Most people think that the quality of life is directly proportional to the amount of money you spend. In simple words the more money you spend the higher quality of your life. This is not true because people can still have the quality of their lives and spend less than they earn.
Saving money does not necessarily mean buying the cheapest products available or giving up on the services or products you enjoy but making plans and priorities about your spending and in this way avoid compulsive buying of things you don’t need. It is you who is making a decision where to cut your spending and which things you will continue to buy in the future.
Why you should start living more frugal life?
Giving up on certain things is not easy but being frugal and spending less money than you earn certainly has its advantages. The most important thing is that if you cut your spending you will improve your financial situation and have more money to save or invest in the future.
The more you save money the more you will have. After I while you can use the money to start your own business or put them away for early retirement. You get to choose what you will use it for.
Is it easy to start saving money?
It is easier to say than actually start saving money. This is because as the old saying goes – old habits die hard – you will not find it easy to change your existing habits and make a new habit to save money. To save money you will need to let go of some things that you are spending money on and no matter, if they are not very important to you, giving up, is never easy.
Because of this you should start slowly and try saving money one step at a time. You can start for instance by getting a cheaper subscription for the cable or phone services, and after a while, if you see that it is working for you you should go to finding cheaper options for other services and options.
This step-by-step approach by adding a new money-saving strategy after another is best if you want lasting success. Here are some tips on saving money that you can start implementing starting today.
1. Make a monthly budget
One of the most important things to do if you want to start saving money is to make a priority of things you need and things you can stop spending money on in the future. Having a budget will help you control your spending and avoid compulsive buying of things you don’t really need.
2. Be on a lookout for coupons and deals
This is a great way to save some money on your regular purchases. Lots of retailers and brands have coupons that will offer some kind of discount. If you look start using coupons you will be able to save a small amount of money but over a year these might add up to hundreds and even thousands in savings. Luckily there are many websites online where available coupons, as well as cash backs, are listed to make your search very easy.
3. Sell your old stuff that you don’t use
You can get extra cash if you sell the old stuff that you do no longer need. You can start by looking at your attic, garage, closet, and the clutter in your home. Your old gadgets, games, books, close and everything else can be sold very easily online. There is a number of websites where you can sell virtually anything.
4. Save money by buying second hand
Why buy stuff newly from the shop when you can buy just as good but slightly used items for half the price and sometimes even less. This is another great way to save money if you look for the second hand on online marketplaces, thrift stores, and garage sales.
5. Use a bike whenever you can
We all know it is much more convenient to use your own car when you need to go somewhere. But then again it costs money to buy gas and probably you’ll have to pay for parking. Why not instead use your bike if the weather is good and the trip is not too far. Not only you will save money but also exercise will do good for your health.
6. Sell your gift cards instead of getting more stuff then you don’t need
Today it is very common for birthdays and other occasions to get gift cards as a present. Instead of going to the store and redeem them for stuff you don’t really need you can sell them online and get cash instead.
7. Stop paying for subscriptions you don’t need
Today many people have subscriptions for magazines, cable, online services they use very rarely or not at all. Tae a time to go through your subscriptions and see which one you don’t use regularly and cancel them. This will also save few bucks every month.
8. Start working part-time
If you have skills and available free time why not use them with benefit. You can find many available freelance jobs online which you can do work at home using a computer or laptop. This is one legitimate way to earn extra cash for your savings
9. Get extra cash with money making apps
You can actually make a few extra bucks every now and then by simply using your phone to download and test apps, play games and fill out surveys. It is not a large amount of money that will make you rich but over time it adds up.
10. Stop paying interest on your debt
If you are using credit cards and have amassed a debt on your credit cards, then you are paying interest on it every single month. That is why you should clear your debt and save the money that would otherwise go to pay for the interest. This is probably one of the things you should do first when you decide to start living more frugally.