7 Massively Successful Entrepreneurs Share Their Favorite Money-Saving Tips

Mark Cuban, Mona Patel and others give their best advice on how to save more.

learn more about Natalie Zfat

By Natalie Zfat

Council for Economic Education

Opinions expressed by Entrepreneur contributors are their own.

Let’s face it: Most people are uncomfortable talking about money. Though topics like saving, spending and investing are unarguably important, they have become alarmingly taboo.

People who have money don’t want to talk about it, and people who don’t have money certainly don’t want to talk about it.

This April, I partnered with the Council for Economic Education (which educates thousands of teachers annually, providing financial and economic curriculums for K through 12 students) to ask 28 entrepreneurs, editors and economists for their top tip for saving money as part of a social media campaign titled #MySavingsTip.

Here are seven of my favorites that can make a difference for your finances.
Council for Economic Education

Mona Patel

“My parents were born in India and did not have much money,” says Mona Patel, CEO of New York-based UX/UI agency Motivate Design, another participant in CEE’s #MySavingsTip campaign. “My parents were never afraid of losing the money that they did make. I grew up around this and realized that the harder and smarter we worked, the more likely it was that we would make money.”

Council for Economic Education

Sam Zises

“[Financial literacy] didn't come as easy to me,” says Sam Zises, participant and CEO of creative marketing agency Learned Media. “I experienced first-hand the intimidation and nerves that finance and accounting in general can cause people. Running my own business, albeit in the creative field, has forced me to take the time to learn - not just the lingo and acronyms, but true best practices.”

Council for Economic Education

Erin Lowry

Erin Lowry, author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together, says, “People’s relationship to money is not rational, it’s emotional . . . We need to focus more on the psychological blocks and triggers that stand in people's ways, instead of just explaining how to budget or the importance of compound interest.”

Council for Economic Education

Elizabeth Gore

Dell Entrepreneur-in-Residence Elizabeth Gore, who recently co-created an AI platform for women entrepreneurs called Hello Alice, recalls how important saving was to her when she was a young woman.

“I have always wanted to have my own money,” Gore says. “It makes me confident and feel more secure. It is not necessarily about having a ton of money, it is about being smart with the money you do have. Financial literacy equals power.”

Council for Economic Education

Ann Shoket

“’Financial literacy’ sounds so lofty, so hard,” says former Seventeen-editor-turned-author Ann Shoket. “We have to make it feel practical, accessible and fun. Money is freedom—to do what you want, when you want. That’s the important point to make to young people just starting out.”

Council for Economic Education

Mark Cuban

“The message I have for my kids is that they have to work in order to get what they want,” says Mark Cuban, one of the 28 participants in the campaign. “We don't just buy things. They have to find ways to earn what they want. It might be an odd job, it might be a reward for reading. But everything requires their effort.”

Council for Economic Education

Rosie Pope

Fellow business owner and maternity designer Rosie Pope says, “My first ‘real’ job was as an entrepreneur, so I have always felt incredibly responsible for my own finances and also for my employees and family . . . . Running your own business can be very high risk but also high reward, so the stress of managing that is very real and always on-going.”

Coming full circle, Cuban agrees, adding, “It’s important that kids understand money and finance. Not just for their future -- but to understand why their parents work so hard.”

Natalie Zfat

Social Media Entrepreneur

Natalie Zfat is a writer and social media expert who curates original content and videos. She has partnered with iconic brands like Rolling Stone, Food Network, American Express and Samsung.

Related Topics

Editor's Pick

This 61-Year-Old Grandma Who Made $35,000 in the Medical Field Now Earns 7 Figures in Retirement
A 'Quiet Promotion' Will Cost You a Lot — Use This Expert's 4-Step Strategy to Avoid It
3 Red Flags on Your LinkedIn Profile That Scare Clients Away
'Everyone Is Freaking Out.' What's Going On With Silicon Valley Bank? Federal Government Takes Control.

How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Celebrity Entrepreneurs

'I Dreaded Falling in Love.' Rupert Murdoch Is Getting Hitched for the Fifth Time.

The 92-year-old media tycoon announces he will wed former San Francisco police chaplain Ann Lesley Smith.


How Great Entrepreneurs Find Ways to Win During Economic Downturns

Recessions are an opportunity to recalibrate and make great strides in your business while others are unprepared to brave the challenges. Here's how great entrepreneurs can set themselves up for success despite economic uncertainty.

Business Ideas

55 Small Business Ideas To Start Right Now

To start one of these home-based businesses, you don't need a lot of funding -- just energy, passion and the drive to succeed.

Starting a Business

Selling Your Business? Do These 6 Things Right Now.

If you want the maximum price you need to make these moves before you do anything else.

Business News

New Mexico Is Hiring Professional Bear Huggers -- Here's How to Land the Dream Job

The American Black Bear was selected as the state's official animal on February 8, 1963, by the New Mexico Legislature.