Frugal Living: 5 Adjustments To Save More Money

Frugal Living: 5 Adjustments To Save More Money

Almost everyone can admit how expensive it is to live. Of course, when you're younger, you wouldn't have noticed this with your loved ones providing for you. But now you've grown up and are currently living on your own, you'd learn to accept this fact, albeit cheerlessly.

Now you're fresh out of school and living by yourself, some things in the market might catch your attention (and not in a good way). One of those is how, in spite of being considered 'necessities,' some products generally lean towards 'pricy' unless you bought them from a dollar shop. That's only the icing on top of other noteworthy things that might compromise you financially.

Is this happening because you're getting poorer each year? Well, that depends on your financial status. But if you're already employed, then you 'getting poorer' is crossed out because what's truly happening is the economy inflating far too quickly for anyone to catch up. As it's nearly impossible for you to 'fix the economy' alone, all you can do is adapt to it. Luckily, there are ways to muscle through this crisis.

1. Allocate Your Budget
Identifying where your money's going is a great start in the right direction. Thus, there's no doubt that budgeting will be a common occurrence now that you're changing your life for frugality. However, that doesn't stop it from being one of the hardest parts of adulthood.

So, to help you out a little, start by listing down your regular expenses. These are the ones you can't erase from the picture, such as the energy bills or rent. Also, include any unpaid settlements you might have when you signed up for personal loans for bad credit or if you have debts from anyone beforehand.

Once you get the monthly average for those, you go down from there by diving into expenses that don't come up regularly but are just as important, like utility repairs or car maintenance. Then, of course, there are necessities such as food and toiletries.

From what little money you have left behind, consider setting aside a small percentage of your income for your savings if you can. This way, you have another safety net you could rely on if it comes down to it.

2. Be Mindful Of Your Purchases
It should go without saying that practising frugality in your day-to-day means strictly abiding by your budget. To do that, you have to survey the neighbourhood in search of some establishments where you could get away with a huge haul for only 20 dollars. Shop for groceries at dollar stores. Buy second-hand clothes or furniture from op shops.

As for food, you might think that pre-packaged goods will help you save a few more bucks, but it's quite the opposite. As it's preserved in a package, this kind of food is priced to include such. Meaning, you could find a cheaper option with fresh produce found at farmers markets.

By cooking your own food, not only can you save them as leftovers, depending on the dish, but you could also keep your body safe from consuming too much chemicals found in preservatives.

3. Discipline Yourself
Indulging yourself occasionally is a great way to reward yourself after working hard for a very long time. However, if you keep splurging, that's where you need to draw the line. Because while there's nothing wrong with treating yourself with branded clothes or by eating out at a five-star restaurant, it's only fine if done rarely. Otherwise, you'll be throwing away your income left and right until there's nothing but air in your bank account.

Remember your priorities as soon as you receive your income. Bear in mind your budget, and allocate the funds accordingly. If there's some cash left behind, treat yourself with something rewarding while staying within your budget. This way, you'll have something to look forward to in the future.

4. Stay On Top Of Your Utilities
Prevention is better than cure. Always keep this in mind because this applies to your situation perfectly. After all, getting sick and buying medication is far more expensive than taking care of yourself every day. The same goes for your house utilities.

Have someone check your heating system each year. Clean out your gutters regularly, as well as change your furnace filters. Invest in smart technology to help conserve energy. Practice energy efficiency in your household by taking advantage of sunlight and insulation during cold seasons.

By keeping yourself posted on what goes on with your home, you could prevent any serious damage accumulated from neglect, which could impact the rest of the house.

5. Set Realistic Goals
The only reason you're willing to change your lifestyle is for your own benefit someday. Therefore, it only makes sense for you to consider your current condition. For example, if you can't afford your usual meal plan because of a price hike, then don't. Adjust where you need to and focus on your comfort as much as you can.

Is Frugal Living A Punishment?
No one said that saving money is a walk in the park. Just reading all the tips mentioned might be enough to discourage anyone. Despite how tough it'll be, though, adjusting to a frugal life is another long-term investment you can sign up for. Someday, you'll be patting yourself on the back for taking this leap early on.