cost you 60% more because they are after tax.

26. It’s not how much you make-IT’S HOW MUCH YOU KEEP.

The book does a great job explaining all of these principles in great detail so you can follow them. I am sure this book will pay for itself in the money you save after reading it.

Rating: 4 / 5

In this uncertain economy, we’re all looking for ways to cut expenses and put money in the bank. Authors Samuel K. Freshman and Heidi E. Clingen have created a system called The SmartestWay to Save to help make it easier.

This book is all about saving, not investments. You won’t find any advice on where to put your money once you’ve accumulated it. Instead, you’re encouraged to do your own research and choose wisely. But if you want to learn how to build your savings, The SmartestWay to Save offers some ideas.

Many of the concepts discussed are pure common sense – don’t spend to keep up with others, don’t worry about what other people think, think before you spend, pay yourself first, comparison shop, and avoid debt.

But at times I wondered about their suggestions. They strongly tell us to avoid debit cards and ATMs, but if you keep careful tabs on your checking account balance, you can very safely use them to avoid credit cards. Shop discount stores like Sears and JCPenney? The last time I stepped inside either of these stores, I hardly thought their prices resembled “discount” prices. And Avon is “inexpensive” makeup? I don’t think so.

Many internet sites are sprinkled throughout the book, but these are simply store links easily found through a search engine. Instead I’d have liked to see information on finding “discount codes” at websites we shop on a regular basis – they’re out there if you know where to look for them. Tips on using the internet to find the best prices around would also have been helpful.

I’m a very frugal accountant, so my opinion may be slanted a bit, but to me, this was a very basic book designed to sway a spender to think about and start saving money. If you’ve been frugal for a while, I’m pretty sure you’ve been doing many of the suggestions already, and you’ll find this book too basic for your needs.

Reviewer: Alice Berger, Bergers Book Reviews
Rating: 4 / 5

“The Smartest Way to Save Money” is not a groundbreaking book on saving and the ability to make more with less. The difference here is that the authors offer a solid plan (and series of plans) to help the reader make the correct financial choices.

Each chapter is relatively short and to the point – usually 5-8 pages that explains the problem and what you can do to change your spending habits. Some of the recommendations -

- Analyze the psychology of WHY you are in debt – is it because of misfortune or because you use spending to fulfill a deeper need.

- Strategies to pay off your credit card deb

- How to save – by incorporating a savings budget

- How to spend less on gifts, but to get a greater effect.

Again, most of the concepts are simple and mostly common sense, however the authors are able to present a realistic diagnosis and cure for your financial plan. The power is in the effectiveness of the authors to effectively boil down the concepts and eliminate the excuses. You may find some of the concepts old fashioned but it doesn’t mean that we should try them in these trying times.

Final Verdict -

The authors would say not to buy his book… they would say to read the book, but to check your local library before committing to buying!

5 Stars

—-Please note that I reviewed a free promotional copy which was provided by the author/publisher–
Rating: 5 / 5

The SmartestWay to Save is actually brilliant. Not in that it reveals top secret information, but because it is honest. Simply speaking, The SmartestWay to Save reminds you of a loving fathers conversation with his son regarding money. From cover to cover, you’ll find tips to saving on car shopping, clothes buying and grocery expenditures. You’ll see the best way to avoid credit cards and should you already have them? The smartest way to get rid of them.

Nothing disclosed that will shock the average reader, yet the secret to its success is nothing short of clever. What lies within the 200 pages of this green and yellow book is common sense. Yep. As simplistic as it sounds, not one page contains anything more than common sense. These are things we all should know. Yet, somewhere along the way, we forgot or perhaps just quieted the voice inside that tried to keep us out of spending trouble. When you break it down to the smallest seed of wisdom, it hinges on this. It’s not what you make that matters-it’s what you save. I know. How complicated is that? If you are willing to use a little, small, minute amount of self control, great gains can be made in your wallet.

Read page eight and figure out why you spend. Are you rebelling against parents that were penny pinchers? Is it easier for you to spend than build relationships? Do you feel you deserve luxuries because you work hard? (you can thank the media for that one!) Once you identify the reason, determine to stop spending and start saving. Do you have $20 a month you can save? Watch that add up to over $112k over the course of 40 years. Do you know that asking “What can you do for us on this?” can save when it comes time to buying appliances, purchase property insurance or any other purchase?

The goal is to save as much as you can, be smart about what you do spend, and enjoy life, knowing your finances are in your control and not controlling you. The SmartestWay to Save is highly recommended for those wanting financial freedom and the knowledge to getting it done.

Rating: 5 / 5

Have you ever cut yourself and been too afraid to look at the damage? You knew you were bleeding, but you dreaded going to the E.R. for stitches. I’ve often felt that way about balancing my checkbook. I knew my bank account was hemorrhaging, but I was afraid of the surgery that might be required to stanch the flow.

I’ve read other books on money management, but they all produced such guilt and distress that I felt sure my family could never apply their principles to achieve financial stability. Every few years, we’d “get lucky” and a windfall would bail us out of debt. We’d sell a house or a rental property– or a relative would die– and we’d pay off all our debts and start the cycle over again.

The Smartest Way to Save addresses the emotional issues related to managing money. Sam and Heidi’s compassionate encouragement, coupled with sound financial advice, has freed me from the shame and anxiety that held me captive for decades. I now have the confidence to confront every financial challenge I face. As a recent divorcee, I am in worse “fiscal” condition than ever, but Sam and Heidi’s book has empowered me to conquer not only my fear, but also my failure. I know how to stop the bleeding, and I’ve taken steps to close the wounds, heal the scars, and grow a thicker skin– perhaps even regenerate a severed limb.
Rating: 5 / 5