The head of billionaire investors, Warren Buffett who is one of the richest people on the planet with a personal fortune of 117 billion dollars

Warren Buffett shares the mistakes people make with their money and savings.

Buffett says that "the biggest mistake" is "not learning the habit of saving properly".

He also noted that "most behaviors are common."

An easy way to save money?

Do it automatically.

It's advice you've probably heard a thousand times, but that doesn't make it any less effective.

Set up automatic transfers directly from your paycheck to your savings accounts at regular intervals.

This way you will never touch the money, but put it away.

Then every year, if you can, try to increase your savings.

In his 2008 letter to Berkshire Hathaway shareholders, Buffett stated that “the price is what you pay;

value is what you get."

To avoid losing money by paying a price that doesn't match its value, Buffett suggests saving money by buying discounted items.

"Whether it's socks or stocks, I like to buy quality goods when they're on sale," Buffett said.

The good news for consumers is that there are deals on both stocks and shares, as markets are down this year and there are overstocks on many items at places like Walmart because inflation is pushing consumers to spend less.

For his part, Buffett is also in favor of spending money.

"I have an American Express card that I got in 1964," he told Yahoo Finance.

"But I pay cash 98% of the time."

/Telegraph/