An obvious fact of today’s economy is that people are spending less than they used to. At least, less than they did before the global economic crisis of the last decade. That means that companies are paying employees less, and they aren’t hiring as many workers as they used to.
You might think that such economic hardships don’t affect the wealthy. But even the well-off among us are cautious about their spending. A lot of the rich folks among us are cutting back on extravagant vacations and other leisure pursuits.
Because of these cut-backs, people give up on life’s little luxuries and “doing without” stuff in their life. But I’m here today to tell you that it’s possible to maintain your lifestyle without becoming a cheapskate.
Intrigued? Keep reading to learn more some of my top tips to becoming the ultimate lifehacker without becoming a miser in the process!
Consolidate your debts
Most people will have various debts to their names like personal loans and credit cards. They might even owe money on store cards too.
The trouble with having many different debts is that the interest you get charged can eat bigger chunks out of your wallet! Credit cards are perhaps the worst type of debt you can have. That’s because you are, in essence, getting charged interest on top of existing interest charges!
As you can imagine, owing money on more than one credit card is bad news for your bank balance. The solution to this unfortunate problem is to merge your debts into one! Debt consolidation is a term that refers to the practise of taking out a large loan to pay off existing debts.
When you do this, you pay less interest each month. And a loan with a low interest rate means your monthly payments are lower than the combined total of your existing debt payments.
I recommend doing a credit check on yourself before you start applying for debt consolidation loans. The last thing you want to do is tarnish your credit record by applying for loans you have no chance of getting accepted for!
Give up your gas-guzzler
I’m sure that you enjoy driving around in your V8, but the sad truth is that cars that drink a lot of gas will cost you a lot of money to maintain. Not just in fuel costs but maintenance and servicing costs too.
If you want to cut down on your motoring costs, sell your gas-guzzler and buy something more efficient to drive. Some people even go one step further and buy a motorcycle instead of a car!
Doing so makes sense if you seldom take any passengers in your car with you. And it also makes sense if you live in an area where traffic is a regular occurrence. Riding on two wheels instead of driving on four is also more fun in my opinion!
Motorcycles are often cheaper to buy than cars, so you’ll make some savings there for a start. And the insurance is also cheaper too. When I lived in Britain for a few years, I bought myself a motorcycle for commuting around the country. At the time, I noticed that motorcycle insurance quotes in the UK were much cheaper than cars.
And when I moved back to the USA, I did some checking and found out that the same thing also applied over here too! I’m pretty sure that the same thing will also apply in other parts of the world too.
Research the best prices for groceries
Are you one of those people that buys their groceries from just one store all the time? If so, there’s a high chance that you will be spending more money on your groceries than you need to!
It’s no secret that different grocery stores charge different prices for the same products. You should establish which grocery stores offer the best deals for the food and drink you buy, and buy from more than one store.
You should also take advantage of in-store promotions. If there’s an awesome deal on certain frozen foods or drinks you buy, for example, stock up on them! It makes sense to do so as those promotions won’t last forever. And let’s face it; you are going to buy those products in the future anyway!
I recommend checking out the mySupermarket website if you prefer to compare prices from the comfort of your home. I use that website all the time, and it’s awesome!
Be a greener householder
There are two main benefits to leading a greener lifestyle. The first is that you aren’t contributing so much to the planet’s greenhouse gas emissions. And the second is that you save lots of money!
Here are some practical ways to go greener at home and save cash:
- Use energy-saving lightbulbs. CFL bulbs, as they are also called, use a fraction of the electricity that incandescent ones use. But here’s the thing: they also project the same amount of light;
- Upgrade your heating system. If your boiler is older than you are, it’s quite likely that it is quite inefficient. You can make big savings by having a modern heating system installed in your home;
- Fit solar panels to your roof. If you own your home, and your roof has a clear line of sight to the sun, this option is for you! Solar panels can generate electricity that you can use in your home. They can also get used to heat water;
- Use the sun to heat your home. Is it sunny by day and cold by night right now? Make sure you open any curtains where your windows face the sun at a given time. You can use the sun to heat up your room, and close the curtain when it moves around your home. The closed curtains will keep your room warm, and it means you spend less money heating your home!
I hope that today’s money-saving tips are useful to you. Thanks for reading this article!