The economy is declining with every passing year. With time, it is getting all the more expensive to go about our usual ways. The government keeps imposing those painful taxes, interest rates and all that. Therefore, it is about time to do some serious efforts to save our hard-earned money.
To ease your burden, we have created a list of the most frugal ways you can emulate in your life to save a hefty amount of money. Here they are:
- Budget Your Expenses
It has now become more urgent than ever to know how much you earn, spend and save. This is the first step of living the frugal life. It all hinges on how well you budget and save your expenses. Be sure that you have all of those details in place before the start of every month.
- Live in a Smaller House
Mortgage costs are also on the rise, so it would be better if you were to live in a smaller house. Even if you could afford a bigger house, we wouldn’t advise to make any such transition. A smaller house means that you wouldn’t have to deal with more servants or bear with maintenance expenses.
- 3. Use Sunlight to Dry Your Clothes
Pretty conventional isn’t it? It will take longer than it does with laundry, but then again, you will be saving up more on those washing costs as well than using a dryer. It is determined that you can save up to $100 a year just by doing this. You can hang them in your yard, or on the roof of your apartment.
- Go For Rent Rather Than Own
We suggest this option merely to avoid the meaty interests that you incur on the mortgage, maintenance, and insurance costs. However, if you rent a house, it does you good in the long run as it saves you a good amount of money that you can invest a part-time business.
- Be More Careful With Your Spending
While everyone wants to live his life to the fullest, it is advisable to limit your expenses in your rainy days. Think of all the money that you can save from this practice. Though it demands some sacrifices, it will pay you off in the future.
Therefore, you should stop spending your money on futile stuff, such as eating out, impulsive shopping or going to the movies.
- Buy Second-Hand Stuff
It is not necessary to always buy new stuff as you can go for a cheaper alternative to used products. The second-hand product can be just as effective for your need. See if there are people in your circle who can sell you a second-hand product or have you get one. Use online resources, such as Craiglist, to find the desired item.
- Make Quality the Priority When Buying Stuff
Just because you’ve embraced a frugal life doesn’t mean you have to surround yourself with cheap quality products. Living frugally means that you have to be on the lookout for quality stuff. It’s better to pick an item that would last you for years instead something that burns a hole in your pocket every month.
- Don’t Laundry Clothes, Use Your Hands
It’s easy to just walk up to a dry cleaner and get nicely-ironed attire. But wouldn’t it be better if you could just do all that on your own? Washing your clothes is not a lot of work than you think. It saves you from spending a substantial chunk of money from your budget.
In addition, you get to wash and dry your clothes in a better way and you are able to save a lot of money in the process.
Frugality is an art that teaches how to do more with fewer resources. Hope, the above-mentioned tips help you learn this art.
Anna Marsh is a financial expert cum blogger at Essay Help UK. Her articles offer insights into personal finance, budgeting and loan management. You can follow her on Facebook, Twitter and Google Plus.