Want to save a lot of cash without compromising your living standard? Read on to find out some Best Frugal Living Tips.
Well, saving cash and cutting your expenses does not necessarily mean compromising or degrading your lifestyle.
You can adopt extremely easy-to-follow approaches and save a hefty amount of sum monthly.
The following are the basic categories under which I have grouped these money-saving tips:
- Groceries and Food
- Fitness and Health
- Other Tips
- Develop a Budget
In case you’re living on a low-to-average monthly paycheck or you want to save up for an upcoming event, you must start revering this guide.
When you’ll start following tips from this guide, you will realize that you’ve become more mindful of where your money is going monthly.
What’s more, here’s the best part:
When you become careful about how you spend your money, you get the opportunity to save more money.
So, are you ready to save?
Ready, Set, Save!
Cashback has become the new hot word around very recently. It simply means that you get back ‘cash’ if you purchase something using a particular electronic/online payment method.
The word ‘cash’ has been put in air quotes because you don’t get back actual money; you get back cash in terms of ‘points’ belonging to that particular payment method.
Therefore, one of the most effective ways for Frugal Living Tips to save cash and even ‘earn’ some is to avail the various cashback offers available across a wide variety of platforms.
Truly, these applications essentially hand out free cash.
Some of the best and most used applications to utilize the cashback offers are:
Apart from applications like these, many credit cards also have similar offers wherein you can save money by utilizing the cashback schemes.
Travelling is something often accompanied by expenses. But here, I have some simple tips and tricks which can help you go on an Instagram-worthy vacay without burning large holes in your pockets.
At a quick glance, travelling on a small budget may seem like an idea to travel to unworthy places, living in shady guest houses and feeding off water and air, but this is not true at all. You can travel to great places, live in comfortable accommodations and get a taste of some of the most famous food there if you travel smart.
Travel in the off-season
While the holiday season seems a lucrative time to take a break and go on a trip, avoid doing that as far as possible if you wish to save major bucks on your airfares, hotel and resort accommodations and entry tickets to tourist spots.
Use Incognito Mode
Whenever looking for flight and hotel bookings online, do it on the incognito mode. This mode hides your browsing from the ‘machine learning’ mechanism and hence the internet is not able to track your demand and change the prices.
Check Costs On The Less Well known Travel Websites
As a rule, the less prominent websites offer greater offers and discounts as compared to major players in the online travel market.
Utilize your Hand-Baggage
If you can squeeze in your essentials in just your hand-carry bag, you can save big bucks on your ticket as then you can book a without-baggage ticket which is essentially cheaper.
Choose a Smart Destinatio
Smart destination, that’s a new, right?
We tend to call those places as smart destinations which are cheaper than the mainstream tourist places. These places are cheaper because of a variety of factors: they may be nearby and hence their flight tickets are cheaper, their average cost of living is less, and most importantly, the destination is a part of a developing nation.
Try to travel to a developing nation instead of a developed nation.
For more on budget trips and destinations, read: 15 Budget International Trips for You
Choose an Affordable Accommodation
A smart way to travel these days is to ditch the conventional hotels and resorts and opt for more practical and comfortable living options. Hostels are the best option, especially when travelling solo. Other than that, AirBnB has made it simpler to locate clean, safe and affordable house-like accommodations in a distant location.
Therefore, instead of ‘lavishly wasting’ your money on an exorbitant hotel, you can save it and use it to actually explore the city.
Eat Smart while Travelling Abroad
Try not to eat three suppers per day. Stay some place with free breakfast and fill up a lot toward the beginning of the day. If you do this, you can easily do away with a proper lunch and eat light snacks that you got from home maybe. And then you can have a proper and fulfilling dinner at the end of the day.
Choose local street cafes for your dinner options instead of the boring and expensive chain restaurants which you find back at home as well.
Use Public Transport
Try to use and enjoy public transport as much as you can instead of travelling in expensive, isolated cabs.
This way you can travel while making the most out the money you spend, one of the most effective Frugal Living Tips.
III. Groceries and Food
Groceries and other related items can surprisingly prove to be expensive if you do not resort to money-saving tips.
So here I am, with a list of money saving tips that will help you save thousands of rupees monthly!
Make a Shopping List before Leaving the House
You can save huge amounts of cash by performing two tasks before you leave your house for shopping for essential items:
- Check what you actually need by examining your refrigerator and washroom
- Make a list of all the items you really need
When you do this simple exercise, you don’t burn through cash on things you don’t need.
Grow your Own Vegetables
Terrace farming has been fast gaining acceptance and recognition. Even if you have a small house, don’t worry, you can still grow organic vegetables at home through innovative ideas like growing vegetables in an unused bathtub!
This way, you’ll have access to cheap, organic and fresh produce without even stepping out of your house.
It’s a win-win situation!
Try not to buy only Branded Products
Most store-brand products are similar and on par with high-end branded products.
The only difference (in most cases) is that the former is cheaper than the latter.
You can spare several rupees per month by making this little and straightforward switch!
Drink More Water
While this seems more like a health tip rather than a finance one, believe me, it’s a two-in-one magic tip.
When you are on the go, you must have often purchased expensive bottles of soft drinks because you were thirsty.
And as true Indians, we tend to think why to purchase bottled water when you can purchase a soft drink in almost the same price.
What’s more, purchasing bottled water conflicts with our money-saving mentalities.
What I would suggest here is that rather than purchasing costly bottles of water and soft drinks, you must develop a habit of carrying reusable water bottle around with you.
Trust me, this simple habit will not only save you big bucks in the long run, it will also keep you hydrated, fresh and healthy.
Avoid going for Grocery shopping when Hungry
The reason behind this is simple. When you’re hungry, you’ll definitely be tempted to buy snacks and quick bites like chips, biscuits among others which are not only ‘not needed’, they are also unhealthy.
Therefore, to avoid unnecessarily splurging on food items when shopping, do yourself a favor and grab a bite before you head out.
Install Supermarket Apps
Most supermarkets have their very own applications nowadays such as BigBasket. If you are attentive enough, you can save a whole lot of money by grabbing exclusive deals and coupons listed on those particular apps.
Purchase in Bulk Quantities
A simple and well-known tip to save some cash on essential monthly items is to purchase them in bulk quantities.
If you prefer to shop online and do not like standing in long queues, you can easily grab the numerous offers portals like Amazon, BigBasket and Grofers come up with.
Along with delivering your stuff on your doorstep, these portals often have some deal going no which you can utilize to save some major bucks every month.
Use Deals when you go out to Eat
When you go out to eat, you can spare a good amount of money by making use of offers and deals available at various online portals and apps.
Websites like Groupon and NearBuy let you purchase printable coupons prior to your visit to a particular restaurant.
Applications like Zomato have changed the way the entire restaurant and café industry works in India. With its premium membership, called Zomato Gold, customers can avail a 1+1 on food items and 2+2 on drinks in select restaurants. Needless to say, this scheme slashes your bill into almost half of what you actually ordered for.
On days when you absolutely crave outside food but cannot afford to spend a large sum on a single meal, you can opt to order in.
With food delivery apps like UberEats, Swiggy, Zomato and FoodPanda making an appearance on the Indian market, you can relish outside food at your home and that too on a discount!
Electricity bills can prove to be a heavy burden, especially if you are living on a low-to-average salary. Some effective ways to cut down your electricity bill are:
Switch off/unplug electronics when not being used
Just unplugging things when they aren’t being used (and turning off the lights when you leave a room) can altogether chop down your electricity bill.
Try not to turn on the AC
Save huge amounts of cash this summer by avoiding the AC as far as possible. You can resort to tricks like drawing out black curtains on windows in order to prevent sunlight from heating the room.
Drop the TV Connection
Although it is not practical in Indian family homes, but if you’re living solo, you can definitely drop the cable connection charges and instead pay for Netflix and Amazon Prime subscriptions.
Invest in Energy Efficient Products
Cut back on your electric bill by buying energy efficient products. By doing this, you may have to spend a little extra now, but trust me, you’ll save tons later.
V. Fitness and Health
Gym memberships are often priced at exorbitant numbers. By opting for such memberships, we continuously damage our budgets.
Also, everyone knows, nobody goes!
Hence, to spare yourself this cash, you must understand that getting fit doesn’t need to cost a huge amount of cash.
You don’t require costly gear or exercise equipment. What’s more, you needn’t bother with detailed and often hard-to-follow diet plans.
Work out at home to get fit rapidly and that too on a budget!
Save a whole lot of money by dropping your gym membership exercising in the comfort of your own home.
There are huge amounts of free exercise recordings and tips accessible on websites like Youtube.
Believe me; you will be amazed at the amount of money you save by making this simple switch.
Transportation seems like an irrelevant category to consider saving money for. But if you undertake a detailed analysis of your daily transportation costs, you’ll realize a huge amount of your income goes into transportation and related avenues.
To limit these petty daily expenses, follow these tips:
Pool a Car to Work
Carpooling to work with colleagues can save you money spent on petrol/diesel.
Walk to Small Distances
Ride your bicycle or stroll to your neighborhood stores and shops to save good deal on petrol/diesel. The additional benefit is this way, you get to squeeze in some exercise in your daily routine.
Sell off any extra vehicles
Assess your way of life and check whether you can really need more than one vehicle. If not, you can sell it and earn some easy money.
Use Metro/Public Transport
Try to use public transport like Metro to cut down your transport expenses significantly.
VII. Other Frugal Living Tips
Some other money-saving tips include general stuff which is listed below:
Go to the Library For Free Books
I know its old fashion, like duh, who goes to a library?
But, seriously, if you are a book junkie, you must give your local library a chance. You’ll be surprised at how much money you save this way.
Also, as a bonus, most libraries now have the facility of free Wi-Fi!
Try to wait for movies to get cheaper in Theatres
Rather than going for movies when they are freshly released and have expensive tickets, it is better to wait for the tickets to get cheaper and then go. Or better yet, wait for the movie to premiere on cable/Netflix/Prime etc.
Reuse containers and jars
Rather than tossing out empty containers and jars of sauce, mayonnaise, jam, pickles etc., it is advisable you reuse them in order to save some easy money.
Pay your Bills timely
Avoid paying penalties and late charges on electricity bills, telephone bills, internet bills etc. by paying them before the deadline.
Have a no spend weekend monthly
Finally, one of the most budget-friendly tricks is to have a no-spend weekend monthly to keep your budget boat afloat in this day of expensive waters.
Follow these best frugal living tips and start your journey to save more.
VIII. Develop a Budget
Money saving is something we all wish to do. But, we all know it’s easier said than done.
The most disciplined way of saving and budgeting is to develop a systematic plan.
To keep a track of your salary every month, I strongly suggest you utilize the 50/20/30 guideline for your spending-planning.
The 50/20/30 rule offers a fundamental budgetary system for your spending and sparing. The standard says that you ought to burn through half of your pay on your everyday costs.
According to this guideline, you should invest 20% of your salary in investment funds and make provisions for savings. You can utilize the rest 30% for recreational activities without worrying about a cash crunch.
Since the 50/20/30 standard is just a guideline, there is some adaptability.
You can change the specific portions dependent on your individual circumstances and preferences.
The fundamental thought is to confine your everyday costs to generally half of your pay. That way, you’ll have enough remaining for your savings and recreation.
For taking out that 20% chunk out of your salary every month, you can use Bachat that will save you the hectic procedure. Bachat automatically transfers a fixed proportion of your monthly salary to a specific savings account.
Voila! Automatic savings!
So, I hope you found these Frugal Living tips useful and ‘save-full’! Keep following these tips and you’ll be golden in a few months.
Keep saving and keep reading our blogs! Ciao!
When someone is frugal, it may be that they do spend less money than the average consumer. But they’re not miserly – or extreme with saving. Being frugal means one is less wasteful and more resourceful and people who live a frugal lifestyle are simply happily living with less.
The more money you save, the earlier you can achieve your retirement goals and can live off your days in peace and quiet, somewhere near the ocean or in the mountains, whichever you prefer.