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Due to record-setting unemployment rates and crashing financial markets, living more frugally is on everyone’s mind. Especially during the midst of a pandemic, being able to avoid credit card debt is the first step towards developing a financial cushion.
Living frugally won’t come naturally to those who are used to a more extravagant lifestyle. However, it isn’t impossible. Frugality is less about being cheap and more about being intelligent about one’s expenses. This guide will outline the best practices for living frugally.
- Save on transportation costs
As the economy continues to struggle, gas prices are at an all-time low. Without proper access to public transportation, leveraging the use of a family car is far more sustainable. Combining trips to the drugstore and supermarket is a great way to maximize time outside of the house.
- Review car insurance policies
Vehicles that are left unused for long periods of time are usually entitled to greater savings opportunities. These options and packages can be easily discussed with an insurance provider.
- Observe ATM fees
Believe it or not, banking charges are among unnecessary costs that can be easily avoided. Some bank accounts will charge a monthly retention fee, so having to pay additional service charges and ATM fees should be avoided at all costs. Limit banking transactions with your specific bank instead of indulging in what might appear most convenient.
- Rely on home cooking
Despite the resurgence of food delivery, this option is far from a cost-effective one. Though grocery bills appear to be skyrocketing among Canadian households, this can easily be offset by pre-planning home menus that make the best use of every ingredient in the fridge. Dozens of home recipes are achievable with less than 5 ingredients and can be easily improvised to make use of other ingredients that may be about to expire.
- Take homemade lunches to work
Working from home has saved thousands of employees from having to spend an extra few dollars on lunch. As the workforce returns to normal, it’s important to retain the habit of cooking homemade meals that can be frozen and packaged for several days in order to avoid unnecessary lunch expenses.
- Cash in on points
For those who have been accumulating Air Miles for vacations or road trips, now is a better time than ever to cash them in for gas and groceries instead. Similarly, some credit card fees might have accumulated other benefits and discounts over time.
- Shop thoughtfully
Without regular access to the mall, online shopping can easily develop into a bad habit—one that might eventually call for options for debt relief. When clicking through to an online shop, always consider whether an expense is worth making or if a do-it-yourself version of a solution is a doable and more cost-effective alternative.
Conclusion
Living frugally doesn’t entail having to financially suffer. In fact, it’s an easy way to create value for the savings one earns and to learn how to get by with less.
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