Frugal Living Ideas
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Living on less, like so many of our financial steps, revolves around the monthly budget. Once you know what you’re spending each and every month you will know how much less you need to spend, or you will know how much you can save by cutting back and living on less.
Living on less is not difficult, it is just a little painful until you get used to it and see the benefits. Our society today seems to reinforce within us that we can have whatever we want. This is OK if you always want to be living under the burden of debt.
Let’s take a look at some frugal living ideas so that you can reduce your spending.
Frugal Living Ideas - Housing
Move to a smaller, more affordable home. This is the most extreme way to reduce your spending but some people have mortgage payments that are so high that they will never be able to get out of debt. A rule of thumb is that your housing costs, including utilities insurance and maintenance, should take up no more than 35% of your net income.
Re-finance your home mortgage loan, if possible, for a lower rate. The only problem with this is if you do not stay in your current house long enough to realize the benefits of the interest savings.
Make sure you are not paying too much for your homeowners insurance. Check with other companies and also that your deductibles are not too low. When checking with other companies, make sure they are both offering the same amount of insurance at the same deductibles.
Try to lower your telephone bill. Long distance phone calls can add a substantial amount to your monthly budget. Rates as low as $0.027 per minute are available. Shop around; long distance calling cards are available with very low rates per minute. There are many different long distance plans available depending on the state that you live in.
Is your cell phone necessary? If it is not, get rid of it.
Electrical Savings
Keep your thermostat set at a moderate temperature, generally 68 to 70 degrees in the winter and 74 to 78 degrees in the summer. By backing off the thermostat a couple of degrees year round you can save a considerable amount of money. Do not wear shorts and a tank top around the house in the winter and turn up your thermostat to compensate for it. Surely you have an old pair of sweat pants and a sweatshirt that you can wear around the house.
Close the vents in unused rooms.
Remember that heat rises. In the winter vents can be opened in the downstairs and the heat will rise to the upstairs. In the summer the vents can be opened upstairs to allow the cool air conditioning to cool off the upper floors while the vents can be closed downstairs.
Do not have every light on in the house. There isn’t any need to have lights on in an unoccupied room.
Water Savings
Do not leave the water running the entire time you are brushing your teeth.
Wash only full loads of laundry.
Be wise when it comes to washing the car and watering the lawn.
Rinse dishes quickly. They will be washed by you or the dishwasher.
Read our Vehicle, Clothing and Medical Ideas.
Read our Frugal Food Buying Ideas.
Read more Frugal Shopping Ideas.
Leave Frugal Living Ideas and learn more about Retirement Investing.
