5 Actionable Money Saving Tips for Frugal Living

In this video I present 5 actionable money saving tips for frugal living.

In the previous video I laid out an overall plan that you can maintain to stay on track when it comes to saving money. Today I’ll be showing you 5 ways you can actually put it into action to save more money.

1 - Measure Spending

As the saying goes, “what gets measured gets managed” we’ll first have to measure our spending if we want any hope of managing it. This means getting an accurate picture of how much money is going out the door every month. To do this you’ll have to logon to your online banking and tally up all your credit card and other spending from your bank accounts or utilize an app like Mint to do this for you. The more months you do this for the more accurate your gauge of your own spending will be and you’ll start to recognize a normal level of spending. This is what we want to achieve because it allows us to know when we’re spending more or less than usual and then we can investigate why.

2 - Examine Expenses

Once we know how much we are spending, next we’ll want to check what we are spending our money on. In my opinion, the best way to do this is to look at your expenses in order of the highest dollar value to the lowest. We need to look for things like large recurring expenses that we either don’t need or that we can possibly find cheaper alternatives, frequent dinner or drink bills, unessential online shopping purchases, etc. We need to check our high value expenses and ask ourselves for each one, A: do I need this or B: How can I make this cheaper. Obviously, there’s going to be essential expenses that we do need and that we can’t make any cheaper without severely jeopardizing some aspect of our life. But I think that there will be some items you find that you can definitely cut or find a lower cost alternative. This is especially powerful for monthly recurring expenses because it means that you’ll save that money every month in perpetuity, which can add up to big savings over the year.

3 - Consolidate Accounts

Many people have several credit cards or bank accounts that their money comes out of each month. A couple hundred on this card, couple hundred on that card, little bit more over here, a little over there, makes your spending seem much less than it does. It’s like dust on the floor, you can’t really see it until you sweep it all into one place. So, to solve this, the third thing I want you to do after watching this video is to look at all of your credit cards and bank accounts and ask yourself if it’s really necessary to have all of them? Especially credit cards. Ideally, you want to have as few spending sources as possible so that you just have one or two sources to check to see how much money your spending. It will make your financial life wayyyyyy easier. Trust me. Consolidate your accounts

4 - Cook at Home

Everyone has one thing in common: we all need to eat. But the way we eat can have a massive impact on our financial health. In the video I breakdown how much money you can save by cooking at home. You don’t have to spend hours or eat plain food to save money and time while eating at home

5 - Evaluate Living Situation

Another thing we all have in common is we all require a roof over our heads. Our rents, mortgages and other living expenses can be our single biggest expense per month. This means that it should be given a great deal of attention when building a budget for yourself. In the video I run through ways of considering if your living situation is right for your financial plan.

Видео 5 Actionable Money Saving Tips for Frugal Living канала Cash College