Living paycheck to paycheck is nothing to scoff at. It actually takes a lot to exercise restraint once your bank account shows you’ve been paid.
We’ve all been guilty of wanting terribly to splurge. Whether we do or not should be a teaching point.
We do, and we’ll soon enough learn the pitfalls of impulse buying. We don’t, and we’ll just as quickly learn the virtues of forbearance.
Because in a nutshell, saying “money’s tight” is really saying: “I’m in self-preservation mode.” It’s about living within your means. Making do with what you have. Surviving without extravagances.
To economize better, I never fail to take these daily shortcuts. They make all the difference at the end of the month. Trust me.
Resist social media
Apart from non-money-related benefits, minimizing or even quitting social media is great if you’re looking to be thrifty.
I’ve been off all of the major platforms for going on 7 years now and couldn’t be happier. Strictly in terms of money, I noticed following other people’s lives nudged me to get in on the action. That could’ve been buying a suit from an online store featured in a friend’s post, or something like donating to a trending cause I wasn’t passionate about but felt peer-pressured to support.
And then there were the ads that I sometimes fell for. Reminders that the fun of life was in spending money on things were impossible to ignore.
Now that I’m “clean”, I can focus on me. Temptation’s nonexistent — and the wallet’s definitely feeling fatter because of it.
Buy secondhand
The thing about deals is their timing. Your vacuum cleaner may be working like a charm when vacuum cleaners go on sale. That so, you end up buying what you may not need just because the price is that wild. That spells trouble for us penny-pinchers every time.
Try used/pre-owned/castoff stuff instead.
You don’t have to shop at The Salvation Army or inherit all of dad’s sneakers. But it is wise to plump for what’s cheaper when quality isn’t super important.
I do this with books. I used to only buy untouched books from Amazon. I insisted on the spotless condition of them. They were to be mine from the first page.
But such a book can be double what a used one is. For that reason, I did a simple tradeoff: the passing pleasure of new for half the cost. It sounds unromantic, but hey, it works.
Meal prep
If you aren’t already, start meal prepping. It won’t only be healthier (as you get to choose what you put and don’t put into your body) but it’ll also be less expensive.
The Bureau of Labor Statistics says the average American household spends roughly $3000 eating out every year.
If I spend $5–7 for groceries to make something at home versus dining at a restaurant, I can hang on to, at the very least, $3, and up to $10.
Imagine you eat out 5 days in a given week. That’s between $50 and $75. Now imagine you cook for yourself everyday. You’ll shell out $49 at most for the supermarket haul. It’s clear which is the budget option.
Curb cravings
I can’t count the number of times I’ve caved and bought sweets out of force of habit. It was programmed in my head that that’s what I do whenever I’m leaving the corner shop. I snatch the bag of gummies at the counter.
I did eventually break the habit. Though the occasional bag of gummies might not have seemed to undermine my finances (only $1.50 twice a week), it didn’t help either.
Minor tweaks to how you spend money can result in evident, sometimes significant, savings.
That $1.50 twice a week meant $12 a month and $144 a year. Even if I went a couple of weeks without any gummies, I’d still be out about $100. And $100 is rounding down. Cravings don’t let you off the hook that easily.
The moral of the story? To fight those compulsive purchases, however small they appear. They could just add up to the $100 that settles your rent.
Be ghetto (a little)
I’ve been this way for a while now so I don’t consider myself ghetto. Just proactive about my money. And since I’m not technically flouting rules or causing societal disruption, I carry on without a second thought.
Have a gym membership? Take advantage of the shower facilities. Bring shampoo, soap, a towel, &c. and cut your water bill. (Tip: shower slippers if you’re a germaphobe.)
Own a bag or have pockets? Keep your chargers in them and should an outlet present itself, plug in and cut your electricity bill. (Tip: extension cords can come in handy for some of those more inconvenient power sockets.)
If you’re really willing to go for it, why not help yourself to some extra sugar packets and napkins at your favorite coffee chain? Store them for later and you won’t have to buy jumbo packets at Costco.
Being smart with money is a skill you’ll fine-tune as you go. It’s often stigmatized, but if you can rise above the dirty glances and outward criticism, you’ll be the gladder for it. Your credit card statement won’t be a disaster, and you won’t be making such frequent trips to the ATM.
Depending on the time of year, I plan accordingly. I’m also not shy about hunting down seasonal sales and collecting all manner of coupons and vouchers. With the above strategies, you’ll be well on your way to getting the most out of your money.
