So you’re trying to save money, but you can’t seem to stop spending. You keep thinking about things you really want, and when it comes down to it, you decide that these items are worth the money, so you just act on those impulses. But doing so is only depleting your bank account, and your monthly bank statement shows more money going out than what’s coming in. If this situation seems familiar, you need to start living stingy. In this article, we will discuss 7 ways to save money by living stingy.
Is Stingy Living a Good Thing – If So, Why?
Yes, being stingy is a good thing if you are able to do it. You will have more money for your needs and other things such as savings and investments. Earning less but saving all the time means that you will be better off than someone who earns a lot of money yet spends most or even all of their earnings on unnecessary luxuries in the long run.
Moreover, being a little frugal with money can give you financial freedom, especially if you get out of the debt trap and do not take credit anymore. No debtor or credit card company will be dictating your financial moves; you won’t have to answer to anybody before using your hard-earned money.
7 Ways to Save Money By Living Stingy:
Living a little stingy can help you save money. But in this era of over-consumption, it may be difficult to convince yourself to spend less on rent, food, or other everyday expenses. Here are seven ideas to help you make the most of your hard-earned money.
1. Create a Budget & Stick to It
Knowing what percent of your money to spend and what to save every single month takes the guesswork out. You will never be going over the budget this way. You can easily take out a part of the income at the start of the month to put in your savings account.
2. Go Over Your Subscriptions
Cancel every subscription you have for magazines, newspapers, or books. There are literally thousands of free magazines that you can download onto your phone or computer. The Internet is filled with information on subjects ranging from gardening to cooking! The same goes for entertainment platforms; if you’ve got Soundcloud, cancel Spotify; if you’ve got Netflix, you don’t have to keep Amazon Prime as well.
3. Start Using Cash-Back Apps
Once you make the switch to a cash-back app, you’ll start saving money in no time. These apps allow users to earn points or other things for free every time they spend their hard-earned cash to purchase something, even if it’s grocery.
4. Avoid Dining Out, Cook at Home
One of the biggest money wasters is dining out. You can save a lot of money by cooking your own food. Cooking at home on weeknights will also help stop the temptation to eat junk food after work; there are few things better than having leftovers for lunch every day!
5. Declutter Your Home
It’s easy to let things pile up and keep you from organizing your home. Try to free-up space in your house by selling the items you haven’t used in the past 2 years on eBay or craigslist; doing this will fetch you some good money.
6. Pay Your Credit Card Debt
Every month, pay the credit card bills to ensure you stay in the good books of your creditors. Late payments can result in fines and penalties, which will be the exact opposite of saving money. Plus, it’s bad for your credit score; make sure to read this guide on how to improve your credit score.
7. Start a Side Hustle
Thanks to the internet, there are several ways to make money without spending a lot. Starting a blog, a YouTube channel, or freelancing can boost your income. You can use that extra money to increase your savings or give yourself a nice vacation every few months without breaking the bank.
The goal of practically every person in the world is to be happy. The easiest way to do that is by saving money and investing it wisely. People who save more will have more opportunities for financial freedom, such as traveling or buying their dream homes without getting drowned in debt. If you are thinking of investment, you might like to check out how to buy a US series I savings bond.