In this post, you are going to find a few tips on frugal living to live on less money.
You can’t create the abundance of anything if you live with the mindset of scarcity.
People love to make an abundance of everything, but not all are capable of doing this. Only A few people make it possible.
Although I don’t like the mindset of scarcity, we all have to live with this until we make an abundance of what we need.
Either way, people still want to save money and frugal living because they are on a tight budget.
If you are in the same situation, bear with me till the end of this post. I will be sharing with you some of the best frugal money tips that can keep you on budget.
Don’t Show Off
One of the best tips for frugal living is ‘not showing off.
I know, you love to show off.
Even I used to show off when I was in college. AND BECAUSE of that, I spent more money than I used to do now.
You want to show off because you want to make people, wow or maybe you want to impress a girl, Or you pretend to be rich.
Someone admires you just because you have an expensive car, doesn’t make your life better.
The only thing that happens is People say wow, shake hands, and become your friend. Or maybe they call you the boss. Then what?
Nothing… it just adds more people to your contact list. And ultimately you have a huge friend list.
And that’s the point…
The more friends you have, the more you compare your life with others. And whenever you find something missing in your life, you always love TO buy that thing.
Resulting, in more expenses. Ultimately you go out of budget.
And you start to buy things that aren’t necessary. For example, you buy a branded dress to amaze your friends. But believe me, you can even look cooler in a cheap dress.
So, I think giving up on this habit can save you serious money.
Make A Monthly Budget
Another great tip on frugal living is making a monthly budget that shows a blueprint about how you spend money each month.
Before moving down, let’s have a look at the statistics of the consumer expenditure survey. According to this, the average American household spends $5102 every month.
The above data table distinguishes how an average person spends monthly. And from here you can optimize your monthly expenses to fit in with your budget.
If you want to live on less money, you need to understand where you spend money each month.
And for that, you need to track your monthly bills.
Bills you pay each month.
- Housing, Electricity bills, personal insurance, health care, and education. These are fixed bills and you have no control over it. You can’t exclude it from your budget. (Make sure you keep a large portion of your salary to pay these bills.)
- Transportation: It includes expenses like car/motorcycle fuel, auto insurance, and maintenance.
- Groceries: monthly ration, food, and other kitchen things
- Entertainment: TV, Netflix, Amazon Prime, games, and fun things you do to entertain yourself.
- Restaurants and other meals on the road
- Extras: Shopping, mobile expanses, parties, and more.
This is how you design your monthly budget.
And from here, you can analyze and learn how to control expenses.
For example, your car can easily take 15% of your home budget. And if you want to live on less money, you need to control it.
How do you control it?
- Buy a lightweight car: You can’t use an Audi for transportation. So make your choice wisely.
- If you have a small family with 4-5 members Do not own more than one car.
- Use a bicycle.
You can evenly look at other expenses to control your budget.
Buy In Bulk
There are so many things you use regularly. Maybe you love to eat snacks daily or buy new dresses on a weekly basis.
You can easily cut some expenses off from your budget if you buy in bulk.
YES! It can really save you good money if you do it wisely. For example, if you buy two candies daily; $0.5 each. It means you are spending $15 a month.
Now think in this way, let’s suppose, you buy a full box of 100 candies for $35 then you can save $5 every month.
However, it doesn’t save you much but if you buy many different products in bulk, you will end up saving good money every year.
Save on Groceries
An average American spends 7% of their household income on groceries. For example, if your total monthly income is $5,000 a month, then you could be spending $350 every month on Groceries.
Now, if you can somehow manage your expenses up to $50, you can draw your budget down to $300.
And $50 is a nice saving every month.
If you’re wondering how to save on groceries then here are many online shopping cashback apps that can save you few bucks…
- Fetch rewards
Besides that, you can analyze your monthly grocery bills to cut some expenses and save more money.
Don’t Go Outdoor For Food
People love outdoor food. Probably you go to a restaurant twice a week to grab spicy and tasty food.
In fact, when I researched, I found that an average Person takes 15 – 18 commercially prepared meals every month.
It costs you an additional $232 every month. And if you somehow cut a few meals you can save $50 -$100 each month easily.
Simple Advice: –
Outdoor food seems to look healthy and tasty but in reality, it’s not. You are eating poison that makes you unhealthy and foody.
Why do you spend money on poison for the sake of taste? You shouldn’t be lazy to make good food at home.
Believe me, if you try, you can make food tastier than outdoor or restaurant food. And if you can cook good food at home, you no longer have to eat outdoor food. This is how you can save up to $200 every month.
And it’s one of the best tips for frugal living to live on less money.
Learn more: Don’t eat out as often
Stay Fit and Healthy
Two things that you can do to stay fit and healthy. The first one is ‘Walk more’ and the second one is ‘eat healthily’.
The best way you can adopt these habits is to drive less and make healthy food at home.
If you drive less, you walk more and if you walk more, you’ll stay fit. It will also reduce the cost of transportation.
In the same way, if you make healthy food at home, you’ll be healthy. And it will cut expenses that you do while going outdoors and grabbing tasty but unhealthy food.
Once you accustom to these habits, you’ll also spend less on medication. And it will save you a lot of money.
So here you have the 6 best tips for frugal living that can help you to know how to live on less money.
Have you been using any one of these tips already? Let me know in the comment section.
If you love this post, please do share it on social media platforms to help your friends find some tips to live on less money.