Living below your means and sticking to a budget does not have to be painful. Many reformed shopaholics and over spenders who adopt a more frugal lifestyle like to spread the gospel of living below your means. Why do so many people who adopt frugal habits speak so highly of this lifestyle? There are several reasons. First, living below your means keeps you out of debt. Living below your means allows you more freedom in many parts of your life. Living below your means also lowers your stress. And living below your means keeps things simple. Here are seven painless pointers for lowering your bills and adopting a lifestyle that allows you to live below your means.
Learn how to cook and brown bag your own lunch
This is a very simple way to keep your bills low. You can save money without even feeling like you’re saving money and even adopt a healthier lifestyle. If you enjoy eating out, you probably don’t even notice how much you spend on this expensive habit. This doesn’t mean that you have to give it up entirely. If you go out to eat several times a week, take it down to one or two times a week. Learning the pleasures of preparing your own meals can introduce you to a whole new world and save you lots of money in the process.
Keep your car for as long as possible
Buying a new car is one of those major purchases that can keep you drained of savings for years. Instead of buying a new car, or leasing, every few years, keep your car for as long as you can and watch the savings add up. Keep your car in good working order by taking it for regular maintenance and driving as lightly as possible. Become attached to your car, take good care of it and hopefully you will give yourself many years of trouble-free driving without having to make those hefty new car payments.
Reconsider your living situation
Are you paying a large rental bill for a two-room apartment and you live alone? Are you paying too much on your mortgage balance each month? If you are serious about lowering your bills, it’s time to sit down and reconsider your living situation. Maybe you can live just as comfortable in a somewhat smaller, and less expensive, apartment. Maybe you can lower your monthly mortgage payment significantly by refinancing your home. Whatever your situation looks like, sit down and see how much you’re paying per month on living expenses. Chances are, there are ways to lower this expense significantly.
Always buy the generic brand
Most people who buy name brand household products do so out of habit. These days, you can find high quality products for much less than the name brand simply by buying generic. You would be surprised how much you can save on staples such as detergent, disposable diapers, canned food and more. Expect a savings of approximately 30% simply by switching to the generic brand.
Get rid of your land line if you’re not using it
Do you still have a land line that rarely gets used? Do you live by your cell phone? These days, with increased cell phone stability and advanced technology, most people use their cell phone for most of their communication needs. If this sounds like you, perhaps it’s time to cut that land line service and save on your monthly telephone bill.
Shop secondhand whenever possible
New clothes, furniture and electronics are nice, but they are usually marked up pretty high. Watch the prices plunge as you step into your local secondhand store or thrift shop. You can buy high quality clothes, furniture, books and music at your local secondhand shop at a deep discount.
Pay yourself first
This long-held adage still rings true today. Most people in debt are anxious about saving, but it’s time to deposit a little into your own private savings stash every month. Make an emergency cushion for yourself by having ten percent of your paycheck automatically deposited into savings account each month. But if you are in deep debt, pay this down first.
