Money

10 CEOs and entrepreneurs share their best money-saving hack

Everyone has their favorite ways to spend less or spend smarter to get the most out of their money.

"Shark Tank" investor Kevin O'Leary, for instance, refuses to spend $2.50 on a cup of coffee. Jay Leno prefers to have two forms of income at all times: He banks the larger of the two and lives off the other.

CNBC Make It reached out to 10 other successful entrepreneurs and CEOs to find out their best savings hacks. Here's what they told us.

Joel Wishkovsky: Ask for deals

Co-founder and CEO of eyecare telemedicine company Simple Contacts

Joel Wishkovsky
Courtesy of Simple Contacts
Joel Wishkovsky

"Try the nice-guy discount. Seriously, I ask for discounts all the time since you don’t get what you don’t ask for. More often than not, I get a sizable discount — 10 to 20 percent — simply by asking if they could cut me a break."

Chris Terrill: Reward yourself for making good choices

CEO of digital marketplace for home services ANGI Homeservices

Chris Terrill
Courtesy of ANGI Homeservices
Chris Terrill

"Live way below your means, but afford yourself a little 'above your means' splurge every now and then. The most stressed out people I’ve ever met are the ones who are making good money but living so far above their means that you can tell they aren’t enjoying their life.

"Conversely, if you are too miserly, money feels like a punishment and you begin to see it as your enemy.

"Instead, live your day-to-day life below your means and your stress level will be much less because you know you have some cushion and weather bumpy times. But take a small 'above your means trip' or go out for an 'above your means' dinner every once in a while as both a reward for being prudent and pragmatic, but more importantly, to scratch that 'it's fun to spend' itch everyone gets."

Steven Clausnitzer: Use a charge card

Co-founder and CEO of Forever Labs, a start-up that preserves adult stem cells

Steven Clausnitzer
Courtesy of  Forever Labs
Steven Clausnitzer

"I don't run on credit in my personal life. I use a charge card [a card that must be paid in full when a statement is issued in order to continue making transactions] for everything and pay off my balance each month. I haven't had a credit card balance since I was 26 years old. I'm 41 now."

Ilir Sela: Cut out an expense every few months

Founder and CEO of mobile pizza ordering platform Slice

Ilir Sela
Courtesy of Slice
Ilir Sela

"Always be sure to break down your spend and eliminate the one thing you’re spending money on that you can easily live without. There’s always something you can cut, you just have to look and focus. Then repeat the process every three to six months."

Rachel Mayer: Maximize credit card rewards

Co-founder of Trigger Finance and senior product manager at crypto finance company Circle

Rachel Mayer
Courtesy of Circle
Rachel Mayer

"Find the best credit card out there and milk the rewards on common purchases like food and travel. I save hundreds, if not thousands, of dollars a year on flights (and flying business class!) because I am an avid miles hacker. Follow The Points Guy to stay on top of great credit card and travel deals."

Chris Morris: Think through your purchases

Master distiller at the Woodford Reserve Distillery

Chris Morris
Courtesy of Woodford Reserve
Chris Morris

"When contemplating a purchase I ask myself if I really need it or if something less expensive would do. Nine times out of 10 I pass on the purchase or make do with something less expensive. For example, I could wear an expensive watch while working at the distillery; instead, I wear a simple watch that cost $24. It tells time as dependable as any other watch."

Rahul Gandhi: Take advantage of what's free

Co-founder and CEO of storage solution company MakeSpace

Rahul Gandhi
Courtesy of MakeSpace
Rahul Gandhi

"I'm a father to two amazing six-year-old girls and find that their after-school and weekend classes — gymnastics, music and the like — can add up quickly. I prefer to take them to public libraries and museums that cost so much less. We're lucky to live in New York City and have so many museums that my girls love, from the Transit Museum to Natural History and the Met."

Rachel Blumenthal: Re-sell old things

Founder and CEO of personal shopping service Rockets of Awesome

Rachel Blumenthal
Courtesy of Rockets of Awesome
Rachel Blumenthal

"Don’t be wasteful. There are so many businesses for easily off-loading used purchases — The RealReal, Tradesy, Linda's Stuff — so the minute I realize I'm not wearing something as often as I should, I consign it and let the checks start rolling in. It's so easy and a great way to recoup dollars to either save or put toward something new."

Oded Vakrat: Go digital with your receipts

Co-founder and CEO of retail app Earny

Oded Vakrat
Courtesy of Earny
Oded Vakrat

"Most retailers offer you the option to have your receipt sent electronically, so make sure to ask them to do so every time you shop offline. Not only is it better for our environment, but e-receipts are much easier to keep track of, and unlike paper receipts, you’re less likely to misplace them. This comes in handy if ever you want to quickly return an item, make a warranty claim or need a receipt for tax or business purposes."

Zachariah Reitano: Find value in people, not things

Co-founder and CEO of men's health company Roman

Zachariah Reitano
Courtesy of Roman
Zachariah Reitano

"Over the course of your life, no coupon app is going to make the difference. People actually just spend too much money on useless stuff. I can fit everything I own in a sedan and the best nights of my life have been playing games with friends."

Don't miss: 10 successful CEOs share the money advice they would give their 20-year-old selves

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