Whether you’re currently in the midst of a financial fiasco or whether you just want to achieve fiscal freedom as soon as you possibly can in life, you should attempt to reduce your cost of living.
Don’t worry, performing this all-important task need not have too drastic an impact on your standard of living. Rest assured, you can lower your day-to-day costs and carry on enjoying your creature comforts!
To find simple and straightforward ways you can reduce your general cost of living, be sure to read on:
1. Stick to a strict budget
Creating a strict budget for yourself is the first step that you must take in your attempt to reduce your cost of living … and sticking to this budget is the second! You’re never going to make a dent in your expenditure if you’re constantly spending money, which is why you need to curb your purchasing habits.
This doesn’t necessarily mean that you have to go without in life — it just means that you should strive to be economical with regard to what you do and do not spend your money on.
If you don’t believe that you have what it takes to stick to a strict budget over a sustained period of time, try putting the following advice into practice:
Make a pledge to always sleep on big purchases — when you wake up, you’ll either feel more committed to the purchase or, more than likely, you’ll realise that it isn’t such a good idea
NEVER spend money that you don’t have — refrain from using your credit card when you have money at hand in your bank account
Embrace a minimalist lifestyle and only make necessary purchases
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2. Save money on food
Food is a necessity — there’s no getting around the fact that you have to spend your money on it! You do not, however, necessarily have to spend a copious amount of cash on the delicacies that you indulge on.
If you’re not careful, the money that you spend on food — with regard to eating both in and out — will spiral out of control, which is why you must make an effort to curb your spending habits in this instance.
Here are seven ways you can save money on your food budget:
Always seek to base your meals around food that is already readily available to you in your kitchen
Learn to cook staple meals from scratch (this will help you to serve double the portions for half the price)
Reduce your meat consumption (you can make stir fries, curries, and pasta dishes with a host of delicious plant-based ingredients)
Set yourself up with a weekly meal plan (and don’t deviate from it!)
When you decide to treat yourself to a takeaway, be sure to search online for deals and discounts
Never enter the grocery store with a rumbling stomach — the hungrier you are at the time, the more food you will be liable to purchase
Be smart when buying from the reduced section — remember, it’s only a bargain if you’re actually going to make use of it
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3. Reduce your tax payments
No matter where you live, what you do for living, or how much money you take home each month, you need to pay your tax. This is an integral component of your cost of living. Like paying for food, warmth, and shelter, it cannot be avoided.
Fear not, however, as you don’t necessarily have to be crippled by the taxman on a yearly basis. There are a number of things that you can do to reduce your payments in this sense, one of which being to donate your car to a charity in return for a tax deduction.
Once you take your unwanted motor to a reputable not-for-profit charitable organization like Rawhide car donation, you will be afforded the opportunity to deduct the vehicle’s full market value from your taxable income.
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4. Take better care of your belongings
Do you regularly find yourself spending your hard-earned cash on fixing or replacing your worldly goods? If so, you should attempt to increase the life expectancy of your belongings by simply taking better care of them.
Whether this entails washing your jeans inside out to ensure that their color doesn’t fade, whether it means taking your vehicle for a bi-annual service in order to cut down on maintenance issues, or whether it means purchasing a robust case to protect your cell phone, it’s imperative that you go the extra mile to protect your possessions.
These tasks might require time, money, and effort upfront, but they will no doubt help you to reduce your cost of living in the long run.
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Stay in touch
Hope this post inspires you and of course, I’d love to know what you think! Let me know in the comments below or find me on Instagram, Facebook or Twitter and add the hashtag #practicalfrugality so that I can see your post.
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