The word ‘thrifty’ is often misconstrued into meaning into a negative one, such as ‘cheap’ or ‘bland’. While a thrifty lifestyle can seem like a sacrifice in quality, it can actually be really valuable for your finances and your mental wellbeing. This can be especially beneficial during the coronavirus pandemic, helping you to save money in case of emergencies and helping you to be frugal in a time when money is tight.
Here are a few tips to help you make sure that you are thrifty with your finances.
- Start As You Mean To Go On
Start at the beginning and make a budgeting plan. You should look at your income over the next few months, work out how much you spend on essentials, such as bills and groceries, and see how much you have left over. This way, you will be able to work out how much you can save while still covering your essential expenses. However, if you are worried about your income, you can always consider a payday loan to help cover your costs and to get you back on your feet.
- Set Yourself A Goal
Once you know how much you could save each month, you will be able to set yourself a goal. This could be a target for money saved each month, quarter or year, or you could set a target that is attached to a large purchase, such as a new car or kitchen. This keeps the saving element fun and will give you a sense of pride as you inch closer to the goal.
- One Shop, Once A Week
Try your best to avoid doing several small grocery shops throughout the week, and stick to one large grocery shop instead. This will help you to cut down on impulse buying, takeaways and wasted food. Plan ahead and put together a weekly meal menu with a shopping list, so that you aren’t guessing when you arrive at the supermarket.
- Pay Your Bills On Time To Avoid Late Fees
Paying your bills on time is great for avoiding late fees, but also for maintaining your credit score. The late fees can really add up and have a detrimental effect on your finances. Consider setting up a regular repayment amount to even out your cash flow. You could even take the time to compare providers and see if you could save money by moving to a new gas, water or electricity provider.
- Fix It Yourself
There are some things in your home that should be fixed by professionals for safety reasons, like complex electrical issues, but you may be able to do some tasks yourself. From unclogging drains to sewing buttons back on to shirts, there are plenty of easy tutorials to follow online and help you to save money.
- Calculate The Value Of Your Impulse Buys In Hours Of Work
One way to deter yourself from making an impulse purchase is to think of the price in terms of hours of work. By thinking about how many hours you would have to work to justify the price, you can put yourself off from spending, especially if you were purchasing something with a large price tag.
Living in a thrifty way does not need to be a sacrifice, but instead, you should make the effort to think of this lifestyle as a way of having your money under control. It will allow you to spend on the things that matter the most and fully enjoy what you car about it life.