Seven Ways to Save Money While Still Enjoying Life
The cost of living is at an all-time high and it’s showing no sign of suddenly dropping. For many people, simply paying the bills and buying groceries proves too expensive, never mind managing to pay for the funner, but still vitally important, aspects of life. However, it doesn’t have to be this way.
Knowing how to look after your money, how to budget, and how to spend wisely, is the key to living within your means and still finding ways to enjoy all the fun things that life has to offer.
In this article, we’ll explore seven ways to save money that don’t require us to sacrifice the things we enjoy just to get by.
Number One: Budget
One of the most effective ways to manage your money involves budgeting as soon as your paycheck lands in your bank account. There are multiple tried and tested budgeting methods, but perhaps the most effective is the 50/30/20 rule. This rule involves breaking your income down into three distinct percentages. The largest block of 50% should go to your needs.
This includes everything from rent and bills to food and essentials. These are the things that you have to buy, however, there are ways you can lower the amount you spend in this block. For example, try using a smart meter to monitor your energy usage or avoid impulse buys when doing your weekly food shop by creating a list beforehand and sticking to it.
These are just two great ways to manage the amount you are spending on the essentials. Then you have 30% of your income to go to the things you want, the things that aren’t strictly essentials but that bring you joy and help you to enjoy life. This includes everything from nights out with friends to purchasing a new book. Knowing how much you have to spare is a great way to manage your money, make smart choices, and avoid any guilt that might arise from overspending. Finally, the last 20% of your income should go into your savings.
Watching your savings grow over time will help you feel more secure about your money situation and ensure that you always have something set aside in the case of emergencies.
Number Two: Look for Cheaper Alternatives
This is a tip that can help you save money in all aspects of your life. Most obviously, it can be utilized when purchasing groceries and essentials. Next time you shop, look for cheaper brands, such as the supermarket’s own, and you’ll quickly see your monthly spending plummet.
However, this technique can also be used across the more enjoyable aspects of life. For example, if you are a casino fan but often find yourself spending too much time dazzled by the lights and sounds of a brick-and-mortar casino, and spending above your means, then why not try an online casino where you can set a budget and stick to it. 99Bitcoin Casinos is one of the many great websites that lists and ranks the best online crypto casinos, taking into account new player bonuses that can help you save some cash.
If you keep ‘look for cheaper alternatives’ in the back of your mind as you go about life, you’ll likely find countless ways this tip can be applied. Taking a bus instead of a taxi, researching cheap options to find equipment for your new hobby or exploring the idea of budget holidays, saving money doesn’t have to mean missing out, and the fact that there are cheaper alternatives for almost everything is proof of this.
Number Three: Enjoy Thrifting
Thrift shops can be treasure troves of goods. If you’re in need of a shopping spree, stay off the high street and plan a thrift shop crawl instead. So many of these stores have branded, high-quality goods that really can brighten your day. Fashion fans can often find stylish new items of clothing in brands that they wouldn’t normally be able to afford at a fraction of the price.
These stores can also be lifesavers for parents who need to buy more clothes for their quickly growing kids or for struggling college students who want to feel more confident about their wardrobe without needing to spend hundreds of dollars. Thrift stores are proof that one person’s garbage is another person’s treasure.
These stores aren’t solely places to purchase second-hand clothes either. Many sell countless other items, from puzzles to DVDs and books, so there are many forms of entertainment you can purchase without having to break the bank in the process.
Number Four: Try Cooking at Home
One of the reasons fast food is so popular is because of its convenience. We all know that the majority of takeaway places don’t actually taste that good, we just lean towards them because of their ease. Similarly, eating out can be fun, and it can be delicious, but we shouldn’t rely on it as a method to meet up with friends. No matter how good a cook you are, getting more comfortable in the kitchen is an incredibly effective way to save money.
Cooking can also be incredibly fun, find free recipes online, make your own recipe book or create a Pinterest board for inspiration. Cooking your own meals doesn’t have to feel like a chore, and learning to cook healthy meals is a great way to improve your overall mental health, alongside your physical one. As for those restaurant trips, why not invite your friends over instead and cook together? Perhaps you could each visit another person’s house every week and make it into a competition?
Number Five: Plan Free Days Out
Spending days out with our loved ones is an essential way to make the most of life. However, nowadays many attractions such as theme parks and theatres come with a significant price tag. But that doesn’t mean that we have to spend money in order to have fun. When planning a day out, why not look after your budget too and explore free things to do?
You could take a picnic and sit in the park, make the most of a National Parks free day and go for a hike or visit one of your State’s museums, libraries, or art galleries. A simple internet search will provide countless ideas of free things to do near you and you might find you enjoy these activities much more than the ones you had to pay for.
Number Six: Enjoy Free or Cheaper Hobbies
Having a hobby doesn’t mean having to spend an excessive amount of money on a regular basis. There are countless engaging hobbies that you can do without having to break the bank. Some of these do require making one-off purchases, but once you have everything you need you’ll be ready to go.
For example, why not purchase a second-hand skateboard and teach yourself how to skate by watching YouTube videos? Once you have the board, visiting a skate park is free and these places are often open 24 hours a day, so you’ll always be able to engage with the hobby.
Alternatively, Table Top Role role-playing games (TTRPGs) such as Dungeons and Dragons require minimal purchases to get started as most resources can be accessed for free online. Or simply purchase a football and get some friends together weekly to practice your skills and catch up. There are countless ways you can have fun without needing to spend huge amounts of money.
Number Seven: Check Your Subscriptions
Many people are subscribed to services they don’t need. They might have applied for a free trial and forgotten to cancel, or no longer make use of the services they once used. Before you decide to cancel the things you enjoy to save money, look at your outgoings and see if there are any subscriptions you had completely forgotten about. You might be surprised at how much you can save by doing so, and will no longer need to cancel the services that you actually enjoy.
