Let’s say you’re interested in cutting back on how much you spend.
Let’s say you’ve been talking about it for a while, but, for whatever reason, you just haven’t been able to pull the trigger, so to speak.
Sometimes, all you need to get started is a little push, so here are our top five frugal living tips to give you a nudge in the right direction.
Perhaps the most prominent of our frugal living tips is controlling your expenditures.
We’ve all heard the phrase “live within your means.”
Living well within your means, though, takes things a step further. If you can get your expenses so low that you’re generating surplus capital and not just scraping by, you’re building a future basis for savings, wealth, and investments.
Check a savings calculator, by tucking away just $917 a month; you can get to 200,000 in savings in about 15 years.
To take your savings to an even higher level, you can find a way cut your costs and increase your income.
This set of frugal living tips starts with recognizing when you just want something and when you really need it. 4
Knowing the difference will save you from making purchases that are not necessary and save you some money. When you do have to buy something, make sure you buy smart.
You don’t need every piece of new tech that comes out to handle every niche task. Look at consolidating items that can take on more than one role, or buying a similar but less expensive option. When looking at items, make sure you go for
When looking at items, make sure you go for quality. The longer something lasts, the less often you’ll have to replace it. You might have to pay a greater cost up front but will recoup that cost with the lower replacement rate.
Another strategy is to consider going with a quality used or refurbished item. If you go with a reputable vendor, you might find that it works just as well as buying a newer and more expensive version of what you want.
If you go with a reputable vendor, you might find that it works just as well as buying a newer and more expensive version of what you want.
This frugal living tip is not universally applicable. It can, however, help out in certain situations. Owning a property isn’t always an investment that pays off in the long run, so before you enter any living situation, make sure to crunch the numbers.
You may find that the cost of a mortgage on top of insurance, utilities, home maintenance, etc. far outweighs the amount you would spend simply renting.
You can bank the extra money, and spend it on a real investment down the line when you’re in a better position to do so.
You can also consider renting cars instead of owning them, or taking an Uber instead.
Keeping up your health will translate to lowering your overall costs. You’ll feel better, become more productive, and be in a better position to make good decisions and earn more.
On the flip side, you’re less likely to become sick or injured, so you won’t incur the medical costs associated with ill health.
You don’t have to break the bank on a gym membership either, just look online for exercises you can do at home and stick to a regular workout schedule.
Chances are you have a bunch of things that you’ve been holding onto that you don’t need. Instead of having them take up space, consider selling these items to make some money and
Instead of having them take up space, consider selling these items to make some money and simplify your lifestyle.
You can hold a garage or yard sale, or head to online services like Craigslist and eBay to advertise your wares to interested bidders.
There is also a huge psychological impact of decluttering and owning less stuff.
Follow the above frugal living tips and you’ll be well on your way to a more financially flexible and productive life.
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.