The difference between frugal living and being a cheapskate is something you can see when you look in the fridge. When you look inside a cheapskate’s fridge you will find nothing but on the other hand, a frugal cook will have a lot of healthy foods stocked in the fridge. The literal meaning of frugality is to spend less money than you are earning, saving it, and utilizing it for useful purposes. I have compiled a list of frugal money saving tips to help out mums and dads on a quest for saving money.
- Make sure you find some good coupons, as well as visiting UK free stuff sites for some fantastic frugal savings. You can save a lot of money by checking out the current offers before you start your shop. Also shop around for the best deals on household appliances, home wares and other items that can be more expensive purchases to make sure you get items that will really work for their money and should last you longer. I also suggest to read product reviews before you buy anything – you can do that on Trustorreview.
- Save all the change and extra coins in a piggy bank that no matter what you can’t open (without using a diamond cutter.) When the piggy bank gets full and heavy then you should open it and save the money in your bank. I deposited £128 in our bank account the last time we broke our piggy bank.This is also something I get my little boy to do to save his holiday spending money.
- You should take a look at your weekly menu and cut some of the meat out, going vegetarian is not only good for your health but it also lets you save a lot of money.
- Make your detergents at home, it’s easy to do and there are a lot of tutorial videos on YouTube.
- You can visit Baby and Kids Market and eBay to sell all of your baby’s old clothes, toys and other equipment. I personally did this and made £112 which I then used to buy new clothes for Joe. This habit can not only help you save money but is also helpful for the environment as we get to recycle our old things. Most children’s clothing is not that worn – they grow so quickly after all, so good quality stuff is snapped up and you can make a decent profit.
- Take your kids to the nearby park or playground instead of an indoor play centre which can cost a lot of money. Joe loves the park, we just take a picnic and a football, and can have hours of fun.
- My visits to the supermarket are always planned. At the start of each month, make one visit to the grocery store and meat, vegetables, milk and bread in bulk – this is often a cheaper option. Freeze the excessive stuff and use it through the month. It not only saves money on making the trips to the store but also stops you from buying clothes and other luxury items that you don’t really need on each visit.
- Always keep an eye on your electricity consumption. Keep the extra lights switched off and make sure that all of your appliances are running on energy-saving mode.
Is there anything you do to be more frugal? Let us know…
It has been quite a while since I was a student, but one thing I remembered clearly was having to pay off a hefty student loan at the end of my studying time. It took many years to finish paying off the student loans I accrued during that time. University is a time that should be one of the most fun experiences you will ever have, but, when it comes to money, you can end up building up debts that you will be paying off for a long time, even as you are trying to sort your finances for life after study. So being a savvy student when it comes to your dosh is an option you should definitely be trying out.
In my student days.
Tips With Cobalt Advisors
Some debt is virtually unavoidable, but there are things that you can do that will help you manage your finances a little better. Here are my top five tips for being a money-savvy student.
- Open a student bank account. A good student bank account will offer a good rate of interest on any savings, and an overdraft facility that is free. The TSB student account also offers a free £10 overdraft buffer, which means you won’t pay any overdraft fees or interest if you go overdrawn (either Planned or Unplanned) or exceed your Planned Overdraft limit by £10 or less.
- Look at your credit cards and make sure you switch to a low interest card like those from Cobalt Advisors, then keep this in a special place for a rainy day. You never know when you might need instant cash for an issue – car trouble, an unexpected bill, so having a card that you could use without massive interest accruing is both useful and sensible.
Irish Students Marianne and Connell in Normal People
- Look for a part time job. During my university days I worked part time in a shop to top up my income. Even a few hours a week can help to alleviate money worries. Student towns often have seasonal work, bar work etc. Look at things like stewarding at sports events and other jobs that can work at the weekend. Most students do not spends all day every day in lectures, so use some of that spare time wisely.
- Budget. Writing a plan that shows what money you have, and what you need to spend it on is essential for avoiding excessive debt. Having this information down on paper shows you what is left once your bills and books are paid for.
- Being a savvy shopper – budget supermarkets, charity shops and jumble sales, you can still shop on a budget. I lived in Birmingham’s Rag Market as a student, and totally loved my look. These days Charity shops have everything from Vintage to designer so you are sure to be able to create your own look at a budget that suits.
- If you do need to get a loan, get a student version with low interest, that doesn’t have to be paid back until your earnings reach a certain level.
Some of my fave students – Fresh Meat.
These are my tips, ones which I used when I was a student. You can find more useful tips in this savvy students guide.
Do you have a tip you could share?
We live in an age when consumerism is perhaps at its peak. Financial facilities that are now available have led to a general belief that it is now easy to buy whatever we wish, and then pay for them later in manageable bits and pieces. This has resulted in buyers becoming more aggressive. Buy now and pay later is the culture that has taken over the world. As a result, people are being more and more driven towards debt.
Easy money fuels buying
It is so easy to get into debt. Suppose you have a reputation for being fashionable, and you take pride in buying new items frequently. It is quite natural that in order to stay fashionable, you indulge in spending more on branded clothes and accessories. You feel a tinge of excitement every time you see a “sale” sign hanging outside of a store. In order to stay tuned with the trends, you become unmindful of the spending since money is now easily available through various financing schemes and credit cards. You pamper yourself with shopping sprees that soon become your habit.
The debt trap
The habit of uncontrolled buying can keep growing. This can lead to a dreaded financial rut as debts mount on credit cards. The temptation to borrow from multiple sources to keep pace with your buying habits is always a danger. Debt can also get worse due to just paying the minimum amount off every month against the debts, which is quite common with other financial needs, but the burden of debt gradually acquires menacing proportion. Along with other bills that need paying each month, managing debt can become a big problem. Missing out on payments can make things worse for you as debts keep piling and you can also end up with late and missing payment fees.
Borrow from a single source Like Alamo Associates
So what options are available to help manage your debt and repayments? You need to look for support from a company like Alamo Associates who prioritise what clients need by offering a single monthly payment with low interest rates. The idea being that it is easier to deal with a single lender who offers finance at lower interest levels, enabling you to pay off the total sum of all other outstanding debts.
What Will Happen?
A company like Alamo Associates will first evaluate your needs and financial situation, before they offer you a new loan/payment scheme that should be manageable for you. The new loan is obtained at lower interest rates so that you pay less every month and can hopefully lead to your debt being repaid in a way that still leaves you able to live day to day.
You have thus found out a way to get out of the vicious trap of debts that has now becomes easy to manage. You don’t need to give up your love for fashion to live a life free of debt. All you need to do is manage your finances better!