From utility bills to grocery, the costs of living will drain your finances. If you are running out of savings, it can be worrying! Read on and find out some of the tips for frugal living.
1.Stick to a Budget
Many things require proper planning when you move out. One that you should not ignore is your budget. Start by looking at your cash flow. Compute your income and expenses, so you will know how much you can spend without going broke.
Sticking to a budget can be tricky. Download personal budgeting mobile apps to help you. It will track your spending habits. This way, you can easily have an overview of your expenses. This way, you can easily prioritize where to put your savings or income.
2.Pay Off Your Debts
You might have thought – I am running out of savings, why should I pay my debts? Some might think that delaying the payments is a good idea so that they have money to sustain their cost of living. While such can be partly true, the problem is that the longer you wait to settle your debts, the more they will accumulate interest, making them harder to repay.
Reducing debt improves psychological functioning. Doing so is not just good from a financial perspective, but it also improves your mental health. You will have one less thing to worry about, so you will be less anxious as you live a new life after moving out.
3.Buy Used Items
The bulk of the expenses when moving out will go to essentials like appliances and furniture. You might need a new couch, TV, oven, bed, and other stuff. Be frugal and shop second-hand instead of buying brand new. It will help you save a lot! However, make sure that you are not compromising quality. Otherwise, you will end up buying the same thing again, which will be costly in the long run.
Even used items, however, can deplete your savings. If you do not have a lot financial-wise, consider applying for a fast loan advance. It is a form of short-term borrowing. This will give you immediate access to the money you need to get started in your new place.
4.Sell Stuff You Do Not Need
Finding ways to make more money will help you sustain your financial needs when moving out. Even better, it is an effective method of decluttering. You are getting rid of unnecessary stuff while also earning a few bucks.
These days, it is easier to sell your stuff. You can do so online. Asking around from interested family and friends is also a good idea.
5.Cook Your Food
According to the Bureau of Labor Statistics, an average consumer spends $3,459 on eating out. That translates to roughly $67 weekly. For someone who is running out of savings, that is a lot! With time and effort to spare, you can save by cooking at home instead of eating out or getting takeaway.
Being busy should not be an excuse if you want to live a frugal life. You do not need to cook every day. Meal planning is the key. When you are not doing anything on a Sunday, take this as time to cook meals you can eat for the week. You can just reheat them when it is time for a meal.
6.Cut Your Electric Consumption
This is practical, but it is one thing that a lot of people ignore. Sure, you want to be comfortable in your new place, but have you figured out how much such a comfort cost you? Cutting down your electric consumption is a good way to go green while also saving money.
Regular maintenance of heating and air conditioning units will help. Set your fridge and thermostat at efficient temperatures. Insulate your apartment and seal leaks. You should also invest in energy-efficient appliances and lights. They can be expensive in the short term but worth it in the long run.
7.Use Your Credit Card Wisely
A credit card might seem like a savior when you need money, but it can also be a nightmare when it comes to the time you need to pay your dues. This is especially the case if you are an irresponsible spender.
Do not swipe your card recklessly to pay for the things you need for moving out. Watch out for sales or promos. Take advantage of rebates and other benefits, depending on the type of card that you have. More importantly, pay your dues on time to avoid accumulating interest.
8.Learn to DIY
From painting your new place to repairing a broken door handle, you will find yourself having to take care of different stuff when you move out. It is convenient to pay someone to do these things, but it can be expensive.
Go online and watch videos so you can learn DIY stuff. With minimal effort and time to spare, you can accomplish basic jobs on your own instead of hiring someone.
9.Find Free Entertainment
Worried that you will end up being bored when you move out? Be frugal when it comes to your entertainment. From going to the cinema to entertainment subscriptions like Netflix, your entertainment costs can add up.
Be creative and find ways to be entertained for free. Look for museums offering free admission. Go to the park and enjoy nature. Ride a bike. Read a book at a local library.
10.Work Out at Home
Get fit without using your savings! Instead of spending money for expensive gym memberships, consider working out at home instead. This is also convenient since you do not need to travel to the gym.
Having a small space is not an excuse to not enjoy a workout at home. Even outside of the house, you can have a fitness routine without spending money, such as by jogging at a park or playing sports with friends.
Moving out is scary. Worse, it can drain your savings! Luckily, there are plenty of ways by which you can live a frugal life, such as by sticking to a budget, buying used items, cooking food, and learning to DIY.