Many think that living frugally requires them to give up the fun and joy that life has to offer. Well, you’ll probably be shook after learning how simple it is in trimming your daily and monthly expenditures with just a bit of patience and proper planning. The more you could get from the dollar you spend, the more you can save for urgent situations, college education for children, getaway to exotic locations or just anything that you wish. Of course, aside from saving, there is also the option of investing.
Once you have built your finances, you then probably want to know the secret of spending it wisely. So in that regards, let us kick this off.
Tip number 1. Shoot for Quality all the Time
For those who are so meticulous about name brands, here’s something you should know: the cheapest products does not always mean it is the best you got. Just think of it, what is the point of getting yourself a cheap pair of shoes if they’ll be worn out and abused in the next few months?
It will be wiser to pay 50 dollars for something that’ll look good for years to come compared to a 25 dollar outfit that you’ll likely replace in 6 months or less.
Tip number 2. Get Generic Label Groceries
You’d be hard-pressed in finding differences between generic labels and name-brands in grocery stores. Here’s an example, grab a bottle of name-brand peanut butter and generic grocery store variety. Then after, try comparing the ingredients. Repeat the process with other grocery items in your list such as:
- Canned vegetables
- Cleaned products
- Boxes of pasta
- Medicine
When buying branded products, you’re actually not paying for the product itself rather, the concept behind that product and its name. Simply put, you’re paying more on name-brands because they bigger marketing budgets.
Tip number 3. Avoid Food Wastes
If you had to make a guess, what do you think is the percentage of your groceries ends up in waste? According to research, average American family of 4 is throwing away around 50 percent of foods they’ve bought. This leads to an annual loss of 2,000 dollars to the family.
To wastage, change your mindset about shopping. Instead of creating a list of what to buy in random, better to plan things in advance of what you will be preparing and cooking before you go to the grocery store.
