financial planning

Guide to Frugal Living and Saving More Money

There are lots of misconceptions about saving money. You probably think being cheap is being frugal. But sometimes, it actually pays to spend a little more.

Young people seem to be having a hard time saving money. Don’t worry, it’s not as hard as you think. You can make it by making small changes in your daily life. Being smarter and more conscious about your spending habits is key.

It also helps that you know your purpose for saving. It could be for your dream vacation. And it could also be for a more secure future. Here are uncommon ways to start your saving journey.

Monitoring your bank statements

The idea of looking at tables and numbers doesn’t sound exciting, right?. However, it’s harder to look at an empty savings account. Make a habit of going over your bank statements. This is so you can track how much you spend. Make a list of all your spendings. See what you can cut back on. It might surprise you how much you spend on unnecessary things like subscriptions you don’t use.

Driving a second-hand car

If you can pay in cash, then you are spared from monthly car payments. That is possible if you buy a used car. If you don’t know much about cars, it helps if you have a trusted mechanic. There are just a few things to prepare for when buying used cars. Set aside a budget for repairing damaged auto glass and for regular car checks.

Some might argue that getting a brand new car is more cost-efficient. It will all boil down to your personal preference. Choose between monthly car payments and occasional repairs.

Using free health screenings

Medical and dental policies usually come with free health screenings. Take advantage of these preventative procedures. Emphasis on the word  “preventative”. As the saying goes, “prevention is better than cure.” Detecting any health problem in advance will save you from big spendings down the road.

Tiny Living

Big houses are impressive. But when you can’t afford them, they just become a financial burden. Re-evaluate your living needs. A smaller house means smaller mortgage and property taxes. It also entails smaller expenses on electricity. Just imagine how many light bulbs you use in a big house. Compared that to how many you need when you live in a much smaller space. You also don’t need that much furniture in a small house They won’t fit anyway.  As long as your comfort is not sacrificed, make the move.

grocery shopping

Making a weekly meal and grocery plan

Make weekly meal plans. Buy your groceries and other needs in advance. Stick to the plan as you go along the week. Having a plan of what to spend in advance makes it easier to stay on track. You will less likely to be tempted to make an unnecessary purchase when it’s not on your list. It also lessens your chances of eating out.

Preparing a meal plan doesn’t have to be so difficult. There are many meal prep guides that you can check out online.

Buying quality appliances

Quality appliances cost more, so why? Well, because they last longer. Buy a cheap stove and in just a few months, you might need to replace it. Investing in quality items saves you more money in the long run. A 250-dollar stove that lasts for ten years is so much better than a 25-dollar stove that lasts a few months.

Buying in Bulk

You save more when you buy in bulk. Bulk items come in a better deal. If you are close to big supermarkets, take advantage of this. It will help if you have a friend who can split the costs with you.

Thrift Shopping

You shouldn’t spend so much on things you will only use once. If you need a dress for a one-time event, consider thrifting. Thrift shopping is a fun thing to do. Yes, it might be hard sometimes, but there are great finds at thrift stores. You are also making a positive effort towards conservation when you do thrifting. Many unused clothes just end up in landfills. It is a win-win situation if you find the dress you are looking for.

This might seem like a lot, but you don’t need to do them all at once. Choose what is the easiest and start with that. Slowly work your way down the list. Soon, you will be used to tracking your expenses and making wiser spendings. Frugal living is not just a trend, it’s a lifestyle. Commit to it.

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