1. Don't lease a car
In Suze Orman's words, "you should never, ever ever ever, lease a car."
If you lease, you'll sink your money into several years' worth of car payments and be empty-handed when the lease term is done.
Financing is a better option, but Orman has said if it will take longer than three years to pay off the car, then it’s out of your price range.
Buying a used car is another way to go. Models that are just a few years old will have great safety specifications and the same audio-visual tech as a new car, at a fraction of the price.
When it comes to buying a car in the current market, Orman's advice is simple:
"Your goal should be to buy the least expensive car. Period."
2. Don’t skimp on car insurance
Car insurance policies include three key areas of coverage: for bodily injury liability per person, for total bodily injury liability, and for property damage you cause. Minimum coverage amounts in many states are, respectively, $25,000, $50,000 and $25,000.
Orman doesn’t think that’s nearly enough. "It will be a financial disaster paying out of pocket for serious injuries, loss of wages, rehab and such for the other driver (and their passengers) if you cause an accident," she says on her website.
WalletHub conducted a study saying that the minimum amount of monthly coverage costs the average American $60. It makes sense to shop around to find a better policy that fits your needs and your budget.
Raising your deductibles can also result in significant savings.
3. Don't spend on things you don't really need
There’s no better way to kick-start your savings than by playing the need vs. want game.
The next time you're ready to buy something, ask yourself whether you really need it. Is it a necessity, such as medication, food from the grocery store or a solid pair of shoes for work?
Or simply something you want — like another drink at the bar, fast food for dinner again or the lastet gadget?
"The key is to push yourself to save more," Orman wrote in her blog on Feb. 16. "When you cut out wants and spend the least amount on needs, I think you will be pleasantly surprised by how much money you might be able to redirect into savings."
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4. Don't take a tax refund
"If you’re getting a tax refund, you are making one of the biggest mistakes out there," Suze Orman says.
Why? Because you've essentially had too much of your pay withheld for taxes — and have effectively given the government an interest-free loan. When you're owed a $2,400 refund, you've allowed yourself to be shortchanged $200 per month throughout the year.
But surveys have shown that Americans love their tax refunds and eagerly plan out how they'll use the money each year.
In the past, Orman has called a tax refund "the biggest waste of money that you will ever get."
Orman says unless you make a plan for the money and stick to it, you'll likely end up spending it on something you don't need.
"Your IRA is a good use of that money," Orman wrote in a blog post last year.
5. Don't waste money on coffee
Your daily stop to pick up a cup of dark roast or a cappuccino is a habit you need to break, the money maven says. It's a "want," not a "need," and it's costing you a ton of money.
"You are peeing $1 million down the drain as you are drinking that coffee," Orman once told CNBC (causing coffee drinkers across America to do a spit take).
Here's the math on that: If you're spending $100 a month, that's money that could grow instead in a Roth IRA — to roughly $1 million after 40 years, assuming a 12% rate of return.
But you love those fancy store-bought coffees? Get over that. "Every single penny counts" when you're saving for your future, she said.
There are plenty of other ways to use that money. You could invest that spare change or use it to beef up your savings or emergency fund — which could come in handy as inflation continues to drive up your monthly bills.
WATCH NOW: Suze Orman tells a cautionary tale on what happens when you can't cover your next financial emergency
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