Warren Buffett is a hugely successful investor, and his tips for investing are surprisingly accessible. Most of his methods are simple, straightforward and timeless. Heres some of Buffetts best money advice.

Borrow Wisely

Buffett warns against excessive borrowing. Credit card debt or unnecessary loans can quickly get you into lots of financial trouble:

Ive seen more people fail because of liquor and leverage leverage being borrowed money. You really dont need leverage in this world much. If youre smart, youre going to make a lot of money without borrowing.

At the same time, you dont have to rule out borrowing completely. Some experts classify borrowing money as good debt and bad debt. According to The Money Advice Service. good debt is a sensible way to invest in your future. It leaves you in a better place, long-term, and should, ideally, not have a negative impact on your finances. This includes things like a mortgage or student loan. Keep in mind I said ideally.

Bad debt, on the other hand, is pretty obviously and inherently not meant to be an investment. Bad debt drains your finances and has no prospect for future growth. A loan to buy a big screen TV is bad debt. If youre going to borrow money, make sure its for an investment.

Pay Yourself First

If you want to make saving a priority, take a look at how you budget.

Dont save what is left after spending; spend what is left after saving.

This might be Money 101, but its a lesson a lot of people dont consider. Lets say you have enough monthly income to cover your basic needs, and you want to start saving. Budget for your needs and bills, then figure out how much you want to save. Whatever is left is spending money.

Paying yourself first is basically an automatic way to prioritise your savings. To do this, you can set up automatic monthly deposits into your savings account. And think of your savings and investments as a monthly bill, if that helps.

Dont Underestimate Your Habits

Many people underestimate the bad money habits that can eventually take over their finances. We often dont wise up to our habits until they have become hard to manage.

Chains of habit are too light to be felt until they are too heavy to be broken.

Much of personal finance is about mindset. Accepting this will help you nip those bad habits in the bud. before they get out of hand.

If you want to change your habit, first break it down. Understand your cue, reward and routine. With those in mind, you can work toward breaking the cycle of your habit.

Break the Pay-To-Pay Cycle

Its easier said than done, but Buffett illustrates just how important it is to break the pay-to-pay cycle :

Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.

When youre living in this cycle, it can be hard to find the time and resources to take a step back and address your financial issues at their core. But trying to patch up the aftermath of your issues rather than the cause of them can keep the cycle going.

Some examples of patches in the pay-to-pay cycle would be payday loans or withdrawals from your emergency fund or long-term savings. While a financial patch might get you out of a pinch, in the long run, it almost sets you up for failure.

On the other hand, what would be considered changing vessels? Heres what weve talked about:

• Look for regular expenses you can trim

• Reevaluate your needs versus wants
• Downgrade
• Learn some basic skills to deal with emergencies yourself

Some of you may already be doing all of this and still feel youre stuck in the cycle. Changing vessels is a hell of a lot easier said than done. And theres probably need for a larger solution that goes beyond the realm of this post. But if you can find a way to change boats rather than patch a sinking one it might take a little more time and effort, but its worth it.

Price And Value Are Not The Same Thing

Buffett is notoriously frugal. And frugality is all about value. In this quote, Buffett explains that value and price are not the same thing:

Long ago, Ben Graham taught me that Price is what you pay; value is what you get. Whether were talking about socks or stocks, I like buying quality merchandise when it is marked down.

Frugality isnt about buying anything at a low price. Its not about paying a lot for something just because its valuable, either. its about buying value at a low price. Another way of putting it:

Its far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

If you consider yourself frugal, consider this: the key to making a smart spending decision isnt just price; its value, too. So when youre getting a deal, dont forget to calculate value into the equation.

Invest Long-Term

Buffett always promotes big picture. He warns to not get caught up in daily valuations. Instead, think long-term.

If you arent willing to own a stock for ten years, dont even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolios market value.

Money Isnt Everything

Yep even the worlds most successful investor knows money doesnt buy everything.

Some material things make my life more enjoyable; many, however, would not. I like having an expensive private plane, but owning a half-dozen homes would be a burden. Too often, a vast collection of possessions ends up possessing its owner. The asset I most value, aside from health, is interesting, diverse, and long-standing friends.

Money offers a lot of options. But, of course, its important to remember the things in life that truly matter most.