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Money

Ways to Be More Frugal and Save Thousands

How to Be Frugal and Save Money

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Of course, we hold money so we can spend it, but you can only enjoy its value when you learn how to spend wisely and save more than you spend by being creative.

To me, frugality goes beyond just saving money. It has more to do with being creative with resources available to you, and not being wasteful with funds that you could put to use somewhere else.

Living frugal means making mindful choices that enable you to save money so that at the end, you won’t only be paying off your debt faster, but also live more comfortable in life.

Here are tips to help you become more frugal and save thousands.

1. Think about downsizing your home

The fact that you can afford a larger apartment or home right in the city center doesn’t mean you have to. If you believe it will be comfortable for you to be living in a smaller apartment or home downtown core; then do it, and you will be shocked how much thousands you will save every year.

2. Be the “one car owner”

Do you know that the average car owner spends about $9000 every year as a privilege of driving their car? That is just even for one vehicle; what about some families that have two-three vehicles? Even if such families have paid off one vehicle, the cost of parking, fuel, insurance, repairs, and maintenance can double up quickly.

If it is possible, think about going to work on public transportation, which is 85% cheaper than owning and maintaining your vehicle. If your place of work is close to your home, consider biking or walking. However, if two cars are necessary, then trade in one (let’s say an SUV) for a smaller, gas-efficient car.

 3. “Divorce” your cable

How much time of the day do you spend in front of your television?

If you’re not spending enough time watching TV, what the heck is a cable doing in your home?

It is adding no economic or health benefit to you, so you can as well do without it. However, if you watch TV that much, you can take up some other time-profitable hobby like hanging out with friends or family members, joining up with a reading group, or even helping with the less privileged.

You will be shocked at how much money you will save and how very little you miss that unprofitable cable.

4. Regulate your home energy consumption rate

During the winter, bump your thermostat down to 20 Degree Celsius, and down to 26 Degree Celsius in the summer. First, it may appear uncomfortable, but by the time you start using warm socks below a cozy sweater during the winter or maintain a bottle of ice water in the summer, your body will adjust correctly, and your bank accounts will sing your songs of praise and worship. You will also save huge money by lowering the temperature while away from home or when you’re sleeping.

5. Rent books, instead of buying them

Instead of spending much on books and DVDs, you can borrow them from your local library by owning a library card. The majority of our modern libraries have a great collection of the latest books, movies, and music that you can borrow for free.

The good thing with borrowing is that, if you don’t get to like the book or movie, you can always return it, instead of kicking yourself for spending so much money on something you’re probably not going to read or watch again.

6. Don’t go to the movies on an empty stomach

Cultivate a habit of eating before going out to the movies or theatre. Candy, nachos, and popcorn are expensive; thus, if you load your tank before hitting the theater, your wallet is most likely going to stay untouched as you go through the concession stand.

7. Never bypass a discounted product

The competition among businesses to sell their products quickly is so fierce that almost anything that you need to buy now carries a discount tag.

So, if you are buying from online stores, look for the company or seller that has the best discount price, which could be anything from 5% to 50%. You will be surprised how much money you save from discounted products.

Final thought

From all indications, being frugal can bear real fruits in your financial life while harnessing the very best of your creativity. So, don’t restrict yourself. Try something new and share with us how you are spending your frugal life this month.

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