Living at a level where one’s expenses are less than one’s income is the best way to increase overall wealth, financial comfort and be safe for when things go wrong. There are many ways that even the most frugal families can save; here are a few of those ideas.
Living in a Smaller Space
While it’s nice to have as big a home as can be afforded, there is something to be said for living in a smaller space that is still comfortable. There is less cleaning, less maintenance, and less overall expenses (especially in the mortgage and property taxes).
Use a Smaller Car
Smaller vehicles save on fuel, insurance, and maintenance. And they are less expensive to purchase or lease.
Find Ways to Cut on Current Expenses
This can be simple things like not leaving the lights on, getting rid of cable, watching TV movies instead of renting, reducing car expenses, making sure that there are no leaks in taps and household pipes, even doing things, instead of paying for them, such as cutting the grass or shoveling the walks in winter.
Get Used Instead of New
If something is really needed – needed, not wanted – then look at sites like craiglist, kijiji, and freecycle.org for that item. Ask family and friends. And even look at thrift shops and garage sales. Almost everything anyone could need has already been used and is available from someone else in good condition and much less costly than buying new. Just look!
Eat Out Less
Eating out is very expensive. For the price of one meal in a fair restaurant the same meal can be made at home for as little as 10% of the cost of going out. This, of course, depends on the meal and how good of a frugal grocery shopper one is, but it is possible. Even costly items like hamburgers and steaks are significantly less to make at home than to buy out.
Don’t Shop for Fun
This means don’t even visit the malls and shopping centres. There are people who go to these places for entertainment. That makes it even harder to avoid shopping. If something new is really needed, then know what it is, get it, then get right out. Find other ways to have fun instead of visiting shopping centres. There are many other ways to have fun that don’t pose as much risk of spending unnecessarily. It’s much nicer to spend a day with a loved one enjoying their company than cruising a shopping mall.
Cancel Subscriptions
This is one of the easiest ways to cut expenses. There is so much information and news online that there really isn’t much need for magazine subscriptions any more. It’s cheaper to print the one or two articles that are of real interest than to buy the whole magazine. And besides, this saves on trees and the environment too, then.
Plan Ahead
This is a way to combine errands, make sure that there are no extra trips and that the time is spent more efficiently. This can include making a full list of what needs to be done, including the possibility of packing a meal or snack and drinks to take along. As well, think about the long term. If birthdays are coming up in the next month or so, then it’s possible to buy things on sale ahead of time instead of wasting money and time getting the gift at the last minute.
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