home Uncategorized 15 Tips for frugal living

15 Tips for frugal living

• Share a car. A family of four can survive quite easily with one car. Just plan your trips together. You don’t need to each have a car. It saves on fuel, insurance and car maintenance costs.

• Ditch the SUV. Buy a car based on the miles per gallon that you are able to get from a car. You don’t really need a 4wd vehicle unless you are going to be doing off-road driving.

• Use public transport. It saves you a lot in gas costs, parking charges and saves on wear and tear of your car. Always look to see if you can get to where you need to go o by train or bus.

• Buy a used car. You can always get a good quality used car if you shop around wisely. Why fork out a lot of money just to have a new car?

• Rotate your car tires. This ensures that they wear out uniformly and means that they will last a lot longer. This also ensures that your car is a lot safer. You can also check the tire inflation while you are at it. This also improves the car’s handling and safety.

• Drive at a modest steady pace. You waste too much gas when you drive badly and accelerate and decelerate too much. Avoid having to rush to places and give yourself time to get there at a more sedate speed.

• Avoid paying interest and other costs. Pay your credit card on time and don’t rack up any penalty charges. You will be amazed at how much you end up saving in interest fees and charges. If you can pay cash, always do so – and minimize the trips to the ATM –those charges can add up.

• Rent a house rather than buying. In the end it ends up costing less. You avoid all the problems of paying mortgage insurance and it makes your life more flexible. If you change jobs you can just move to a nearer place and not have to worry about a longer commute

• Always buy used. When shopping for electronics and other household equipment, don’t buy them new unless you absolutely have to. Look for alternatives on craigslist and other places where you can buy cheap. Also shop for refurbished items. They are usually just as good.

• Eat out less. Reduce the number of times that you eat out – including fast foods – to the bare minimum. Not only will this save you money, it will be better for your health.

• Buy in bulk. You will be amazed at how much you can save on a lot of household consumables such as toilet paper, cooking oil, flour and other items if you buy in bulk. Plus it saves having to go the store each time.

• Never shop without a list. Always stick to the shopping list and teach your kids the same thing. If it’s not in the list it doesn’t get bought. This saves you a fortune you would otherwise spend on impulse buying.

• Carry packed lunch to work everyday. Then you don’t have to fork out money at the deli near the office. Plus it is a good way of eating healthy and using up all those leftovers that you may otherwise have ended up wasting.

• Buy store brands. A lot of items that are store branded are exactly the same quality as the branded item. Save on things like cereals, sugar and any other items that you can find store brands for. Branded items always end up costing a whole lot more for same or less utility.

• Switch off electric items and unplug them when not in use. You will be amazed at how much you will reduce your power bills by. It will also make your electrical items last a lot longer .

• Always comparison shop. Never buy anything at the first place you or price that you find it. Whether it’s a household appliance, insurance, even every day items at the grocer’s. There will always be something cheaper and which give you better value for money.

• Have a 30-day waiting period. If you want to buy something that is not a dire necessity put it in a list and if after 30 days you still want to get it then you can buy it. You will be amazed at how many things just because you thought it was a good idea at the time.
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