Looking for ways to be frugal this new year? If you’re living from paycheck to paycheck and constantly balancing your budget to ensure all of your financial responsibilities are met, then you’re not alone. No one likes the idea of wasting money or struggling with the aspect of overspending each month. So it’s only natural to want to save where you can.
Everyone has reasons why they want to be better with their money and a be a little more frugal, whether you’re saving for a house deposit, a holiday, or perhaps you just want more money to play with – maybe you want to add more money into your ISA or savings account each month. If you’re looking for an ISA, check out these stocks and shares ISAs from Wealthify. Here you’ll find 5 ways to make your money go a little further in 2020.
Start by decluttering
Frugal people have less stuff. Simply because they recognise the difference between a want and a need. If you want to start living frugally, then decluttering your home is the best place to start. When you declutter your home you can sell items to make money, but you can also save money by getting rid of items you simply don’t need including removing the requirement of insurance and even repairs and maintenance. If you declutter enough, then you may find you can live in a much smaller property.
As mentioned above, when you remove a lot of the junk and clutter from your home, you’ll probably find that your home is much bigger than what you really need. You could consider downsizing to save money on your rent, your property maintenance, insurance and utility bills.
Revaluate your cell phone plan
It’s easy to believe that we need the latest phone, with limitless calls, texts and as much data as we can use. But the question you need to be asking yourself is, does it really match my needs? You may be paying an extortionate monthly fee for something you’re barely using to its full potential. Work out your real usage and speak with your provider about getting a better deal.
Say goodbye to your gym membership
There are plenty of ways you can get your daily dose of exercise without making yourself poorer in the process. Head out for a run, work out at home by following some simple exercise videos on YouTube. Try a little yoga or Pilates or go for a walk or bike ride. You can still lose pounds without losing the financial kind at the same time.
Don’t food shop without a list
There are two occasions when you should avoid food shopping. The first is when you’re hungry, the second is when you haven’t prepared a list. By making a shopping list and planning your meals and snacks for the week ahead, you’re not going to make off the cuff purchases and be shocked when you get to the till. You can control your money better and make better choices.
Disclaimer: This post was written by a guest author as part of a partnership with Wealthify