Frugal Living: 10 easy ways you can save £250 monthly
Frugal living for a lot of us is crucial, especially with the coronavirus pandemic. Who doesn’t want more money in their pocket? That’s £3000 extra cash a year that can go a long way towards bills, tax, food or supporting your family.
Depending on your current lifestyle (and lockdown rules), I really hope a few of these give you some money saving ideas. Some definitely helped me as a student!
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Frugal Living Tips:
Money Saving Tip 1: Spend less in coffee shops
You would be ASTOUNDED by how much this money adds up. I mean… really astounded! Don’t get me wrong, some of us love to pick up a hot drink on our walk to work, our lunch break, after a stressful day or even if you’re out and about.
Some of you may read this and think I can’t possibly give up coffee. That’s okay – it’s one difficult task! You really don’t have to go cold turkey, especially if it brings you so much joy. Just reduce if you can! Look here:
According to the British Coffee Association, 80% of people who visit coffee shops go at least once a week. 16% of these coffee-loving fanatics visit on a daily basis. Just think, if that’s you, you could be saving a small FORTUNE!
If you’re buying a £2 drink each day 7 days a week for a month, that’s £56! If you’re buying multiple drinks, or a small snack alongside it, that’s more money you could be putting elsewhere.
An alternative is to take your own flask. Honestly, you’d be amazed how much money you can save. You could even invest in better coffee, tea or hot chocolates to fill up your flask as in the long run, this is a much cheaper alternative.
Money Saving Tip 2: Don't immediately purchase something!
You may be thinking… wow, what a silly tip. Let me explain.
The human mind works in mysterious ways, and one massive part of that is impulse buying. It happens to all of us. Impulse buying, defined by the Cambridge English Dictionary, is ‘the act of buying something that you had not planned to buy, because you suddenly want it when you see it’.
It may seem like you’re spending an extra pound or two at the checkout, or on an occasional piece of clothing, but over the month these impulse purchases REALLY add up and we don’t even notice.
So, what’s the advice here? When you want to buy something, wait 24 hours. It sounds so simple, but it’s so effective. Remind yourself of the 24-hour method when you want to buy something.
If you wait a certain period of time before a purchase, it gives your mind time to get over the initial impulsivity and allows you to think more objectively. This period of time makes you far LESS likely to spend money which, after all, is our aim.
This method works in two ways. The method above gives our mind time to either think logically about the purchase, or even better, completely forget about the product we wanted. The second is that it physically stops us spending money if we’re out and about.
If you’re out in town and know to wait 24 hours, it’s likely you won’t be returning to the shops again the next day and possibly delay spending that money. If later you’re still thinking about the item, go back and get it as this has reduced the impulse buy notion.
Many people have had success from mixing the frugal living tips 1 and 2. Create a reward system for yourself. For example, if you make no impulse purchases today when in town, you can reward yourself with a coffee from Costa. An impulse purchase of clothing could cost £20, therefore, by reducing impulse buys you can reward yourself with something else that is cheaper but still brings you satisfaction. Compromise is key.
Money Saving Tip 3: Try the item or hobby first
If you like frugal living, this money saving tip works really well for a lot of hobbies and sports.
The human mind is funny… particularly after the holidays when we get inspired to take up something new. A common one is running or going to the gym. We go out and buy new trainers, sports clothes, a water bottle, you name it.
Often, we think buying new gear will motivate us to change our behaviour and we get consumed by this new lifestyle idea. However, we run or gym for a few weeks but then work and life crops up and we NEVER USE THOSE ITEMS AGAIN.
Therefore, if you’re thinking of starting a new hobby, try it for a continuous period of time before investing in gear.
This can also apply to things like video games, instruments, new gadgets or electronics. See if anyone you know has the item. Use it first before buying it for yourself. The human mind gets bored very quickly, and by using it a few times first can really show us that whilst it was cool to try, I don’t need to buy it now.
Money Saving Tip 4: Reduce your online shopping
NO! It’s just too convenient.
But that’s the point. Businesses are profiting so much from moving their stores online because they know it’s convenient for people. When we shop online there is just so much choice. If we don’t like something, we try another store until we find something. Our basket racks up and before we know it we’ve spent a fortune.
If you reduce the amount you shop online by going into town (COVID permitting and applying the 24-hour tactic) the amount of money you save is mad.
You may think that you’ll never end up buying anything. But honestly, the majority of the stuff we buy we do not need or will not use enough. This is because of smart marketing causing impulse buys online.
You could even try once a month online shopping. What do I mean? You make a list of all the things you want to buy throughout the month, and on the final day this is your shopping day.
You may think that’s just going to whack up a massive bill for me at the end of the month… BUT WAIT. By the end of the month, I guarantee you will reconsider some of the things on that list. You will have made no impulse buys throughout, and physically seeing that massive cost will make you revaluate some of the items.
Many of us make small purchases online and, because they’re cheap, we think yeah that’s fine. But, over time if we see them added altogether, we suddenly rethink. This will definitely encourage frugal living.
Money Saving Tip 5: Split Your takeaway in half (Frugal Living To The Max)
This is a very small money saving tip but one of my personal favourites. I used to get my takeaway, eat far too much because it was so nice, become too full and bloated and not have another full portion left because I was greedy. Please say at least one person relates to that!
Immediately when I get my takeaway, whatever it is, I split it in half and put the rest away ready for another sitting.
By splitting the takeaway and extending the number of portions, it reduces the cost of buying and cooking food the next day. Plus, you’re less bloated and can enjoy takeaway for another day.
When buying takeaways, always look for discounts and offers. This could be the very definition of frugal living. A great place to look is Honey, which is a completely free browser extension that automatically applies discounts.
Don’t get me wrong, if we really want to be saving money, we shouldn’t buy takeaways. But that’s harder said than done. If you have more than one takeaway a week, why not try to reduce that to once a week and make a real thing of it. Maybe movie and takeaway night.
If you’ve always had a passion for cooking, look for new recipes online and see if you can make something. By home cooking we really can save a significant amount of money each month.
Money Saving Tip 6: Don't order drinks in a restaurant
Eating out in itself is expensive. If you’re fortunate to be able to have the occasional meal out, try NOT to order drinks.
Some people simply cannot do this – I really struggle with this one too if I go out. You may love a glass of wine with your food… maybe a cocktail or two. But honestly, one of the largest costs when eating out are the drinks.
Because they are lower costing items, we often buy multiple of them which leads to hefty costs when the final bill arrives.
Please don’t hate me for what I’m about to say if you do love a drink with food. Force yourself to ask for tap water. IT’S FREE. Yes, it’s not as nice… but I like to tell myself that if I’m eating out this is already a treat and if I’ve picked the right place, the main course should be worth it.
Money Saving Tip 7: Buy non-branded items
We all fall pray to marketing… marketing is smart. Someone literally has the job of making us feel a positive way about anything and everything. But, this is a great frugal living tip that can save loads of money over time.
Buy non-branded groceries from cheaper supermarkets. It’s all the same food. Side note… look for the reduced sections because there are some amazing deals there.
Buy generic medicines instead of branded. I cannot stress this enough. Swap out these brands below for the generic version:
Calpol infant = paracetamol suspension
Anadin paracetamol = generic Lidl/Aldi/Tesco paracetamol
Nurofen = generic ibuprofen
Clarityn = generic loratidine
Imodium = generic loperamide
Piriteze = generic cetirizine
At the end of the day, the generic active ingredient noted on the right is exactly the same irrespective of whether it is a branded product or not. Save yourself some money next time you’re buying groceries or medications. If you want more information, check out this article I wrote on why generic medicine is cheaper than branded medicine.
Money Saving Tip 8: Cancel unused subscriptions
This is really embarrassing to admit. One day in town I was stopped by a marketer late into their shift in the evening who asked me to sign up for something.
She explained that it was completely free. It would help me at the time, a student, get cheaper deals on a number of items if I used that credit card.
In a rush I agreed… it was free right? About 8 months later, when I became far more money conscious, I looked at the recurring charges coming out of my bank balance.
£3.99 a month. What was it? It suddenly clicked. It must have been when I agreed to give my details in order to get those discounts. That was money wasted. I definitely learnt three lessons that day:
1. ALWAYS check if there is a repeating cost coming out of your balance.
2. NEVER sign up for something you don’t completely understand or have not researched.
3. If it sounds too good to be true, it USUALLY is.
These monthly costs are everywhere! Netflix. Disney+. NowTV. Amazon Prime. Magazine subscriptions. Food subscriptions. This list is a tiny minority of the things we can sign up to. Just check and review to see if it’s worth it!
Money Saving Tip 9: Write lists and follow a budget
This one is super simple. Wherever you’re going to shop, make a list of the items you need. If the item is not on the list, DON’T pick it up. This is particularly effective when in supermarkets looking for groceries, toiletries and miscellaneous items.
Typically, when you do not have a list, we are far more likely to make impulse purchases. By using a list, you can stick to meal plans and avoid waste.
You can argue you forgot something on the list you actually did need. It may help to give yourself a mini-overdraft when shopping for this exact purpose. If you give yourself a little wiggle room, you can still purchase something you forgot without going madly over the top.
Final Frugal Living Tip: Reducing Transport Costs
There are a number of ways you can live frugally and save money if you regularly need to travel. But, always ensure you are following the current COVID rules in your area.
Firstly, take public transportation. Not only is it a greener way to travel, it can save you money. If you purchase an annual pass so you are not paying each time you travel, you can definitely make big savings on petrol costs. This can also save costs on parking. If you have to pay for parking each day, how great would it be to not have to worry about this extra cost!
Carpool if you can. By sharing lifts with others, for example if you work together, are going to the same event or even dropping someone off nearby, carpooling saves money. You could either split the cost of petrol or take it in turns. This also reduces the wear and tear of your vehicle.
Why not WALK if you can? This is a great opportunity to get some exercise into our busy lives too!
Buy a fuel-efficient car. Am I saying go out and buy a new car… no. But if you’re already thinking of buying a new car, or next time you think of getting a new model, why not make one of your major priorities its fuel consumption? If you drive a car that travels further miles per gallon, you’re immediately, passively saving money.
Frugal living is vital when it comes to purchasing petrol. Petrol prices can vary depending on which gas station you visit… make sure the price per litre is cheaper than an alternative just down the road.
Fill your petrol tank to the limit if you can. If you fill your tank fully, it will reduce the number of trips you have to take to the petrol station. Over time, this can save money on petrol as it is reducing the amount of trips you need to take in your car.
Conclusion
There you have it. 10 tips that do not require a massive effort but could make a huge difference. Good luck – let me know in the comments if you do any of these money saving tips, and definitely let us all know other money saving tips you do too!
Remember, if you wanted to read about fun ways to make more money online, click here.
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