Tag: moneysaving

  • 10 Painless Ways To Save $1000 This Year

    10 Painless Ways To Save $1000 This Year

    If you’re serious about saving your hard-earned money, these 10 painless ways to save $1000 are a great place to start.

    These tips can be helpful for beginners as well as anyone wanting to set a little more money aside in 2024.

    Now, for a lot of you, saving $1000 in a year might seem a low number but I believe in baby steps. These tips will be helpful for someone living on one income, looking to save money while paying off debt, or any beginner who wants to start saving money this year. Starting small and being consistent is the key.

    This is no get-rich-quick scheme. Hear me out, the outcomes are going to be gradual. Except for a couple of them which we’re going to see in a while.

    So, let’s get started.

    10 PAINLESS WAYS TO SAVE $1000 THIS YEAR

    1| No spend challenge:

    This year do a no-spend challenge. Briefly, no spending challenge is when you freeze your spending for a predetermined time frame. It could be anywhere between a weekend to a week to a month. You can set out rules for yourself. (More on the no-spend challenge soon).

    The clothes, makeup, shoes, perfumes, and decor items are good starting points. Be determined to use up everything you’ve bought to turn your expenditure to good use.

    2| Watch your food bill/expense:

    Food budget out of control?

    There are several strategies to reduce your food costs; cut your grocery bill in half and still eat healthily.

    Doing simple things like — shopping in your pantry; cooking your dinner at home for most nights; eating a simple breakfast; keeping some cashews, almonds, dry snacks, and water bottles with you anywhere and everywhere you go; being smart with your bulk purchases; brown-bagging lunch can greatly help to lower your food bill and maximize your grocery savings.

    Related: 18 Smart Ways To Cut Your Grocery Bill Into Half

    3| Be watchful of your utility bills:

    This is another area after food expenses where there’s room for saving a lot of money.

    Just a little attentiveness is necessary.

    Make sure to use only as much electricity, water, and gas as required.

    Control heating and cooling temperature, practice turning off the switches immediately after use or when leaving the room, unplug appliances when not in use, and regulate freezer and refrigerator temperature are some small achievable ways to lower your utility bills every month.

    4| Self-made gifts or affordable useful items:

    If you’re not careful about the presents you buy, it’s going to cost some serious money. For me, it’s always hand-crafted gifts over luxury. I believe the true value is in the sentiments behind the gift rather than its price tag.

    Gifts need not be products only you can give your service (things you’re good at).

    Skilled in baking or cooking? Offer a delicacy.

    Yoga expert? Teach your friends some simple and effective yoga poses that they can practice every day at home. Couldn’t ask for more!

    Experienced in gardening? Help a friend turn her backyard into a vegetable garden.

    Just get off the beaten track. Think beyond.

    5| Ditch cable/TV and find a productive hobby:

    What are some productive hobbies that can make your life easier and better? Can your hobbies make you money if there’s any situation like the pandemic job loss that many went through of late?

    What’s that one hobby that can actually make you money? Just try to master that hobby. Turn your hobby into a second job instead of watching idiot stuff on TV.

    6| Always look for a good deal:

    First, always ask yourself — do I really need this? You actually need an item if it was on your list for a while. Say for a month or so.

    I never browse shopping sites just for fun. Some people might make fun of me but I download the apps on my phone only when I need something. For example, recently I shopped for some personal care products after two long years from Nykaa, purple, and the Amazon app. You won’t believe but before making purchases I didn’t have these apps on my phone. Whenever I complete my shopping I delete the apps from my phone. I do this on purpose. The first reason is to avoid temptations. Second, I hate the innumerable notifications. I like to keep only meaningful stuff on my phone. Yes indeed.

    Also, I downloaded these three apps so that I could compare the price of each product on three apps to get the best deal. It took me two days to order the products since I compared each and every product that I wanted to buy on all three apps. But then the comparison shopping helped me save a lot of money.

    7| Lower alcohol/smoking:

    Ever assessed the amount of money you spend on these bad habits — drinking, smoking, gambling? The figure would terrify you, in particular, if you’re looking to save money.

    Now, this is not a how-to quit smoking/drinking guide and hence, we’re not going that way. The only thing — if you could lower or, by good fortune, quit these bad habits you’ll be doing yourself and your wallet a huge favor; that your body can’t thank enough.

    8| Find a stable income stream:

    Having a steady income flow helps obtain soundness and security. Even if you’re a full-time stay-at-home mama it’s increasingly better to have a steady source of income.

    This age of the internet has extended heaps of possibilities. Today, you can make money with anything you’re passionate about. If you’re not able to allocate time, work on weekends, or work during the hours your child is fast asleep. With a little time and devotion, you can yield a good return.

    9| Increase your earnings:

    There are a host of ways you can make extra money. Start a small-scale business.

    Sell unwanted stuff. Capitalize on your hobbies. Create passive income like starting a blog or a YouTube channel. Extra earnings can definitely help you pay off your debt faster, save up for the future, or live more peacefully.

    10| Collect your changes:

    Piggy banks are not just for kids. You can benefit from keeping a jar to collect your spare change too.

    Instead of letting your loose change scatter, it is always best to put it in a jar and let it grow into a significant amount over time. Clever spendthrifts make large purchases, investments, travel, or save this money for retirement. Just being smart can do a whole lot with your spare change.

    Those were 10 painless ways to save $1000 this year. Be sure to share your tips and tricks in the comments section below. Thank you so much for reading. “Prosperity is the fruit of labor. It begins with saving money”.

  • 9 Habits Of Highly Frugal People

    9 Habits Of Highly Frugal People

    Seeking ways to live more frugally? Then you should definitely check out these habits of highly frugal people.

    Pursuing a frugal lifestyle is a prudent decision. Frugal living is a trusted path to living a happier and better life.

    Coming from a frugal family it is easier for me to put this list together as this has been our lifestyle the entire time. We don’t own fancy things yet our life is fulfilling. We have (and don’t have to make ) time for our family. Nor do we need gourmet restaurants or exclusive vacations to have fun together. Just simple homemade meals are a treat. We never exchange expensive gifts rather we devote time. The idea is to be present to savor the moment.

    9 Habits OF Highly Frugal People

    You’ve got to hear this before learning frugal habits because you must know frugal living is not that hard. Especially, against all that it takes to earn money. Neither does it feel dull as it may seem if you’re ready to think a little artistic.

    9 HABITS OF HIGHLY FRUGAL PEOPLE

    1. They live within their means:

    While being swayed by the commercials constantly reminding you how the newly launched range of products and services will make your life fancy and convenient, living below your means may look like nonsense.

    But what happens when the bills appear to exceed your earnings?

    The difference between frugal and normal people is that the thrifty own up to the fact that they don’t have the means for extravagance.

    Living below your means simply refers to spending less than what you earn, not living paycheck to paycheck, and not incurring debts to pay your living costs.

    Frugal individuals lean more towards saving money and choose economic self-reliance over luxuries and comfort.  They never mind living in a small house or buying marked-down cars. They’re critical about their choice of hotels when traveling — they will go with something cost-effective and overlook lavishness.

    2. They don’t shop for fun:

    Shopping for fun? Hell no, for a frugal man. Recently released gadgets, trendy outfits, and cosmetics don’t entice frugal people. They neither long to impress others nor do they rely on short-term happiness.

    They’re partial to saving money. Frugal folks stay out of stores and have productive hobbies.

    If you have been shopping excessively, lately, some smaller steps such as recognizing your shopping triggers, delaying purchases, unsubscribing from shopping sites, keeping monthly track of your spending, or no spend challenges can help control your shopping habit.

    3. They strive to avoid food wastage:

    Frugal people understand food is the most fluid expense that can be slashed considerably.

    First and foremost, they make efforts to cook meals and eat at home. Next, they strive to minimize food waste. They will jazz up leftovers and use everything to the last bit.

    My mom never plans meals ahead. She goes to the mart each day and randomly picks seasonal produce, low-priced fish, and meat from the butcher. And makes meals around it. She least prefers to eat leftovers and for that, she deliberately cooks a quantity of food each time.

    Even when eating out a frugal person would pick something filling and dirt cheap.

    4. They build emergency funds:

    In simple words, an emergency fund aka a rainy-day fund is an amount of money reserved to be used in times of financial crisis.

    Frugal people prioritize building emergency funds to take care of themselves and their families in case of a pay cut, sudden job loss, health concerns, inevitable home repairs, unexpected bills, and others.

    It’s a crucial decision to ensure that your basic needs are met during financial turmoil.

    5. They smartly choose between repair or replacement:

    Frugal people make a good call in making decisions about whether to repair or replace.

    They compare the present value of the product, considering —- the value of purchase, service life, and efficiency — with the repair costs, to decide whether to repair or replace it.

    Of course, it is advisable to repair when the cost of repairs is lower than the value of the product and vice versa.

    6. They live low-tech:

    The smart tech developed to make our lives easier, reportedly, seems to complicate the same through commercialism.

    Frugal individuals don’t fall prey to such things though. They’re calm and collected.

    While technophiles cannot resist the impulse to upgrade the latest gizmos, frugal folks do get their job done with the 5-year older version of the phone/computer if it is in good working condition.

    7. They look for price negotiations:

    They do marketing analysis before making any purchase. That means they do comparison shopping; check out product overviews (brand, model, specifications), and check costs online. In addition to this, they don’t mind waiting for days or months to buy an item. They will just go over searching for a good deal across the city.

    As for buying something, they are patient no matter how badly they want it they’ll make sure that the purchase doesn’t hinder their budget.

    8. They do not go with the brand names:

    Famous brands? Well, you can’t get a critical eye frugal to pay for a name. This means they would never buy a $10 t-shirt for the price of $50 only to have a big brand logo printed on it.

    They’ll prize each penny and every single purchase. They’ll do their math and pick something economical plus sustainable.

    9. They’re smart with their bulk purchases:

    A frugal man knows exactly what can be hoarded and what cannot, depending on the shelf life. Still, they know a lot of items can be saved for longer with appropriate storage techniques.

    Frugal people stockpile to anticipate a rainy day. They understand the last-minute supermarket run, and most of the time can put a strain on their wallet.

    Final words:

    By building these habits of highly frugal people, you can too lower your stress, attain financial freedom, and become self-sufficient and disaster-proof.

    Let me know your thoughts in the comment section below. Thank you so much for reading. Enjoy the art of frugal living!

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