Frugal Living Tips For Getting By Better With Less
Many wish to stop living paycheck to paycheck, but the idea of frugal living is unappealing to them, as they view it to be a state of constant deprivation. Many think it takes too much sacrifice with little actual gain.
This is a misconception – frugal living doesn’t deprive people; they know they won’t be able to keep up the lifestyle if they aren’t intentional about their spending. There’s a difference.
Frugal Living Tips To Better Your Finances
Here are some frugal living tips you could try yourself – and soon enough you might find you’re living better while spending less.
1. Start Budgeting
Budgeting is the best tool to stop overspending. Take a look at your expenses. How much of what you’re spending money on you actually need?
Put your needs in the first place, then allocate a certain percentage of your paycheck to savings. Automate them, even if the percentage is tiny – forming a habit is what matters first and foremost – and use what’s left for your wants.
This will help you cut unnecessary spending, like subscriptions you don’t use particularly often, or name brands when you could be buying generics.
2. Cook More And Eat Out Less
This advice is a mainstay on the “what you need to do to save money” lists and for a good reason. Cooking at home will automatically save you money – especially if you buy in bulk and on sale, and keep a well-stocked freezer and pantry.
Note that this doesn’t mean you can’t ever eat out. It just means you should treat it like a treat, not like an everyday occurrence. Instead, cook your lunches and dinners at home, and keep eating out as a means to socialize with friends.
3. Shop At Thrift Shops
Thrifting is a great way to save money. For just a couple of dollars, you can easily buy not only new clothes – often higher-quality than what you’d get at a fast-fashion store – but also books, dishes, toys for your kids, etc.
Thrift stores carry a larger selection of goods than many people think. The trick is you just need to find a few that offer things you like and you’ll hardly ever look at new stuff again. In fact, after a while, new stuff starts to seem overpriced.
4. Learn How To Have Fun For Free
While you should definitely put some “fun money” into your budget, that doesn’t mean you should necessarily spend it every month.
It’s a good way to avoid the financial equivalent of diet deprivation and binging, but you don’t always need money to have fun. In fact, there are plenty of ways to have fun for little to no money at all.
Go on a walk, or a bike ride if you have a bike, organize a picnic with your friends instead of a get-together at a restaurant, visit a library for free books, movies, and internet. The options are endless if you just get a little creative.
Frugality means spending less money, not having less fun – you just need to find your thing.
5. Use Emergency And Sinking Funds
The main idea of frugal living is to free up money from your budget for 2 purposes:
- Build financial stability;
- Take care of large expenses without busting your budget.
An emergency fund is what you need to take care of first. A well-set emergency fund should house enough money to comfortably cover around 6 months’ worth of your regular expenses so that you can take care of yourself even in a worst-case scenario – like, let’s say, job loss – as well as emergency expenses like an unplanned dentist visit, locksmith services, or home repairs.
Sinking funds are for taking care of planned expenses – say you know you’ll be spending a lot of money during Christmas, you set up a sinking fund and put away some cash monthly so that you can comfortably spend during Christmas without busting your budget.
Why Is An Emergency Fund So Important?
When it comes to money-saving, investing, and maxing out your IRA might sound more appealing than simply putting money away in a savings account, but you cannot build long-term financial peace if you’ve not taken care of a short-term one.
Since most emergencies you need the fund to cover cannot be postponed without risking exacerbating them even further, having the means to cover them should be your first priority. If you’ve yet to set up an emergency fund, you’ll need to get cash together some other way – like take out a title loan to help with emergencies, for example.
What Makes A Title Loan An Optimal Choice?
Title loans are the easiest and quickest way to get some cash together when you’re in a pinch. This is a loan that you receive when you use your vehicle’s title as collateral. The application process is simple and straightforward. As long as you’re over 18, own a car, and that car’s title is in your name and lien-free, you can apply and get approved.
Fast Auto Loans, Inc., in particular, will accommodate any type of income, and won’t be checking your credit history – so you can apply and get approved even if your credit is bad or nonexistent.
How Do I Apply For A Title Loan?
Simply go to our website and fill out the online form. You’ll be contacted by a loan representative from the nearest title loan location, who’ll set up a meeting with you. You can either have them come to you or you show up at the store.
Whether you come to the store or we come to you, you’ll need to bring your car, your lien-free car title in your name, and your government-issued ID to the meeting. The representative will assess everything and determine if you qualify for the loan.
If you’re approved, you’ll get the cash either the same day or the next bank business day at the latest. The entire approval process lasts on average around 30 minutes.
When it comes to frugal living, these tips can help you get started and work on building up your savings.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.