Personal Finance – How to Live Frugally

It comes a time when you realize that you need to cut your spending, save more and live within your means. At that time, you will go through all the tips you can find online. Reading through the recommended tips, you will realize that they seem easy. However, implementing those ideas is the hardest part.

Perhaps that happens because the presentation of frugality feels like you have to stop living. Here is what you need to understand about living frugally: it means your ability to harness your creative powers and being smart about your spending, stretching your money as far as you can. In short, living a frugal lifestyle means making more with what you have.

Here are some tips on frugal living

Personal Finance

  1. Earn cash back on groceries

You didn’t know you could do that, did you? To save money that will save you the trouble of a tax appeal, you should look out for apps that let you earn cash back on your groceries. Different apps work differently, but they guarantee a few bucks back to your account.

  1. Determine the exact amount of money you have

Even with variable earnings, you can come up with an estimate of how much you have. With that amount, you can put aside the amount of money spent on expenses starting with fixed and variable ones. When doing this, have a baseline with the maximum amount of money you can spend every month.

  1. Declutter your home

If you don’t remember the last time you decluttered your home, do it at the end of the month. Since you won’t need everything in your home, you can sell some of the extra items and save up that money. We promise that you will feel good seeing your savings account grow.

  1. Budget for your entertainment

You can still have fun while living frugally and your entertainment doesn’t have to be as expensive. To have fun responsibly, you should set aside entertainment money and spend it well as you can’t exceed the set limit. So, you can opt to have fun indoors, asking your friends to bring food and drinks to your place instead of going out.

  1. You don’t have to buy new things all the time

Before buying something new, consider the available second-hand items. You can save more than 50 percent every time you buy something that’s been used. You can go for garage sales or visit a thrift store. There also are many local sales groups and pages on Facebook.

  1. Replace paper towels with reusable cloth towels

Paper towels cost a lot at the end of the day. Instead of throwing money in the trash can, get reusable microfiber paper towels. Cleaning the towels is easy, and they hardly leave any residue behind.

  1. Make cleaning products at home

Detergents at the store are expensive, and they are made using unnatural chemicals which are unsafe. Instead of going down this expensive and unsafe path, get the right ingredients and make cleaning products at home.

  1. Shop after calculating a product’s unit price
  2. Keep an inventory of everything you buy
  3. You can eat beans with rice or make burritos for breakfast
  4. Plan your meals in advance
  5. Carry lunch and healthy snacks to work
  6. Use coupons
  7. Ditch cable and change your cell phone provider
  8. Buy store branded items
  9. Automate your payments
  10. Insulate your home to save on energy bills
  11. Keep your home clean always