Life can be tough when you’re living on a budget and you barely have money to spend on things you really want or love. That is, if you’re not borrowing money all the time to splurge! If you borrow money from loved ones, take bank loans, or max out your credit card a lot, chances are that you’ll be shocked to learn how much you collectively owe- just like this couple that started living frugally when they realized they owed a lot of money.
Since you have no savings to fall back on, getting by can pose new problems when random expenses hit you out of the blue. Sure, saving money may seem impossible given your current financial condition, but putting aside as little as you can daily, weekly, or monthly will mean you’ll have extra cash to spend as need be.
If you’re willing to start saving but don’t know where to scrimp on, here are some amazing saving money tips you could use.
Consider Moving Your Bank Account
If you pay a monthly or yearly fee on your checking or savings account or on your credit card, research offers by other banks- you could get the same benefits for a lesser fee or for free! Moreover, a lot of banks offer sign-up bonuses for opening an account in addition to attractive interest rates.
And Changing Your Utility Provider
In a regulated state, there are at most a couple of energy providers. Since energy costs will likely be the same, you might not see a difference in your gas and electricity bills on changing your utility provider.
On the other hand, if your state has been restructured to replace a monopoly of electric utilities with quite a few competing sellers, you should certainly call other energy providers and find out their rates. If you find a better provider, switch right away or negotiate new rates with your existing provider.
Extend this rule to your cell phone contract and internet provider too. Wait until it’s time to renew services to ensure you snag a good deal!
Save on Food and Drinks
Avoiding eating out completely is not possible, but you can try to reduce the number of times you eat out each month. Furthermore, save on restaurant bills by eating a healthy snack before you head out. Also avoid ordering dessert at a restaurant- instead, locate ice-cream parlors or bakeries that accept food coupons or offer freebies.
Most importantly, eating and living healthy can help you save, like this blogger whose weight loss helped cut costs on insurance, medical bills, and more. So consider making meals at home to stretch dollars. Note that shopping for groceries can prove to be costly if you don’t do it the right way. Here’s some help on the same:
Plan meals in advance so you don’t have to make numerous trips to the store to get a meal ready. Planning meals also helps you work with items you already have in the kitchen and pantry, thus preventing them from reaching their use-by date.
Shop around for the best prices when buying groceries. Do check out prices of items online too! Note down the places that sell items you need at the lowest price and don’t bother purchasing everything from the same place.
Buy groceries in bulk from bulk stores and websites. Refrain from buying perishable items in bulk.
Limit eating meat to a couple of times a week and make the most of filling foods like pastas, beans, rice, and vegetables. If you must eat more meat, buy cheaper cuts and make stews, soups, or any slow-cooker meal.
Cut down Entertainment Costs
Living on a budget doesn’t mean you cut down on your entertainment quotient; it simply means having fun without spending a fortune! Here’s how you can have your share of fun without the worries.
Limit watching movies at the theater to once or twice a month. Make a list of movies you want to watch and select the ones worth spending on. Wait for the rest and stream them online or rent DVDs.
Internet-based movie services can also be costly when you’re on a budget. Consider if you really need to pay the subscription fee or if you can do just by renting movies when you want to. Again, look for the best rates and choose your service provider wisely.
Keep a tab on low-cost or free events taking place in and around your city. If you have kids, visiting museums, zoos, theme parks, etc. that have low or no entry fees will definitely delight them.
When you’re already living on a budget, it may seem tough to go the extra mile and cut corners to add to your savings. With the tips given here, you now know some amazing tips that are sure to help you save in a lot of ways. So get started on using these tips right away!