One of the biggest arguments I hear about frugality is that it often requires considerable lifestyle changes. It means you can’t go eating out all the time, or taking that vacation you long for, or upgrading your phone.
In a way this is a fair point; saving money generally does involve some considerable lifestyle changes; but not always.
Today I’d like to talk about some simple ways you can spend less each month without it having a huge impact on your overall quality of life. This way, if you’re just starting down the road to frugality you’ll find some “easy wins” to start the process off. Once you have a steady stream of little wins under your belt, you can start accumulating the cash! Consider transferring it to an account that’s separate from your regular account, or throwing the little bits and pieces toward your debts, using a SEPA payment if needed, so you can see how much your odds and ends of savings really do add up.
Audit Your Spending
We live in a consumer society, surrounded by new movies, technology, clothes and more – all vying for our attention. Its little wonder that we spend so much money. But how much happier is all that spending making you?
I’m not suggesting that all spending is bad necessarily; just that some spending makes us far happier than others.
Many of us are creatures of habit; we get used to stopping for our morning coffee, or grabbing take-out on a Friday night. We do it almost without thinking, and then wonder where all our money has gone.
The most effective solution to this uncontrolled spending is simply to ask yourself how much pleasure each item brings you. Do you really enjoy that morning coffee? If so, great. If not, why not consider canning the spending altogether, or making yourself a coffee at work? How much pleasure will buying another new pair of sneakers bring you? Will you be proudly wearing every day for months to come, getting full value out of them? Or in reality will you wear them a couple of times before they’re relegated to the back of your closet?
The intention here is not to stop spending money entirely. Its to stop spending money that doesn’t have a positive impact on your lifestyle.
So every time you reach for your wallet, try consciously asking yourself how much this expense really adds to your life. If the answer is “not much” then you can probably pass on it. As a result you’ll save money but without having a negative impact on your lifestyle.
Check Recurring Payments
Companies love recurring billing. Whether that’s a subscription for your TV, cell phone or a magazine, companies know that once we’ve signed up we’ll probably never look at that bill again. So we keep on spending, without even realizing it.
When I first started down the path of frugality I was shocked to discover that I had all sorts of subscriptions, which I either never even used or which I could have got cheaper elsewhere. I had been paying for one piece of software for the last 18 months without noticing – and I hadn’t used it once!
A great strategy to save money without impacting your lifestyle is therefore to dig through some recent bank statements. Look for any regular transactions that you find, and consider whether each could be cancelled or reduced in price without it negatively impacting your lifestyle.
As a useful tip here, most “recurring billing” companies are so desperate to keep you that they offer special deals to people considering leaving. Just ring them up and let them know its costing you too much so you’re considering cancelling; you’ll be surprised at the discounts many will offer you. I’ve done the same for both my TV plan and cell phone and literally halved both bills without losing my services.
Give Up The Brands
As humans we feel subconsciously “comfortable” with brands we recognize. That’s way food companies spend so much money on advertising. The funny thing is that in repeated blind taste tests consumers often can’t tell the difference between a premium brand and a store-own version. One such test here in the UK found all sorts of people who considered themselves connoisseurs admitting they preferred a glass of cheap Cava over a premium champagne which cost five times the price!
Once again, if you want to save money without impacting your lifestyle you don’t need to give up all your brands if you don’t want to. The key is to be willing to experiment with alternatives, and then keep those stores-own brands which work for your family. If you dish up the alternative without mentioning it you’ll be surprised by just how many own-brand products are equal to the premium brands.
Collect Loyalty Points
Here’s a serious question for you: how much do you think I spent last year on my Christmas food shopping? That’s enough food for myself and my girlfriend, for a week, with all the luxuries you might expect. We’re talking turkey, wine, chocolate – the whole nine yards. The answer? Just under £6 – roughly $10. And that’s all thanks to loyalty points.
From cash-back credit cards to store loyalty programs you’ll be amazed just how quickly those seemingly insignificant points can start to add up. And collecting those points has little to no impact on your lifestyle; all you need to do is scan your card when paying.
To take a few minutes to join your local loyalty schemes so you can save money with every purchase and just watch that “free money” adding up.
Stop Throwing Food Away
It’s been estimated that we throw away roughly a third of the food we produce. While some of that happens in the food manufacturing industry, a fair amount happens in private homes. Be honest; have you thrown anything out in the last month because it was past its use-by date, had gone bad or you just didn’t fancy it? Don’t worry – its perfectly normal.
However by being a little more conscious about the food we buy its easy to reduce – or even eliminate – the food we throw away. In doing so, we can save a huge amount of money.
There are a whole host of tips you can employ. For example why not record the dates of the food you purchase so you know when it needs to be used up. Or how about learning how to store food so it stays fresh for longer? All of these strategies take minimal effort to implement but can have a very real impact on your spending.
As you can see, there are a host of ways to save money without having to give up your home comforts. All it takes is being a little more conscious about the money leaving your account. Putting a little more focus on your everyday spending can make all the difference to your budget.
Just a few years ago British blogger Richard Adams was struggling with a mountain of debt. Today, thanks to a frugal lifestyle, he is debt free and planning for the future. He blogs regularly about frugal living.
Disclaimer: Money Propeller has been compensated for parts of this post.
Love these ideas, particularly stop throwing food away! We give a high regard to food and food is something we can focus on to save some money. I budget weekly and meal plans that are cheap yet healthier.
Kelly recently posted…Sickness Strikes AGAIN!
No eating out is I believe one simple money saving tip I can give. This strategy has been so helpful to me as I can have much savings and I can cook for my family more often.
James recently posted…Home Improvements That Keep Costing Money
I am glad that I don’t prefer wearing branded clothes. There are actually great clothes from not that branded clothes and they look still great. It’s just dependent on how you carry and how you mix and match all those clothes in your closet.
Liz recently posted…Outsourcing Time Consuming Low Value Work