The simple old fashioned way: spend less on crap you don't need in the US. Get a detailed breakdown of your spending habits using financial planning software (e.g. Mint), and then start figuring out where you can cut. You'll notice a lot more when you have
all your spending information in front of you.
Over the years I've noticed most of my coworkers simply spend
way too much on:
- Food. I know people who spend $10-20 per meal, while I spend $5 per meal preparing it myself. This savings can easily be two trips a year.
- Cell phone It's almost certain you can find a comparable plan for less money. Don't overpay for a phone. Negotiate.
- Auto (& other) Insurance: Always shop around when it comes time to renew. Negotiate.
- TV/Cable: Look up "cord cutting". If you don't want to cut this out completely, see if you can forego some channels you don't ever watch. Negotiate.
- Internet: I always negotiate with Comcast when my "promotional period" is up. This may not work in your area if there isn't any competition. I usually end up saving $300-400/yr after negotiating with them.
- Alcohol: Alcohol at bars is expensive. If you regularly go out to bars or sports venues, even cutting back on one drink per each outing can save hundreds per year.
- Taxes: I routinely see people overlook tax deductions and refunds because they don't feel like putting in a few hours of their time.
- Credit Card Interest: There are very few cases where paying credit card interest makes sense.
- Subscriptions: $5/month here, $9/month there adds up. Only keep those that are crucial.
- Other crap: Many people spend more on cars, homes, rent, etc. than they can actually afford. Always negotiate as hard as possible and be realistic. It may be worth paying a good CPA or financial planner for an hour or two of their time if you're not sure.
- Hookers: They are insanely overpriced in the US. Spend as little as possible. In general, I've found that Asian Massage Parlors usually offer the best quality/price ratio.
There are hundreds more money saving tips online. I was going to write up a similar list for generating additional income, but I gotta run out.