Frugal living can help you save a lot of money, but there are times when you don’t really have a choice but to cut as much as you can from your budget. These frugal living tips can help you live with very, very little money.
If you are looking to sacrifice now to save money for the things that matter to you in the long run, these 11 ways to live with very little money would be helpful to you.
1. Get More From Your Housing
Rent and mortgage are the biggest expenses for most people.
While many people may not like it, getting a roommate to cost-share would be a great money-saving tip. You could also rent your bedrooms on Booking.com or Airbnb.
Another way out may be downgrading. If you have “too much” house, you may want to consider moving out or selling it to get a smaller and cheaper place. Remember that the bigger the house, the higher the utility bills. This is primarily a good thing to consider for parents whose children have already moved out.
2. Cut Transportation Costs
Stop driving and start using public transport to cut fuel costs. While at it, you will also forget about parking fees and car maintenance charges.
You may also consider carpooling with your friends and colleagues if public transport is not an option. Other more affordable options would be cycling, using a scooter, or walking if the distance is walkable.
If you commute to work, yet what you do can be done from home, you may want to work towards being allowed to work entirely or partly from home. It will save you so much in transportation costs.
3. Cut Utility Expenses
Be very intentional with how you use electricity, water, and gas. Start switching off lights and appliances when not in use, and use water sparingly. If you can skip air conditioning and heating, do it. Consider using your fan more; it will help you lower your thermostat settings comfortably.
4. Cook Cheap Meals
You should start by dropping meat and fish from your menu and substituting them with plant proteins such as beans and lentils.
There are so many lentil recipes you can try to spice things up, all while on a budget.
You may also want to choose canned or frozen options over fresh food. Lastly, buy only seasonal fruits and vegetables. Buying fruits and vegetables out of season will always cost you much more.
5. Buy In Bulk
The cost per unit is often lower if you buy in bulk. This is why you should consider buying items in bulk when you go shopping. This could include food and other items, such as cleaning products.
If you buy in bulk, you reduce the number of times you need to go back to the store and, therefore, save on fuel money. Additionally, it saves you the temptation of impulse buying that comes with just being in the supermarket.
6. Limit Eating Out
Many people fall for the temptation of eating out. They grab Starbucks while on the go, eat lunch out, or are tired of cooking at home after work.
The cost of cooking a meal at home is usually around ⅓ of eating out. If you spend $15 on a meal at a restaurant, preparing that same meal at home would cost you $5-$5. If you are looking to save money, prepare your meals at home.
7. Thrift Shopping
Whether furniture, clothes, house decor, books, or toys, thrift shopping will save you money.
Thrift stores will offer you the items you need at a fraction of what it would have cost you if you got them new.
Before you go online looking for anything, look around the thrift stores in your local town. With thrift stores, it may take longer to go through the items, but what you get will be worth it.
8. Participate in Free Activities
Having fun while on a budget can be challenging, especially now that things people consider interesting are expensive.
But you don’t have to spend so much money to enjoy yourself. For example, you can watch a movie at home instead of going to nightclubs for fun. There are so many fun and free things to do.
9. Cut Subscriptions
Many people pay for a whole bunch of streaming services at the same time. To start saving, choose one of your preferred streaming services. Pay for one and drop the others. You can also rotate streaming services so you only have one each month. Then the next month, you cancel and sign up for another one.
10. Bartering and Trading
Bartering your skills and items can be helpful if you are trying to survive with little money. Find people who would be interested in what you have to offer and see if it works for you.
For instance, you could offer your babysitting services in exchange for plumbing. This is just an example, but the items and skills you can offer can be limitless.
Ways To Live on Very Little Money
Having the goal of living on little money is one thing, but actually doing it is another.
Surviving with little money when everything is so expensive or while everyone else splashes money around you can be very difficult. It is the sacrifice you choose to make that will keep you going. If you would like to live on little money, these tips would effectively get you going.
Select what works for you, and get started. It would be a step closer to your financial goal.
