Saturday, 20 February 2021

Frugal Living Ideas To Save More Money



Structured spending is exactly how I save thousands of dollars every single year. I'll share with you six different structure spending tactics that you can apply to your day-to-day activities. Most of us have areas in our lives where we spend a little bit more than we actually want to. To help you manage through those, use one of these six tactics and then tailor it to your specific situation. 






1. Automation Tactic

First, we've got the automation tactic. Automation is one of my favorite things to do because you basically just set it and forget it. Outside of the routine check-ins, there's not really much you have to worry about. The goal is to completely remove any decisions you have to make when it comes to spending money or saving money. For example, if you have trouble saving money, then automation is the perfect way for you to make it a priority without having to do much of anything. Now, I've been at this whole debt-free thing for years so I'm pretty good at managing my money at this point but I haven't always been like that. At first, it was really hard for me to save so I utilized an app, an automatic savings app, to help me save up more money. 


So if you are trying to save up for something or you need to curb your spending somewhere, then utilize this automation to help build that structure into your life.





2. Time Control Tactic

How can you control the timing of things when you have to spend money? Controlling how often you go somewhere or how often you do a certain activity can end up leaving you a lot of money in your pocket. Maybe your friends ask you to go to dinner multiple times a week, or your coworkers always wanna go out for drinks after work. It can get really really expensive if we're always saying yes to these certain situations. An example of how you can use this tactic in your life is can you come up with an agreement that you will go do these certain things or buy a particular thing x times per month, and then that's it? If it's outside of the window of those x times per month, then the answer is no, you can't do it, you can't spend money on it. 


This is kind of embarrassing but the way that I use this in my life is when it comes to dating. Because I'm single, it can get really expensive to take girls out on dinner dates all the time. Really really expensive.


I had a problem with this because I'm like, "Well I wanna meet new people," and I like to go the traditional route and go to dinner, but I don't wanna go just to have drinks and get smashed because that's where things get weird. So what I decided to do is I had x amount of dollars per month to spend on dates because that's what single people do. If I want to go to dinner, it's gonna be a little bit more expensive, but if I wanna extend how many dates I can go on, hey maybe it's with one girl, doesn't have to be multiple girls, then maybe I can go for coffee dates and it's a little bit more expensive so if I have $100 to allocate towards dates I can get more coffee dates out of that $100 as opposed to one dinner, maybe one and a half dinners because I'm a good tipper. 






3. Bulk Tactic

The spending bulk tactic. I really like this method because it's twofold, it saves time and it saves money. The goal behind the bulk is to do as much of your spending at once, as opposed to spreading that spending over a longer period of time. This is all based on the numbers because the more chances you give yourself to spend money, the more likely you are going to be to spend more money than you actually want to. It's basically death by a thousand cuts. I do this two different ways with grocery shopping every single month. I make the majority of my large purchases once a month. 


For example, meat. I make one trip every month to my local farm to gather all the meat up, like it's my baby, for all of the food I'm going to eat for that particular month. Now, I still need to go to the grocery store every single week because I eat a lot of fresh vegetables, which means I can't buy that in bulk, unfortunately. I still have to make a trip to the grocery store every week but what that does is eliminates a decision that I have to make, a big decision, which is the meat. So when I go into the grocery store, all I'm really focused on is vegetables, vegetables, vegetables, maybe any condiments that I need. 


The second way that I like to utilize this bulk tactic is by doing all of my grocery shopping on the exact same day. So if I have to go to multiple grocery stores or multiple stores, I will hit one right after the other. That way, I'm not forced to go to grocery stores and have to grocery shop or go to any other stores, on days that aren't my grocery shopping day. How can you add this type of structured spending into your life? 





4. Prep For The Future Tactic

Is there something that you can spend a little bit extra time on today to help prevent you from spending more money later down the line? One way that I like to utilize this strategy is taking one day and prepping all of my food for the week, maybe even the next week and a half depending on if I can freeze it. It removes that option off. 


Hey, should I go out to eat because I don't have any food in the fridge? No, because I've already prepped for it. Since food is where spending can easily get out of hand, this is the perfect tactic to remove that option. 






5. Delayed Tactic

Time is your friend and it's especially your friend when it comes to that impulse buying that we all wanna do. This tactic helps curb those impulse purchases that we always wanna make. It's so easy to make a purchasing decision at the moment, but what if we forced ourselves to wait? I like to utilize this strategy with any kind of online shopping that I do because it's so easy to add things to your cart and then click purchase and then you've got it. 


So now what I'll do, is I'll add things to my cart, and then I'll wait a certain amount of days to re-decide whether I actually wanna purchase that or not. I can't tell you how many times I have avoided purchases because I've waited a certain amount of time to actually purchase the things because I end up not really needing them. I kinda just wanted it at the time. I utilize this strategy and I'm already out of debt so I technically don't have to, but it still helps curb my personal spending. You should see how many saved items I have in my Amazon cart. I've got a lot because I've done this quite a bit. So create a timeframe for yourself. Is it hours, is it days, is it weeks? It's up to you what your decision point will be. 






6. Elimination Tactic

This is one of the more difficult tactics because it forces you to remove something from your life today so that you can free up more cash for yourself in the future. To give you a better example, if you stopped buying bread, 


Would you still be buying lunch meat? 


Probably not because lunch meat goes on bread unless you're savage and you just eat lunch meat which, I don't even know what to tell you because that would be weird, but that's okay, 'cause I like savages. That was probably a silly example so let me give you my example. I utilized this structured spending tactic when I got rid of my television. I don't have a television anymore in my house which means that I am not spending an extra $140 every month on cable. Because of that elimination decision, I save roughly $1500 every single year. 


So is there something in your life that you can sell or just get rid of that will free up more cash for yourself in the future?







Conclusion

Managing money is already a difficult thing to do so why not make it a little bit easier by creating some sort of structure in your life? That way you can focus on the things that are more fun in life, the more enjoyable parts of life. 


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