Replace light bulbs with LEDs
Are you still using old technology light bulbs?
If so, it’s time to replace them with LED (Light Emitting Diode) bulbs. According to Energy.gov, LEDs use 25% to 30% less energy and last 8 to 25 times longer than halogen incandescent bulbs.
Mel Hall-Crawford, director of special projects at Consumer Federation of America (CFA), says, “LED light bulbs are good quality, last longer and are ultimately going to save money over time.”
A study by USA Today shows you can save about $1,000 over ten years. That means you can save almost $8.33 every month. For even greater money savings, make sure you turn off the lights when you are not using them.
Save money on entertainment
Entertainment makes us feel happy between the hustle and bustle of our lives. But when you have debts to pay off, you need to cut costs.
You can trim your entertainment budget and save money. With a little search, you can find various ways to entertain yourself without spending much, such as:
- You can cut the cable and save a lot of money. A 2020 report by Decision Data shows the average household cable package is about $217.42 per month.
- Switch to streaming services like Netflix, Hulu, etc. They are way cheaper than traditional cable packages.
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- Go outside, sit in a park, and enjoy nature instead of going to movie venues.
- If you want to go to the movies, catch a matinee show. Matinees are usually cheaper than evening shows.
With a little planning, you can find plenty of ways to save money on entertainment. You just need to be creative and aware of affordable options.
Buy reusable items
To embrace frugality, you need to stop buying single-use products. Instead, purchasing reusable products helps save money and repay debts. As a bonus, you are now doing your part to take care of our environment, too. Here are a few tips you can follow:
- Stop using paper napkins. Buy cloth napkins and wash them between uses.
- Don’t buy bottled water. Get a reusable water bottle, especially a chemical-free one. It will last longer, save money, and it will be healthy too.
- Carry your own bags when you go shopping. Buying single-use plastic bags can cost you about 5 cents. So, carrying your own shopping bags can help you save money. Also, many stores like Target offer a discount to the customers who bring their own bags.
Use homemade cleaning products
Cleaning products are an important part of maintaining hygiene at home. You can make cheap and effective DIY cleaning products at home by using lemon, vinegar, etc.
These products are effective, just like the ones you buy from the stores. However, they are not harsh or toxic since they don’t have harmful chemicals.
You can search the internet for various DIY methods for preparing cleaning products. It will help you save money.
Travel in the off-season
Do you love to travel? If so, avoid traveling in peak season or shoulder season.
Try to travel in the off-season. By doing so, you can get cheap flights along with reasonable accommodations. Also, you will find fewer crowds in tourist places during the off-season. So, you will be able to enjoy the serenity of the place without dealing with a swarm of tourists.
Follow the 30-day rule
One of the ways to avoid splurging is to follow the 30-day rule. It helps you save money and practice healthy spending habits. The rule is very simple. When you want to buy something, you need to wait for 30 days. If you wish to buy it even after 30 days, you can proceed with purchasing that product. That means the product is necessary to you.
If you buy a product instantly, it may provide you with gratification. But you may end up purchasing an unnecessary thing for yourself. So, the next time you wish to buy something, follow the 30-day rule.
Buy an affordable car
The rule of thumb for buying a car says, your monthly car payment should be below 10% of your monthly income. So, if needed, you can buy a used car. But it would be wise not to spend more than 10% of your monthly income to make car payments. If you feel you are not financially ready to buy a car, don't buy it to keep up with the Joneses. It can create a financial burden on you.
Plan date nights at home
Love is all about spending time with your partner and cherish the moments. You don't need to go to a fancy restaurant or pub every week to spend time together. You can plan your date nights at home. If possible, you can cook the food for that night and arrange a candlelight dinner. You can add vibrance to your date night by playing some favorite music of your partner. This way, you can save money, spend a romantic time, and show your culinary skills to your partner.
The bottom line is, frugality can help you save money and pay off debts. By following these frugal living tips you will see great progress in your financial life in repaying your debts.
But don’t stop being frugal once you become debt-free. Frugality is a good habit of leading a financially stable life ahead.
Do you have any other frugal ideas to share? If so, feel free to share them with us.
About the author- Good Nelly is a financial writer who lives in Milwaukee, Wisconsin. She has started her financial journey long back. Good Nelly has been associated with Debt Consolidation Care for a long time. Through her writings, she has helped people overcome their debt problems and has solved personal finance-related queries. She has also written for some other websites and blogs. You can follow her Twitter profile.