Today we want to share with you 9 simple ways to live cheap without looking the part. This topic is quite interesting knowing that Americans spend an average of $101 every day. For the entire country as a whole, that’s about $10.7 trillion every year. With many people still under quarantine or struggling to work, it’s important to make every dollar last.
Here are nine simple ways you can start living cheaply. With these tips, you can save money instead of spending it all away. Learn how to live cheap and save money with these nine easy tips today!
1. Review Your Expenses
Before doing anything else, take the time to track your spending. Where is all your money going? Gather all your bank statements, paycheck stubs, and bills, and start auditing.
Take the time to break all your expenditures into categories. It’s easier to set specific budgets for each category if you know where you’re spending.
For example, you can separate your spending by:
Now set a hard limit for each category. The first trick to living cheap is to minimize spending. Once you cut frivolous costs, you can put that money into savings instead. Take the time to review your expenses over the next few months. You might find you spend more money in one area than another. If that’s the case, adjust your budget as needed. After reviewing your expenses, you can start living on a budget and saving some cash!
Set Saving Goals
Do you have a major expense coming up soon? Maybe you need a new car or want to save up for your child’s college tuition. Determine how much you need to save overall. Then, set a monthly amount to save for that amount.
Keeping your savings goals in mind can help you stay on track while you live cheaply. Neglecting those long-term goals might make it more difficult for you to save in the present.
2. Stop Subscribing
A single-family can pay for a long list of subscription services in a single month. Make your own list, possibly including:
- Hello Fresh
- Amazon Prime
Those monthly subscriptions can add up to a huge bill. Which of the subscriptions do you use the most? Which subscriptions can you remove to lower your monthly expenses? If you want to live cheap, turn your “auto-renew” switch off. Every month, determine whether you need those subscriptions. If you need to save money next month, remove a subscription or two. Don’t forget to look at your budget. Which categories do your subscriptions fall under? Which categories do you need to save money on? Cut back on those subscriptions to start saving instead of spending!
3. Get out of Debt
Your debts can add up, too. While debt can make any person experience stress, learning how to dig yourself out of debt can help. First, set realistic goals for yourself. Consider making a debt management plan to keep yourself organized and on track. Your plan can help you pay off credit cards, a mortgage, and your student loans.
The average American household has about $137,063 in debt. While you can’t pay off all your debt in a single day, you can start working your way there. Making an effort to pay off your debt little by little can reduce your stress.
First, determine which of your debts is high-interest. Those charges are stealing the most from your account. Make an effort to pay off those larger debts first. Getting out of debt will make living on a budget much easier moving forward.
4. Eat Smarter
You can eat away your budget without realizing it. If you want to start living cheaply, you need to consider your food spending. There are many ways you can eat smarter to spend smarter.
First, determine how much money you’re spending on food each month. Is it from a monthly subscription box, a specialty grocery store, or restaurants? Cut back on your most expensive grocery costs.
Next, make a grocery list before you go shopping. Stick to the list to avoid impulse buys and overspending.
Before you go shopping, check online. Many grocery stores offer online specials and coupons. Plan ahead based on the savings that are available. Try to reduce how often you eat out at restaurants or order takeout. Instead, plan a week-long family menu. You can plan meals that use the same ingredients to reduce spending. If you do plan on eating out, look for “kids eat free” nights or happy hour specials so save money!
5. Buy Generic
Most people buy the same brands over the years due to brand trust. For the most part, name brands aren’t much different from generic brands beyond the packaging. Try buying generic the next time you go shopping. You can purchase generic brands for your cleaning supplies, paper products, and staple food needs. Even medicine and makeup are available in generic brands.
6. Shop Around Savings
The time it right! Before you go shopping, make sure to plan your purchases based on the sales available. You can always check online before you shop. Are you a student, teacher, or vet? There are usually discount prices available for AAA members, too.
Don’t forget to look for coupons! Many grocery stores have their own online coupons available. There are online coupon websites, too. You can view more here to find coupons online to help you live cheap!
7. Do It Yourself (DIY)
You don’t always have to buy something new or hire an expert. Instead, see if you can do it yourself. Head online to find a tutorial video to fix the TV or sew up a shirt to save money.
8. Think Through Travel
Do you want to plan a family trip? Make a budget for it first! Make sure to think about travel, entertainment, and food for the entire trip. Making a budget for your vacation can help you save. You can always try a staycation if you want to live cheap!
9. Barter a Bit
Do you have a skill you can share? Try bartering with a friend or family member. You can “trade” your skillset for one of theirs to help you save money!
Living Cheap Never Looked So Good
Want to live smart and savvy? Try these nine tips for living cheaply. Using these tips, you can live cheap without looking cheap and start saving! Check out Clichemag’s latest posts for more helpful tips and guides!