Living within your means isn’t easy with modern life, with many essential items we need to purchase just to get by. From slowly paying off a mortgage, to paying for train travel or a car purchase, borrowing money for these types of items can be expensive. However, whilst we all have essential bills or borrowing we need to take on and maintain, some people are able to live as frugally as possible to help keep costs down and make their money go further. Here are 5 great tips for saving money by being frugal.
Only Borrow What You Need
When looking to borrow money, it can be tempting to borrow more than you’ll need. Many traditional bank lenders may only lend starting from a certain amount, such as with a personal loan, so if you only needed a small loan for your short term issue, you’d be taken on more than you need. By choosing lenders who can lend exactly the amount you need, especially if it’s only a small amount to cover an unexpected expense or emergency, you can avoid an unnecessarily large loan. Many online direct lenders will also allow you to choose flexible repayments, which you can see when you click here, allowing you to tailor the loan to your affordability and keep repayments low.
Take Advantage of Discounts
Finding a great deal on purchases is a quick way to save money, as why pay full price if you can get a discount? Many companies will run promotions that provide money off such as with discount codes for online shopping or free coupons sent by email. You can even use voucher code websites to discover all of these deals in one place. Cashback websites are also another way to successfully earn money back on purchases, so if a participating retailer can provide cashback, they will credit you with money off your purchase.
Eat Out Less & Reduce Takeaways
We are all partial to a well-cooked restaurant meal or food delivery, but the costs can quickly mount up when done so regularly. Even if you only do so once a week, the cost across a month in total can leave your bank balance looking empty. By cutting down on eating out or ordering in food and instead buy the ingredients to make the same meal, whilst it is more effort to cook, this will save you huge sums of money in the long run.
Whilst buying something shiny or new is great, you will more than likely pay full price (unless you manage to get a great discount) for the privilege. That’s where buying second-hand can help reduce the amount you pay. Whether you visit charity shops, market vendors or online marketplaces, great savings can be found on everyday items. If buying clothing is something you feel you spend a lot on, finding great vintage pieces at a lower cost not only feels good but also helps tackle disposable society trends, especially if you buy quality over convenience.
Sell What You Don’t Need
You may have purchased many useful items over the years, but do you still use them? Identifying items you can sell will mean you can get at least some money back for what you originally paid. Plus, it helps someone else make a saving on an item they need, helping them be more frugal too. If you have accumulated many things over the years, it’s also good to have a clear out now and again to make space for anything new.