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If you are starting your journey to financial independence, then you should learn how to live frugally and simply.
And being simple and frugal entails saving money and managing your finances wisely. You have worked hard to earn your salary so it’s just fair to make sure you are getting the most out of your buck when you are spending it.
So how can you get the most out of your buck and live a frugal lifestyle?
It is simply through good planning and strategizing. And this is true in most areas of spending. When you add perfect timing to your good planning and strategizing, you are confident that your money will be well spent.
In this post, you will learn some tips on how to live frugally and simply, by strategizing your spending so that you can save money.
Frugal Living Tips
Be Aware of Sales Patterns
Knowing the sales patterns will save you money because it’s not what you buy but it’s when you buy it. Every clothing store follows a predictable sales pattern year after year.
So, if you are eyeing a couple of good pairs of shoes, you can start saving for it until the sale comes.
Grocery stores also cycle their sales every few weeks. So if you are doing a meal plan, knowing what the cycle will help you save money. If you want to save more on your grocery, check out 19 Incredible Ways to Save Money On Your Grocery Bill.
Get Notified of Sales
If you have a particular store that you go to, sign up for sale notifications. In this way, you won’t miss any of their sales.
The same thing when you have a particular vacation in mind, sign up for various travel blogs and consumer sites like Airfarewatchdog or Expedia.
Taking advantage of the internet can save you a good chunk of money on your purchases.
Be Aware of Opening Sales
Another tip on how to live frugally and simply is to be aware of opening sales in your area or online.
Whenever there is something new, there is always a sale going one. Whether it is a new item that is being promoted for the first time or a new thrift store opening or an entertainment center with a future opening date, you will be able to score a deal.
Plan to Shop on Certain Days
To make the most out of your buck, it is wise to wait for the time of the year when items are less expensive to make your purchases.
The most popular shopping day in the United States is Black Friday. During this time, items are discounted heavily, making it the most desirable time to shop.
You can leverage this by making your holiday lists in advance, plan your shopping strategy and hit the malls to find the best deals.
Buy in Bulk to Last Until Next Sale
If you have planned far enough ahead, you won’t have to make purchases out of desperation. This is where buying in bulk can save you money.
For example, if you figured out that toilet paper comes on sale every last week of the month, then you will buy enough to last you until the next month.
Or perhaps your local grocery store has a sale on chicken every two weeks, then you will purchase enough chicken to last you the whole two weeks.
By doing this, you will be able to once again wait for the next sale, instead of having to make an emergency purchase when the item is full price.
Furthermore, when it comes to buying, timing is everything. By altering your spending habits, you do not have to compromise on the things that you need to buy.
Here are a few more examples of how to live frugally and simply by making the right timing work for you so that you can still save money.
Buying A Home
Buying a home should not be taken lightly because it is one of the most important and most expensive purchases that you will make in your lifetime.
When buying a home, the best bet is to keep your eyes on the economy. Do your research diligently. It is better to buy a home when the economy brings low home prices.
You also have to take note of the interest rates. Make sure to wait for the lowest interest rates possible. If owning a home is not a must right now, consider moving in with family for a short time.
Take the time to save up for your 10-20% downpayment and then take advantage of the lower prices when it is time to buy.
Buying A Car
When buying a vehicle, payoff dates and term limits are decided by using the year of purchase. Because of this, your payments will be lower if you buy your car at the end of the year as opposed to the beginning.
In some cases where dealers are hustling to meet their quota, consider timing your purchase on the last Friday of the month. Even better, go late in the day when dealers are open to doing anything to score a deal.
Use this in your favor to be able to purchase the car of your choice easily. Also, consider a used car so that you do not have to worry about the initial depreciation the moment you drive the car out of the dealership.
Shopping For Clothes
There are a few times of the year when it makes sense to buy as much as you can of you and your family’s clothing, if at all possible. Depending on where you live, there are several sales leading up to Christmas.
And if it is possible for you to wait until after the holidays, most stores hold outrageous clearance sales at the beginning of the new year.
January is a great time to pick up clothing for yourself and your children that will hopefully last until next year’s big sale.
Another great time for sales is at the end of each season. For example, if you are good at predicting your childrenís growth rate, wait until the end of summer to buy shorts and bathing suits for the next year.
Purchasing Plane Tickets
There is a fine art to purchasing airplane tickets at the best value. There are two things to consider, which is the timing of your purchase and the timing of your flight.
In general, you should try to book a flight for midweek, which is generally less expensive than weekend flights.
As far as purchasing the tickets, look far enough in advance that you can keep your eyes on the price changes. It is generally advised to book a flight between 6-8 weeks before you will fly.
Book too early or too late, and you may end up paying far more than when you hit the sweet spot. As far as time of day to book tickets, search for the same flight multiple times per day and record what you find.
Also, consider travel rewards points. I was able to travel with my husband to Europe and with my mom to Israel just by using travel rewards.
To get the best price on produce, you just need a little bit of knowledge about your food. Buy fruits and vegetables that are local and in season. This means that not only will they be at their peak taste-wise, but you will get more for your money.
There you have it!
Those are some of the frugal tips on how to live frugally and simply.
When it comes to saving your hard-earned money and putting it to good news, it requires a good strategy and a well-thought-of plan. You can do a little research in order to be armed with the knowledge to execute and stick with the plan.