Living modestly doesn’t always mean living a life without fun and whistles. Actually, you’ll be surprised how easy it is to reduce your spending with a little planning and patience. The more you can save on your everyday expenses, the more money you will retain for potential emergencies, vacations to exotic locations, a college education for your children (or future ones), or whatever big ticket item you want in life.
Here are 5 ways to get you started.
Save where it counts. The most affordable option isn’t necessarily the best option. There’s no point in buying a cheap pair of shoes if they’re simply going to become rugged and worn out within a few months. Understand value over cost. Purchasing an original and branded item is oftentimes more frugal than buying an imitation that has to be replaced repeatedly throughout the year.
Also, you need a clear goal why you’re saving. It may be for a new car, a dream vacation, or a house of your own. If it’s the latter, NPBS mortgages can back your home ownership dream while you’re on your way to saving more cash.
Go for generic groceries. Have you tried comparing a name-brand product with a generic one in a grocery store? If you haven’t yet, then do it the next time you go shopping. Compare the ingredients of two similar products, and then check the difference between their prices. Heck, you can buy a $5 bottle of peanut bottle that tastes virtually the same as its $25 name-brand counterpart. Purchasing name brands doesn’t mean paying for the product itself, but for the idea and the name behind the product. In other words, name brands are expensive because they have a more expensive marketing (not higher quality.)
Reduce food waste. What percentage of your groceries are left unused and end up tossed in the trash? To avoid wasting your grocery, change the way you think about shopping. Create a list of items by writing down a weekly schedule of the types of meal you’re going to cook before heading to the store. If it isn’t a part of the ingredients, then it doesn’t belong the cart. End of story.
Patience is a friend. Smart buyers know how to be patient. It’s not a good idea to spend a $100 dollar on a skirt now if it’s going to be discounted in the future to make room for seasonal clothes. Be patient and you will be rewarded with an awesome price cut. You can also check group-buying websites. They offer up to 90% discount on regular items.
Go thrift shopping. Macklemore spoke the truth. 20 dollars in your pocket can go a long way if you use it for thrift shopping. Thrift shops are full of deals on great selections of barely used clothing, saving you a lot of money on your wardrobe. If you’re afraid that the quality won’t be up-to-par, well don’t be. Most thrift shops are quite picky about the items they accept. You’ll be surprised what you can find.
That sums up our short list on money spending. Good luck!