Billionaire Shark Tank investor Mark Cuban has shared three tips we can all follow if we want to save more money in 2018.
Cuban sat down with CNBC’s Make It to share his tips just in time for those looking to implement some financial resolutions for the new year.
Tip One: Ditch the Plastic – Cuban told CNBC’s Make It, “Don’t use credit cards!”
“If you use a credit card, you don’t want be rich,” Cuban has advised in the past.
It’s something fellow Shark Tank star Robert Herjavec agrees with. “When I was young , I would carry a balance on my credit card,” Robert told Make It. “My advice – pay off your credit cards every month and therefore pay no interest. Credit card interest is probably the most expensive loan you could ever get.”
Tip Two: Be a Smart Shopper – Cuban urges, “Save your money. Save as much as you possibly can. Instead of coffee, drink water. Instead of McDonald’s, eat mac and cheese.”
“You will quickly find that the greatest rate of return you will earn is on your own personal spending,” Cuban has written on his blog BlogMaverick.
Tip Three: Put Your Money to Work – Mark told CNBC’s Make It, “Once you have at least six months salary saved, put what you can in a low-cost SPX mutual fund every month,” in order to grow your money and make it start working for you.