Learn how to reach your life and business goals.

This post contains affiliate links. For detailed information read the disclosure policy

This is part 1 of 3 of the money mindset series. 

  1. Top 3 money saving strategies 
  2. How to stop emotional spending
  3. How to improve your money mindset like a boss 

No matter how your relationship with money is.

The fact is that we all need it to survive and to afford the things we want and desire in life.

To be honest with you I didn’t have a good relationship with money.

I had the belief that money is evil and that it’s better to get rid of it as soon as possible.

Therefore I usually spent all my money as it came in, oftentimes on things I didn’t really need, just for the sake of spending it.

This strategy turned out to be not helpful at all but I didn’t know how to change it.

It took me a few years to find out why I had this negative belief about money and was able to change it. 

In part 3 of this money series, I explain how I found out my self-sabotaging belief around money and how I changed it.

Today’s post is inspired by the book the richest man in Babylon. 

The book suggests various ideas and ways to save money and what to do with the saved money.

In this post, I share with you the top 3 money-saving tips I learned from this book + 45 more ways you can save money.


Improve your life and biz! Learn about the top 3 ways to save money successful entrepreneurs live by + 49 more money saving tips via #moneysavingtips #waystosavemoney #howtosavemoremoney #lillaliptak


  • Top 3 money-saving strategies 
  • Save 1/10 of your income
  • Use 2/10 for debt repayment 
  • Control your desires and expenses
  • 49 money-saving tips


I heard a lot of successful entrepreneurs talking about the book the richest man in Babylon.

It’s written by George Samuel Clason and was published for the first time in 1926.

As the title suggests, the story takes place in ancient Babylon.

Although this book is nearly 100 years old, and the story even older, the information about how to save more money is timeless.

In this post, I’m going to summarize briefly my takeaways from this book and share with you 3 ways to save money.

If you are, interested to make short time travel to Babylon and to dive into the Ancient stories of that time, check out the richest man in Babylon here.

Get this book on Amazon



Living from paycheck to paycheck isn’t a good idea.

In case you’ve done that or are still doing it here is why should stop:

By living from paycheck to paycheck we earn our money and immediately give all away to someone else every month.

  • for the apartment we live → to our landlord
  • for the food we eat → to the cashier at the supermarket
  • for transportation → to the railway company or the gas station
  • for our new clothes and shoes → to the clothing company
  • for a new haircut → to the hairdresser
  • for our cup of coffee → to the coffee chain

The problem with this is the following:

Everything in this world costs money and if you spend all you have every month, you won’t have any security for yourself in case of an emergency.

This means you completely become dependent on others once an unforeseen event happens.

It can be a small problem like a sudden breakdown of your laptop or your washing machine which could immediately get you in trouble and stress you out.

You can prevent this stress by starting to put away money for yourself every month.

By saving at least 1 / 10 of your income each month, you can steadily increase your savings over time and cover emergency expenses easily.

Let’s do the math:

Assume you earn 3k per month net amount, which means you put away 300 bucks every month.

In case no emergency happens, you have a decent amount of 3.6k in your savings account at the end of the year.

And in case something breaks down you have no stress and can easily replace it.


While money saving tip no 1 was focused on saving for an emergency, tip no 2 is focused on debt repayment.

Having debt isn’t unusual.

  • It may be a credit card debt
  • a loan on a house or a car
  • or student loans that have to be paid back

In every case, it’s better to pay back as much as possible the sooner the better to save interest rates and to be debt-free more quickly.

Putting away 2 / 10 of your income every month for debt repayment might be very challenging at first.

You have a certain lifestyle and necessities you are used to.

Cutting in total 3 / 10 of your income which you usually spend on your lifestyle won’t be an easy walk but it’s doable.

If you don’t have any debts to repay, save in total 3 / 10 of your income instead.


I heard about this one a lot and somehow I always felt repelled by it.

Controlling the expenses = also called budgeting simply always sounded strict and boring to me.

The following sentence made me think and change my view of budgeting.

The more you earn, the more desires you’ll have → the higher your necessities become!

And yes, for me it’s definitely true and if you think about it, it may be true for you as well.


At the beginning of my career, I had about 3 times less money per month as today and now I’m still able to spend all I have every month without any problems.

My necessities grew parallel to my income.

There is always something I think I need. BUT I don’t really need it, it’s just an impulsive desire.

What does this teach us?

Controlling your expenses means at the same time also controlling your impulsive desires.

This doesn’t mean that you shouldn’t have any desires at all, but you should be more conscious of what you truly desire and what’s only an impulsive purchase.

Let go of the impulsive desires which are unimportant and temporary.

In more detail, it means that maybe your true desire is to own a nice house, but on the other hand, you saw in a store a nice pair of shoes.

You have enough shoes, but you like these really much…

So usually you might just go for the shoes because you can afford them.

With having the true desire in mind, however, you can skip the new shoes, keep your monthly budget and save the money for your true desire.


  1. buy second-hand gadgets, furniture, toys, clothes on eBay
  2. sell things you don’t need anymore on eBay
  3. buy food in bulk
  4. limit eating out
  5. cut back on your coffee from the coffee chain
  6. bring your tea or coffee with you.
  7. bring your lunch to work
  8. join the library and read more books
  9. use public transportation instead of a car
  10. walk more often or use your bicycle instead of using the car or public transport
  11. cut back on your cell phone spending, switch to prepaid
  12. adopt a minimalist wardrobe 
  13. Cancel unnecessary subscriptions and memberships
  14. avoid withdrawal fees
  15. avoid credit card overdraft fees
  16. drink more water instead of soda, it’s healthier anyway
  17. use coupons while shopping
  18. purchase after the season (on sale are always: summer clothes after summer, winter clothes after winter, Christmas decoration right after Christmas)
  19. work out at home and save the gym membership
  20. unsubscribe from newsletters from stores to avoid the temptation to randomly buy something
  21. meet for a coffee  with your friends instead for a night out, it’ll be cheaper
  22. buy only the food you gonna eat to avoid wasting food and money
  23. never go grocery shopping when you’re hungry
  24. use the happy hour whenever you feel like ordering food or going out
  25. check out the free museum days (in Germany some museums are free once per month on Sunday)
  26. check every now and then your internet fees and see if there is a cheaper option available you could switch to
  27. use your phone until it dies. You don’t need every year a new phone. It’s also better for the environment.
  28. compare the prices on the internet before you make a purchase on a random product
  29. rent DVD’s, audiobooks and cd’s from the library
  30. use Couchsurfing, hostel or Airbnb instead of an expensive hotel while traveling
  31. check out free events in your city (in New York and Hawaii there are free yoga classes, free concerts, and free open-air cinema in the summertime)
  32. Use early bird prices (some event tickets are much cheaper when you purchase them a couple of months earlier)
  33. Early bird swimmer, swimming pools sometimes offer a special low price entry fee in the early morning hours or 1 hour before they close
  34. minimalize your make up and stick to it (you don’t need 147 different eyeshadows)
  35. paint your nails by yourself and stick to a few colors only (again you don’t need nail polish in each and every color)
  36. minimalize your hair and body care products (evaluate what you really need, that certainly aren’t 9 different shower gels and 13 different hair care products )
  37. check which insurances you are paying for and cancel those which you don’t need.
  38. cut back on snacks while you are on the go, bring your water and food with you in case you face a ravenous appetite while walking around in town
  39. use a shopping list for grocery shopping and stick to it
  40. make a meal plan
  41. switch off the lights when you aren’ t in the room
  42. unplug your electronics when they are charged
  43. set yourself a financial goal
  44. check sales at Groupon
  45. purchase things on holidays, there are some good online deals at Black Friday. Especially for online courses. However,  I noticed that on the other hand there are some stores which have better deals a few weeks before Black Friday.
  46. Avoid going on vacation at high season. Which is for Europe July, August and Holidays like Christmas and New Year. The prices will be way higher than before or after these months and holidays.
  47. learn about your money mindset and get rid of your limiting beliefs around money
  48. check weekly sales in your favorite grocery store and plan your meals accordingly
  49. listen to money podcasts to keep yourself motivated

All the things I mentioned in this post at a glance:

You might be also interested in the post How to reach your impossible goals

Download the FREE Reach Your Goals Guide!