Let’s face it, we all make silly purchases now and then. Maybe you impulse bought something you didn’t really need or perhaps you’ve been subscribed to a service that you barely use. We all waste money here and there, but there’s no reason to continue those bad habits. Instead, why not focus on ways to save money and spend it wisely? It sounds like something really basic, but there are some surprising ways that you can put your money to better use. To help you out, here’s some practical advice that you can put to use as soon as you finish reading.
Prioritise Your Expenditure
What do you really value in life? Is it the ability to pay your bills and rent on time, is it putting a smile on your partner’s face, or is it preparing for the costs of sending your kids to a good school? We all have different priorities in life, so it’s important to put money towards the ones that are most crucial in our life.
To start, write down a list of everything that you regularly spend money on. For instance, it could be food expenses, it could be the money you pay for entertainment and it could be the money you spend when going out every Friday night. This list can get pretty long, so it might be better to use something like a text document on your computer to make it easier. Next, go through each item on the list and ask yourself if you really need to spend as much money as you do.
For example, if you wrote down “groceries” then take a look at your fridge, your pantry and perhaps your freezer. If you have plenty of food that’s going out of date or that you simply haven’t eaten yet, then there’s a good chance you can cut down on your food bills to save money. Do you really need to buy luxury meats and desserts, or could you save money with cheaper options or perhaps even making your own cakes and sweets?
Similarly, if you wrote down “insurance” then make sure you get the best coverage for your car, your home, your health and even your pets. Shop around for different insurance quotes and switch if you can find a better deal elsewhere. It sounds like a lot of work, but there are plenty of comparison websites out there that will help you determine where to find the best deals.
Practice Frugal Spending Tips
Another good thing to practice is frugality. Many people misunderstand the frugal lifestyle because they think it’s all about being cheap and buying the lowest cost thing possible. They think it’s all about buying the budget options and living a life of cheap products.
However, that’s far from the truth. Frugal living is all about getting the best value out of something, and here are some practical tips to help you get started.
- Buying in bulk. Make sure you always purchase in bulk if possible. It’s usually always cheaper and you can make some fantastic savings on things like groceries and toiletries.
- Shop for the best deals. Never just buy from one place. Look on the internet and walk around various stores to find the best prices on anything you buy.
- Shop second-hand. In addition to using the internet, make sure you buy second-hand when possible. Whether it’s clothes at the thrift store or used electronics, you can usually get some amazing deals if you’re willing to buy second-hand.
- Wait for deals. If you don’t want to buy used products, then wait for deals. There’s usually no reason to buy something as soon as it comes out, be it a game or an electronic device, so wait for occasions like Christmas or Black Friday to see if there’s a sale.
- Watch what you eat. Purchasing food is easy; you just look at what’s available and then buy whatever’s in your budget. However, if you’re smart about buying food, then you’ll want to look at nutritional value and buy filling foods that are bolstered with good nutrients and minerals instead of purchasing foods with empty calories.
These tips sound extremely basic and straightforward, but you’d be surprised at how useful they actually are. They’re fantastic ways to save and spend wisely, so make sure you read them several times and work them into your daily routine. If you manage to follow these tips, you’ll find that you can become frugal without sacrificing your quality of life.