Thrifty Living: Everyday Tips for Saving Money

Thrifty living is more than living within your means, although this is a good start. It's more than just making sure you spend less than you earn, it's about living within your means and making smart money choices. Done right, you'll be better off financially and emotionally. After all, money issues are one of the biggest causes of stress in the world. As you probably know, stress, particularly chronic stress, leads to an array of diseases such as cardiovascular issues and even diabetes. Fortunately, anyone can start thrifty living. You just need to know the everyday tips for saving money.

All Savings Count

Before we head into the tips it's vital to remember that every saving makes a difference. Saving $1 on something may not seem like much, but saving $1 on ten things a week means you're saving $40 a month. That's just the tip of the iceberg. Imagine doubling, tripling, or more the amount you save and you can see how thrifty living can make a real difference to your financial situation.

One of the biggest benefits of thrifty living is you get used to spending less. That opens up opportunities to retire earlier and do what you want because you no longer need to command a high wage.

Set A Budget

If you want to be thrifty you need to know where your money is going. Create a spreadsheet which lists your income from the last month and all your expenditures. The first thing you're likely to notice is that your spending is higher than your income. The good news is the budget lists all your expenses, allowing you to see places where you can cut back. For example, eliminating that gym subscription or one of the many streaming channels you have.

The key to thrifty living is to identify your income and rearrange your expenditure to ensure you're spending less than you earn. It's about removing expenditure which gets you nothing and setting budgets for everything else, such as the weekly shopping bill.

Create Meal Plans

Creating a meal plan means you know what you are going to eat at every meal. That can become a little predictable. However, it does allow you to shop for specifically what you need, potentially saving you money on your shop.

Use Coupons

A great way to save money is to get the price of items reduced. You can do this by using coupons which are available when you shop in-store or online. You can also sign up with cashback companies. These will give you a code to use against shopping or allow you to get cashback when you purchase specific items.

Go Own-Brand

In many cases, the own-brand product is the same as the branded one. If not, it's close enough you're not going to notice the difference in your food. Try replacing all branded items on your weekly shop with own-brand products. It won't affect your lifestyle but can save you a considerable amount of money. It's also possible to buy in bulk to reduce costs further.

Skip The Dryer

It can be hard to get your washing dry when it's wet outside. That's why many homes have a tumble dryer. It's fast and convenient. However, with a little planning, you can do your washing and allow it to dry outside. It doesn't need to be sunny, a good breeze can dry anything! You'll save money and it's better for your clothes.

Save Energy

Experts say turn off lights when you're not using them. The saving is small but it adds up. However, you'll save significantly more if you turn the temperature down a couple of degrees on your thermostat. That will have a positive effect on your energy bill. Equally, if you use air conditioning, turn the thermostat up a couple of degrees.

Grow Your Own

This does take time, patience, and a little practice. However, the savings can be impressive. You simply need an area of your garden which you can turn into a vegetable patch. The only cost is time and purchasing the necessary seeds. With a little luck, your seeds will turn into plants and these will produce vegetables. You won't need to buy them in the store or at the market.

Buy Used

Take a moment to look at the private adverts. You'll be surprised at how many perfectly good items are being sold for a lot less than they are worth new. The truth is, that people buy on impulse and barely use things, allowing them to sell them cheaply to you. You can still have the luxuries you want, just at a fraction of the price.

Summing Up

Thrifty living doesn't mean going without or not enjoying your life. It simply means making a few changes that will improve your financial position. It's worth trying.