Once upon a time, in the lavish ages of kings and queens, they lived like there was no tomorrow and splurged away all their wealth. I wonder how they would feel in this age, where the cost of everything is sky-high and frugal living is actually a clever way to survive.
In fact, living on a budget has become so crucial in this expensive age that we often find articles about life hacks and cost-cutting strategies. Well, here’s another one that has some really efficient tips that might just help you slash your household budget. Just scroll down and see for yourself!
#1 Cook
For starters, cook!
Image credits: Margaret Needler
#2 Reduce The Use Of Utilities And Paper Products
Reduce paper product use by using rinsable rags, halving facial tissues, and keeping a supply of specially cut paper towel strips of about 1.5″ x 3.5″.
Reduce the use of utilities. Install LED lights. Open shades in the winter. Buy sale or reduced price, close to expiration meats. Make big meals that create lots of left-overs that can be microwaved well into the future.
Image credits: Witness
#3 Buy Groceries In Bulk
Buy groceries in bulk if you have storage space in your home. My first stop is Costco where I buy meat and fish, then I separate it with Ziploc bags and store it in my chest freezer. Cook enough food for two [2] meals and freeze leftovers.
I also buy paper products like paper towels and tissue paper. They have a lot of products and services for members.
Just walk up and down the aisles, you will find everything you need. A Costco membership is well worth the cost.
I build meals off of the protein and add a starch. Then I pick up vegetables and salads/slaw at the grocery stores and Trader Joes. I like something fresh with every meal.
I buy gallon cleaning products at Smart and Final. They have good prices on groceries and cleaning products. Those are a few suggestions for saving money on household expenses.
Image credits: CD Stevens
Our world is progressing at an alarming stage, and almost each and every day we are hearing about some new inventions in technology. One other such thing that's also constantly evolving is inflation and it's taking over the whole world. The situation is so dire that experts have predicted that some daily essential things might soon be very hard to get for middle-class people.
It is estimated that an American household spends an average of $61,334 per year on their expenses, with housing being the largest expense, a whopping $1,800 per month! This amount is quite staggering, considering the fact that the average salary in the US is $66,622, so frugal living is how people can survive.
#4 Write Down Your Spending And Evaluate It
Write down everything you spend money on, absolutely everything and then do a serious evaluation of what you are spending money on and once you see it on paper you realize how much you spend on stupid stuff, cut out everything but the essentials and no Starbucks is not an essential and once you are down to the basics you can cut down even further. For household items you can definitely save money by switching to generics or store brands and get a discount or coupon app and you will start saving a ton of money at the grocery store.
Image credits: Rowdy Strongarm
#5 Buy A Bunch Of Commonly Used Discounted Items
Any item(s) which are commonly use if they are put on discount sale, dont hesitate to buy a bunch of them. This saves you money if you do. But dont buy things which are perishable like food items where expiry date is indicated to consume them within that period of time.
Image credits: Zar Tanopo
#6 Buy Cheaper Versions Of Retail Products
In many cases, buying cheaper versions of retail products. That 89 cent roll of generic toilet paper? It most likely has much less overall square footage than the brand name paper that’s $1.09. You just have to compare quantities to cost to get the best deal. “Cheapest” isn’t always the best deal. It just means less money.
There a lots of examples I could probably mention. Batteries, car parts, food, etc. It all comes down to what you get for the price you pay as to whether or not it’s a better deal.
Image credits: Rob Robinson
Folks all over the world are searching for different ways how they can beat inflation and still enjoy their lives. Especially, a country like Japan is promoting minimalism by inventing new things so that people can easily live with less, save money, and still find happiness and satisfaction in their lives.
Some studies have also revealed that minimalism directly affects financial well-being and happiness. Looking at the graceful way in which folks in Japan are adapting to the minimalist lifestyle reassures us that there's still hope, and inflation cannot conquer us.
#7 Don’t Compete With Others’ Lifestyles
Saving money. Everyone wants to do it. But no one executes the plan. Below are simple steps.
Do not keep up with the Joneses. Don’t compete with others’ lifestyles.
Have a budget for Food, Travel, Entertainment, Social life etc.
Put away at least 15% of your income for Savings. And 10% for Investing every month.
Make & take food from home. Cut down junk food. Travel by local transport or if you can walk (good exercise)
Go to bed early & rise up early.
Image credits: Roy David
#8 Shop Less
Arguably, clipping coupons and reading store ads to find loss leaders. I say arguably, because there are some who raise these practices to an art and produce significant savings. Personally, I find the better approach is to shop at a limited number of places (one or two); buy basic ingredients rather than prepared foods; avoid buying high margin, low value items like soda, chips, and boxed cereal; stick to my shopping list of things I know I will use; buy in season produce; and avoid driving all over town. The next step is to put the time I don't spend on coupons into bigger wins for saving, including dropping unused subscriptions and memberships, negotiating or shopping around the things I'll keep, biking instead of driving, doing my own cooking, maintenance, and gardening, earning more money, and automating saving and investing.
Image credits: Betsy Megas
#9 Check Consumer Reports
Impulse buying, assuming a higher priced brand item in another store is better because of the higher price. Check consumer reports, Cadillac has a worse rating that a small Toyota at half the price or less. Thisapplies to kitchenware, TVs, vacuum cleaners, cars, and almost any item...
Image credits: Walter A Duda
In this list, many people have stressed that cutting back on things that you don't need is quite helpful, and honestly, we couldn't agree more. Prioritizing buying what we actually need over what we only desire brings us a step closer to winning the battle of cost-cutting.
J. Michael Collins, a University of Wisconsin-Extension family and consumer economics specialist suggests in an article, "Pick one week and track everything you spend. Try to be critical of yourself. Realistically consider your situation and imagine how easy or hard it would be to give up cable TV, eating out, or even a second car."
#10 Stop Eating Out
STOP EATING OUT! Cook all of your meals. I easily saved $200-$250 a month just by cutting that out. Reduce eating out to once a month at a restaurant that’s worth it. Cut out all the $7 Burger King meals and $8 Chipotle runs 4 times a week…not worth it!
Image credits: Anthony Washington
#11 Determine Your Financial Priority
The five best ways to save money effectively are as follows:-
Use credit cards wisely otherwise, it will put you in a debt trap
record your expenses which will show where you are spending unnecessary
Determine your financial priority
Apply the 50 - 30 -20 rule, 50 % for Need, 30 % for Saving and 20 % for Wants
Make saving automatic start a SIP
Image credits: Avinash Kumar
#12 Save Small Amounts
The best strategy to save money in these days to go with 52 weeks challenge of saving small amounts. You can start with $1 in first week and add or increase $1 each week. Let me explain with total number of weeks and money to save with minimal amount: -
Weeks: $1+$2+$3+$4+$5++$6+$7+$8+$9+$10++$11+$12+$13+$14+$15+$16+$17+$18+$19+$20+$21+$22+$23+$24+$25+$26+$27+$27+$28+$29+$30+$31+$32+$33+$34+$35+$36+$37+$38+$39+$40+$41+$42+$43+$44+$45+$46+$47+$48+$49+$50
The total by adding $1 each reaches to= $1378
So just an example, you can start over with 2 $ and increasing it by every week.
Other strategy to save money is adopt any skill and start to sell that skill through freelancing.
Image credits: Billy Carvelli
Another aspect that folks emphasized was savings and different ways that people can save, even if it's not a lot. Nearly 37% of Americans say they couldn’t afford an emergency expense over $400, and shockingly enough, 21% of people have no emergency savings at all.
Saving money can be tough, especially when you're just starting out and not making a ton, but even putting aside a little now can really add up over time. You might not realize how important savings are unless you are stuck in a situation where it can be quite crucial.
For instance, if you want to switch jobs, retire, buy a house, or even plan your future with your family, it all comes down to how much money you have saved.
#13 Buy Food When You Need And Save Waste
It may sound crazy but it saves waste to buy food as you need rather than a week or month in one go. Shower every other day unless you sweat a lot, try to make clothes last as long as its sensible before putting in the wash. Make sure your lighting is up to date with led as it uses pennies a week. Turn the water heater down to 40 degrees max, wash clothes at 30 degrees, cook veg in a multi tear steamer so only one hob is needed. Now the hard part stop buying coffee from coffee shops make your own and no fast food take aways or cut down to once a fortnight.stop using the car for unessessary trips.
Image credits: Terance Wares
#14 Think Outside The Box
Think creatively. Think outside the box. Learn plumbing, can food, use a wood stove safely, change your own oil, make your own furniture, paint your house and learn how to decorate. Buy used clothes. Believe it is possible and your mind will work to give you ideas.
Image credits: Jeff Monroe
#15 Fix Things Instead Of Buying New Ones
Take an inventory of what you already have before you go shopping and don’t buy things you have or don’t need. Don’t buy things just because “everyone else” has them. Fix things instead of buying new ones. Find new uses for existing things. Don’t bring thi gs I to the house that are not really needed.
Image credits: Linda Miller
Well, that's it from our end. We hope that the tips in this list bring some value to anyone who is looking for ways to cut their household budget. Which one of these did you find most helpful? Also, if you have any other useful strategies that our list might have missed, please feel free to share them with us in the comments!
#16 Avoid DIY Projects If You Don't Know What You Are Doing
Certain do-it-yourself projects if you don't really know what your doing. For example any car repair can cost you more in the long run if you don't really know what your doing. Another example is replacing items with cost-saving items (such as lightbulbs) before they are dead or ready to be changed. If you still have life in something use it up before replacing. Another example is buying a budget program or different budget binders/notebooks and then not really using them (ironic since you spent money on them so you could save money with budgeting).
Image credits: Breeanna Shaw
#17 Waiting, Saving, And Scrimping
Waiting,saving, scrimping, doing without to put as big a down payment on a house as they can to avoid that larger monthly mortgage bill that they will get all the while home values continue to climb well over what they were “saving” by foregoing buying “now”. Or waiting until the “perfect” house becomes available and continue to rent while home prices continue to climb.
Image credits: Pete Hart
#18 Define An Auto Withdrawal From Your Account On Your Pay Day
Define an auto withdrawal from your account the same day you receive your paycheck by your retirement account. Assuming you don't contribute the full amount on the first day of the year, you can plan it to be equal to your total possible contribution for the whole year divided by 12.
At the end of the year, you have contributed the full amount, take the tax benefit and this money is hard to touch because of the penalties imposed by IRS. With a wise invesent, you'll have enough money for retirement within 30 years or so.
Image credits: Mehdi Zare
#19 Fulfil The Needs You Require More
Don't demand high to yourself… relax and just fulfill the needs you require more.. Don't see others what they are doing… Watch yourself what you really is and what really you desire… This will help you save more and live good
Image credits: Salim Khan
#20 Live Below Your Means
Live below your means and set up an automated money transfer every month into a savings account which you can’t touch.
Start a money diary and account for every penny/dime you spend for a whole week. Notice where you over spend on unnecessary items.
Start a pension which lets you save for the future and save money on taxes. Plus, you learn to live below your means too.
Pay off credit cards and debt quickly and avoid paying only the minimum amount which will keep you in debt longer.
Image credits: Tim Halloran
#21 Cut Back On Things You Don't Need But Want
Start by cutting back on expenses and “things you dont need but want” If you buy an $8 coffee from starbucks every morning for 5 days thats $40 you saved. $7 lunch at wendys for 5 days thats $35 you saved. That right there is $75 in one week as an example. Multiply it by 4 weeks and you saved $300 in a month.
Image credits: Anthony Heflin
#22 Cut Down On Spending On A Cable Bill
Cut down on your spending start reducing the use of certain objects particularly cut down on spending a cable bill when no one is really actually watching anything pertaining to what's on the program everyone's always queued in on their social media or their devices why have a huge TV with all different kinds of cable networks when your phone has the same thing and you can always use a Smart TV too translated from your phone to that television
Image credits: Robert Coleman
#23 Focus On Your Health And The Food You Eat
Food and health are good examples.
There are countless stories of people who had a bad cough or some minor infection but refused to see the doctor because they didn't want to pay or didn't want to miss work and then end up needing a far more serious (and expensive) medical procedure. Your health is not something to be cheap about.
The same applies to those who skip going to the dentist only to eventually need cavities filled or teeth replaced, or those who buy cheap, low-quality food only to then get sick and have to miss time from work.
Image credits: Joe Philleo
#24 Research The Company Before Buying
One way is ALWAYS taking the low bidder on a project without researching the company independently.
A classic case was buying a YUGO when it was introduced to the American market a few decades ago. One can still remember the immortal words of CONSUMER REPORTS when the car was reviewed decades ago: “this vehicular barely qualifies as a car”. It was very cheap.
Image credits: Neil Leitner
#25 Save And Invest
Start at the earliest. First save and then spend. Building up is slow in earlier years. Be patient.
Read the book ‘Rich Dad Poor Dad’. Understand the importance of investing rather than saving. Investing involves risk. Saving involves low return. So save and invest. Do both. Save for security. Invest for prosperity.
Image credits: Sree Raj N T
#26 Avoid Working While Going To College
Working while going to college.
I see it all the time, people decide they want to become “debt free” and “work” their way through college. But by doing so they miss out on opportunities to earn free college. There are campus groups that do volunteer projects that can earn you a living stipend. Other groups offer really great networking opportunities, but you can’t go because your too busy working at a grocery store.
Image credits: James Hoffman
#27 Work The Money Plan
Working the Money Plan , where money works for you 24/7.
It is based on The Money Principile. Of 10/20/70.
10% is your PYF. THAT BECOMES YOUR PASSIVE INCOME AND IT WORKS FOR YOU 24/7.
Manifesto with Abundance!
Image credits: Col Dunn
