Many people think that living a frugal life means living a life of little fun, but that is really not the case! If you have decided it’s time to trim down your family’s finances, you simply need to spend more wisely – you don’t have to cut out all of the things you enjoy most.
Sound good? Here are a few tips to help you spend more wisely:
Spend More Where it Matters
Spending more to save money might seem like an odd suggestion, but the fact is that the more expensive leather shoes will last far longer than the cheap plastic one and the patek philippe watches for sale, which have been exquisitely made will last far longer than the 20 dollar watch from the mall, and it might even increase its value in the future. So, although you may need to spend a bit more, if the product is important to you, and will be used often (furniture, clothing) it is always worth spending a bit more so that you don’t fall into the false economy trap and have to replace it far more often.
It is so often the case that generic label groceries are just as good as their more expensive branded counterparts. It makes very little sense to spend more on your pasta, peanut butter or parsley when cheaper versions are available and just as good. Stop paying for the label and start saving your hard-earned money.
Another excellent way to spend your money more wisely in the grocery store is to make a meal plan for each week. That way, you will stop wasting money on food that gets thrown out before it’s used. Not only that, but meal planning makes the process of feeding yourself and your family far less stressful too.
Wait for the Sales
Sales are now so ubiquitous that it makes sense to wait for the next one before you buy high-value goods that are not totally essential at any given moment. Everything from consumer electronics to winter coats can be bought in the sales and why spend more when you can get exactly the same thing for far less just by exercising a little patience?
Wait a While
Something that can really help you get to grips with impulse purchases and stop you from spending your money in a frivolous way is to sleep on any purchases before you make them. It will give you the breathing space to work out whether you really want the thing or whether it was just a spur of the moment impulse that will pass.
Spend More on Experiences
Few of us leave this world wishing we’d bought more stuff, but we do often wish we’d travelled more, spent more time with family or done something exciting like a bungee jump. So, if you want to spend your money more wisely, the best thing you can do is to favour experiences over stuff.