I Love to be cheap!
Not just because funds are a bit tighter these days. It's more for the challenge and the rewards of being tight with my money. That, and I have Scottish blood in me, on both sides! Haha....
Ok, so there are literally tons of ways to be cheap. These are just a few ideas off the top of my head.
1-
I highly recommend watching "Til Debt do us Part" if you don't already. Gail Vaz-Oxlade, is a financial genius and knows how to stretch a buck! It was her "Jar Method" that I have implemented into my own household. This method uses Mason Jars to budget a weeks/months worth of physical cash to groceries, car payments, entertainment etc. This way you can track where you spend your cash. Using debit/credit cards can be a bit convenient, sometimes we lose sight of what we are spending.
2-
Pay for everything in cash! This way, you won't have to make monthly payments on an item. Places that offer you a product at a low monthly cost, usually end up getting up to 3X's the products worth, as opposed to paying for the product all at once. Don't be tempted to purchase an item because the monthly payments are low and you want it on the spot. Take your time, save the money (a bit each month) and pay for the product in cash. Trust me, short term loss, long-term gain...for your pocket!
3-
Purchase items out of season. I always wanted a little, electric fireplace. Just something for heat and comfort. Winter came around and it was tempting to purchase one as they were being advertised in the stores. Instead, I waited until March when the Winter season started to slow down. The cost of the fireplace went from $500.00 to $150.00! All I had to do was wait.
4-
Back yourself up. You never know when something may happen to affect your finances. Perhaps you have to move, or you lose your job. In this case, back yourself up and don't get into a cell phone contract! If you needed to scale back on your cell phone, or move out of the companies range of service, you'll be stuck with a contract or a hefty termination fee. The solution is, save your money and purchase a phone outright. Cancellation fees range from 400-700$ depending on the carrier. This applies especially to phones that are being offered for 0$ and are worth approx. 100$ if purchased outright. If you were bound by contract, you could spend up to 400$ in fees to cancel out early. More than the phone is worth.
5-
Only use credit cards for emergencies or a paper trail. This applies to the above suggestion: paying for everything possible in cash. It's easier to track your money and you won't have high interest rates to pay monthly. Now, I'm not saying "Don't use you credit card!" by all means, you should use your card here and there to build on your credit. That way, if you ever needed to get a loan, you have built up a good credit rapport and would be less of a risk.
6-
Buy Second Hand. For example, if you're in need of new furniture, check out the local flea markets, yard sales or even Kijiji for local ads. Make sure the item is in good shape before purchasing. One of my favorite things to do, is to buy a cheap piece of furniture and customize it to suit me. Sand it down, add some fresh paint and purchase some new hardware, it will look just like new!
7-
If you are Canadian, shop in the USA! Not everything is cheaper in the States, but many things are! Our friends across the border are super nice and welcome Canadians looking to save a buck...or two. Times are tough, we need to do what's necessary for survival, even if that means not buying locally. 2 Loaves of bread in the US costs approx 1.60$ (Price Choppers), one loaf of bread in Ontario (Local Grocery Store) can cost up to 3.00$! If you can't make it across the border, shop at Giant Tiger or Walmart for groceries! The prices are often lower than local grocery stores.
8-
Always search out the best deal, before purchasing a big item. Nothing worse than buying an item and realizing that it would have been cheaper to purchase elsewhere. Check out fliers for deals or go online to compare prices.
9-
Eat at home. Every once and a while it's nice to get out of the house for a meal, that you didn't have to cook. Doing it too often, can be very costly. If you like a certain dish that a restaurant makes, look online for a recipe that matches. For example, I love going to Starbucks! A Venti, Pumpkin Spice Latte can cost up to 6.00$ for one cup! So, I looked up the recipe myself and now I can enjoy it from home! Check out http://allrecipes.com/Recipe/pumpkin-spice-latte/detail.aspx I add Real Whip cream on top with a pinch of salt, sugar and pumkin spice- Trust me!
10-
Look for items on sale. There's nothing wrong with purchasing No Name brands every so often, unless you don't like them. People get stuck in the idea, that brand name products offer the best quality products. That's not always the case. Try a few no name things here and there, you may find that you'll prefer some No Name products over Branded products and they are often cheaper.
There is nothing wrong with wanting to stretch your hard-earned cash. It doesn't mean that you are poor, it means that you are smart with your money! All of this advice comes from experience. At one time in my life, I was young and stupid with my own money. Don't be ashamed to be cheap, embrace it!
Good Luck,
Live Cheap and Prosper!
Sig.
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