There are plenty of great ways to live on very little money. When you have little money, you will need to look into ways to live as cheaply as possible.
This article will discuss the cheapest way to live and still have money to save.
If you’re living on quite a low income at the moment and you need some cheap living ideas to help you to cut back, you’ve come to the right place.
It is very important to be able to live cheaply, as you never know when it might be necessary. Money is the cause of so many people’s worries and stress, and when you have no money in the bank, it can be very difficult to see how you will survive.
Create A Survival Budget
When you learn how to live inexpensively, you will first need to understand how much money you will have after you have paid for everything necessary.
You will need to set yourself a budget that is very realistic and honest because any normal budget isn’t going to suffice at this time.
This budget should include no luxuries or fun; it should just include thinking about how you will ensure that you can keep food on the table.
If you have not always been great at budgeting, you will need to check out the post on budgeting your money. This will help you to get started in the right way.
Save On Groceries
Food is one of the biggest expenses in most households, so if you know how to save money on food, then you will be able to use this money elsewhere. On average, a home in the US spends around $7,700 each year on food.
The other two main places that this money comes from is housing and transportation.
It is quite easy to control how much money you spend on food, whereas the other areas you could spend are much harder to cut back, so food is a good place to start.
You won’t need to stop buying all the food you enjoy to do this, though. Instead, you will just have to make a few cutbacks.
Create A List
Before you go to the supermarket, you should make sure to write up a shopping list. This is an easy way to cut grocery costs because you’ve already laid out what you need, so you won’t end up buying more than this without thinking about it.
Before heading to the supermarket, you should go through your pantry and fridge to ensure you know what you are running out of. Make sure that you are thinking of breakfast, lunch, and dinner.
It is also important to purchase some snacks.
When you’re walking around the grocery store, it is important to make sure that you are buying only what is on your list. This helps with curbing impulse buys.
Don’t Shop When You’re Hungry
If you are hungry when you head out shopping, you will find it very hard to resist the snacks that you see all around you. Avoid this problem by having a snack before you go to the shop. This will stop you from impulse buying everything on the shelves.
Eat At Home
It is a lot cheaper to eat at home than it is to eat out at restaurants. When you cook your own food, you also get the opportunity to choose the ingredients, making it not only cheaper but more healthy.
Eating at restaurants or ordering takeaways are very pricey and they will account for a lot of your monthly payouts if you order them or go to restaurants regularly.
Check Your Bills
It is important to think about all of your monthly bills. You will need to check that your monthly phone bill is under control. If you have a contract that you don’t need, consider going for a cheaper option.
Cancel TV Subscriptions
There are hundreds of TV subscriptions these days, and you should weigh up the cost with the benefit of any of the ones you pay for. You might want to consider canceling these subscriptions if you don’t use them as much as you should.
You can also get free WiFi in many places. There are many ways to cut back on bills such as WiFi and other similar services.
WiFi connections do cost a fair amount of money every month. It is important that you consider your other options, rather than just blindly giving away this money each month.
Buy Your Clothes On Sale
Everyone has considered buying their clothes on sale at some stage in their life, and who doesn’t love a good deal? There are many thrift shops available for searching for clothes like this, and if you have the patience, you will be able to find lots of great things.
You can even sell some of your great finds online if you want to make some extra money.
You can also sell some of your old clothes if you have grown out of them to make some money from them to spend.
Save On Credit Card Costs
If you miss your credit card payments, you will face a large penalty and you will have to pay lots of interest. This will create a huge problem for you. It is sometimes necessary to use credit cards, and this is okay.
You should always ensure that you pay off your credit card fees as soon as you can. If you do this, then you will save in the long run.
Final Thoughts
You can save money in many ways, and this article has touched upon a few different ways you can do this. If you are short of money, there are many ways in which you can cut back, and you will be able to do this if you put your mind to it successfully!
As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.
Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.
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