I feel like I am always looking for new ways to save money. For me, the more money I save, the more I have to travel and use to do things I really I want to do. The key, I think to living frugally, is to not FEEL like you are living without. Most of the time, saving money just requires a little extra time and diligence–not sacrifice, if that makes sense? If you are looking to shave a little money off of your monthly expenditures, or even better, free money up to do rad things, here are some tips {hopefully there will be some you aren’t already using}:
- Have a budget and stick to it. Make sure to integrate frivolous spending/fun money into your budget, or you will feel like you are suffering. When the fun money is gone, the fun is over for the month. Plain and simple.
- It’s the little steps that add up. There isn’t one big money saving tip that will yield tons of savings. Be diligent about all of the little savings…pennies will turn into dollars in the long run.
- Embrace the DIY mentality. YouTube is there for a reason–you can pretty much learn to do anything there. Fix your own stuff, bake your own bread, do your own nails, etc.
- Turn money saving methods into hobbies: garden, ride your bike for pleasure and transportation, etc.
- Embrace the library and swapping with friends. No need to buy a new video game, DVD, or book. Swap with friends or reserve it at your local library. It’s free, and although it isn’t instant gratification, in the long run, savings will seriously add up.
- Sell what you don’t need. Sell unwanted clothes at consignment shops and books and DVD’s to used book/movie dealers. Old electronics can usually be turned into cash too. Get rid of the clutter and turn it into cash. Have a garage sale for a one time purge and earn.
- Buy used. You can find really high quality clothing at the right consignment stores, and if you have even the slightest bit of vision, you can turn old furniture into custom awesomeness.
- Pay yourself first. I’m sure you have heard this, but really, set up auto withdraw for EACH of your savings categories {Christmas, travel, savings, retirement, etc.}. That way, the money won’t even be a temptation for frivolous spending.
- Downsize. You may be able to afford the monthly mortgage on a bigger house, but have you ever added up the maintenance costs. The bigger the house, the more maintenance. It’s simple math–when there is 2 bathrooms, instead of 4, there are less pipes to fix, etc. Downsize and I guarantee you won’t spend as much time at Home Depot.
- Move to one car. This is a big one and it isn’t for everyone, but the savings are exponential, if you a can take the plunge. You will have one less car payment, less insurance costs, less maintenance costs, less gas costs. It really is astounding how quickly this will lead to savings. Plus, if you are walking and/or biking places as a result, you may be able to cancel that gym membership.
- Rent instead of own your home. I know, this is blasphemy to some, but hear me out. Renting means zero maintenance costs {usually}, it means no property taxes, and it means no loan interest. Of course, you won’t own your home in the end–but since very few people are staying put long enough to pay off a 30 year mortgage and then live out their days, the cost of home ownership might not be worth it.
- Eat at home. This is a biggie. I know a lot of you already do this, but seriously, you can easily spend $100 for a family of 4 at a sit down restaurant. That is insane, if you calculate how many meals you could actually make for $100.
- Bring your lunch to work. It sucks not to go out with your co-workers at lunch time, but the savings are substantial. I make the HH lunch everyday, and if I ever sat down to add up how much that has saved us over the years, I think the number would be jaw dropping.
- Minimalize your clothing. Clothing is expensive. Having tons of it or keeping up with every fashion trend gets really expensive. Choose a classic style and have enough, no more, no less.
- Stay out of the stores. This is a big one. I think shopping only at Costco this year will actually keep me from making those impulse purchases. Target is particularly bad for this one for me–those stupid markdown end caps will get ya.
- Eliminate cable. With Amazon Prime, Hulu, and Netflix, there really are plenty of options that will cost you about $10 a month to watch t.v. Most cable bills are at least $60. That’s $50 a month in your pocket. Not too shabby.
- Cancel your gym membership and hit Pinterest for great body weight workouts.
- Plan errands carefully. Plan your route down to the very last turn, and you can save tons on time and gas.
- Cut utilities. Get a programmable thermostat and set the temps lower when you are not home. Wash clothes in cold. Use a single bulb lamp instead of turning on the overhead light with 4-5 bulbs. Don’t heat/cool the rooms you are not using–close the door and the vents to those rooms.
- Have a meatless meal once or twice a week. Meat is expensive. Having a meatless meal even just 2 times per week, assuming $5.00 for the meat can easily shave $40.00 off of your monthly food budget.
I know there are literally hundreds of ways to save money, right down to the tiniest detail. Do you live frugally? What are YOUR favorite tips?
~Mavis
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