There are many ways to save money but a lot people seem to find it hard to be frugal and continue with their current ways of spending. The rising costs of necessities and the way the economy has sagged are pushing more families to become penny-wise and stretch their meager finances. Like most families, yours might also be clueless as to how you can have a trimmer lifestyle. Here are five simple ways on how you can practice frugality at home and at work.
- Monitor Your Expenses. The simplest way to being frugal is to create an accurate costing of your expenses. This includes housing costs, utilities, transportation and even your daily dose of coffee at the corner store. Many people find it helpful to track expenses as it provide where exactly their money goes. It also allows you to see where you can trim off your budget.
- Switch Your Current Accounts. One of the ways to get more out of your spending is to use current accounts with incentives to join. Your current account today might not have the same amazing deals such as cash backs and joining incentives. With less hassle on switching and convenient banking as you can monitor your transactions 24/7 through mobile, online or telephone banking service, more people now enjoy better day-to-day banking with a no-fee paying current account.
- Use Coupons. Coupon websites and magazines are there for a reason and that is to help you save on your basic expenses. Using grocery coupons can actually save you plenty of cash especially if you buy in bulk.
- Use Public Transport/Do Carpool. Like there are many ways to save on your groceries, you can also cut down on your transportation costs. Plan your trip ahead and cover a larger part of your itinerary in a single go. You can also do car pools for kids play school and other activities with other parents or friends.
- Ease off debts. One of the reasons why many people suffer on finances is because of debts that accumulate interest. Make sure that you pay your mortgages and loans on time so that you won’t have to pay for hefty interest rates.
Being frugal doesn’t mean that you will live a life of a hermit, it only means that you are smarter when it comes to your spending and that you are making the most out of your hard earned money.