Budgeting for a frugal life might sound boring, but you’ll thank yourself in a few years when you can afford to retire early because of all of your savings. Budgeting allows you to do many things; saving and investing being just two of those things. The less you spend, the less you need to earn too, so you can spend less time working or more time working and have an early retirement. It’s up to you! Want to know what you can do to live a frugal life now? Read on:
Just Have One Car (and don’t go too fancy)
Many families have multiple cars, but in most cases this is unnecessary. I bet you’d be able to get on with just one car if you tried! When choosing your family car, don’t go too large either. A bigger car will cost you way more money. By no means should you feel uncomfortable with the size of your car, just make sure it isn’t unnecessarily large.
Choose a Smaller House
Just because you can afford a large house, doesn’t mean you should live in one. Again, I don’t mean you should fit your family of 4 into a one bedroom apartment, but just select a size that you’ll be nice and comfortable in. You’ll save thousands of pounds per year! Try getting rid of clutter and you’ll have a lot more space.
Don’t Eat Out as Much
You might not believe it, but eating out on a regular basis can cost up to £2000 per year. By cooking your own food, you’ll save a lot of money. Go for the store brands too rather than the big brands to make massive savings.
Create a 30 Day List
I often think of things that I’d like to buy, and in many cases this thought turns into an impulse buy. As you can imagine, this wastes a lot of money! Instead, try making a 30 day list. When you think of something you’d like to buy, write it down with the date you thought of it. If 30 days later you still want the item, you can buy it. You’ll find you save a lot of money this way!
Go for Walks
Instead of doing expensive things as a family, like going to theme parks or the cinema, why not go for walks instead? I bet there are loads of routes you could take that you didn’t even know existed. You’ll get fresh air, fitter, and save money. Perfect!
Drink Alcohol in Moderation
Even drinking just one alcoholic beverage per night can cost you a lot of money. If you can keep your drinking strictly to social occasions, then you’ll find that you save wads of cash. Don’t be one of those people that uses alcohol as a crutch to unwind at the end of a long day. Read a book or something!
Smoking not only takes away your money, but your life too. Quitting smoking for just one month could save you a couple hundred pounds. Just take a look online to discover how much it costs. Think about it for a second: what do you actually get from this habit, apart from yellow teeth, smelly breath, and a higher risk of illness?
There are many other things you can do to budget and save money too, but these are my favourite. Thanks for reading!