Frugal living doesn’t have to be a life devoid of fun. In fact, you might be surprised how easy it is to trim your expenses with a little patience and planning. The more you can get out of every dollar you spend, the more money you will have to save for potential emergencies, a college education for your children, vacations to exotic locations, or whatever big ticket item your heart desires. To get you started, here are 5 ways to spend money wisely.
1. Pony up for quality where it counts.
The cheapest option isn’t always the best option. What’s the point of buying a cheap pair of shoes if they’re just going to become worn out and rugged within a few months? It would be cheaper to pay $50 for an outfit that will be in good shape next year than $20 for an outfit that has to be replaced in less than 6 months.
Frugal living doesn’t have to be a life devoid of fun. In fact, you might be surprised how easy it is to trim your expenses with a little patience and planning. The more you can get out of every dollar you spend, the more money you will have to save for potential emergencies, a college education for your children, vacations to exotic locations, or whatever big ticket item your heart desires. To get you started, here are 7 ways to spend money wisely.
2.Buy generic label groceries.
You would be hard-pressed to find any difference between name brand and generic labels in the grocery store. Don’t believe me? Grab a bottle of a name-brand peanut butter and the generic grocery store variety and compare the ingredients. Repeat this exercise with things like canned vegetables, boxes of pasta, cleaning products, and medicine. When you purchase name brands, you are not paying for the product itself, but rather the idea behind the product. In other words: name brands are more expensive because they have higher marketing budgets (not higher quality).
3. Cut down on food waste.
Answer honestly: if you had to guess, what percentage of the groceries you buy end up uneaten and tossed in the trash? According to study two homes of four throws away almost 30% of the food they purchase, resulting in an annual loss up to $2,275. To avoid grocery waste, change your thinking about shopping. Instead of making a list of items to purchase without thought process, plan ahead by writing down a weekly schedule of the specific meals you are going to cook before you go to the store. If it isn’t required in the ingredients you need, it doesn’t go in your cart. Make note of how much food gets tossed in the trash and cut the amount you purchase accordingly. If you’d like to save time and money.
4. Wait for it…
Retail therapy is almost always a good idea, but smart shoppers know how to be patient. Why should you spend $100 on that gorgeous skirt now if it’s going to be marked down to make other clothes soon? Be patient and you will be rewarded with a steep price cut. Keep an eye out for the special offers that you can’t refuse.
5. Hit up the Pre-loved shop.
Consignment shops are full of deals on barely-used clothing that could save you tons of money on your wardrobe. If you have never considered pre-loved shopping because you’re afraid the quality won’t be up-to- par, give it a chance. The pre-loved shops in My neighbourhood are quite picky about the items they accept, so I bet you just might be surprised.