How To Spend Wisely on A Tight Budget

By : Admin
Guide 15/10/2018 03:00pm
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Living on a tight budget is no fun or easy. If you can still carry on with it the right way, you can easily slash expenses, get rid of debts and live a decent life at the same time. But for that you will have to closely watch every penny you spend and squeeze value from every expense. Below you can find various ways to spend wisely on a tight budget.  

Sticking To Your Budget

When on a tight budget the first step is to stick to it. You should be well aware of exactly how much money you are making and spending every month. Add up and compare all of your spending to see the changes that you need to make to your budget. Keep a track of every single expense. Be able to differentiate between your wants and needs. You can also find ways to make more money.

Shop For Clothing Bargains

You do not have to spend tons of money to get some great outfits.  All you need is a bit of foresight and patience. Try to pick department stores that you know for offering reasonable prices. You can also wait for items to go on sale. Choose to shop for seasonal items at the end of the season. Instead of getting expensive items before the season starts, get the clothes you will need for the following year on super sale. But do keep an eye out for quality. Also learn to sew so that you can rescue torn items instead of spending money on new ones.

Spend Money Wisely On Food And Drinks

Just because you are living on a tight budget doesn't mean you have to be a completely social recluse. You can occasionally go out with your friends and grab a coffee or a drink. You can pick a place with good happy-hour deals. If you are going out for dinner with a big group, you can suggest separate checks to prevent overpaying.

Save On Grocery Shopping

You can enjoy great saving when you shop for groceries as efficiently and cost-effectively as possible. Always have the list of grocery items that you really need. Buy only items that are on the list to avoid impulse buys. Before going for grocery shopping make a weekly menu ahead. Use everything in your pantry before you add to it. This way you will never have to throw out expired foods and waste money. You can prefer buying in bulk of products that you know you will be able to use before it expires.

Instead Of Going Out Have Fun At Home

Another great way to spend wisely on a tight budget is to devote more time to fun and entertainment at home. Instead of going out you can celebrate your birthday by throwing a party right at your home. Instead of going out invest in some indoor games, enjoy a nice bottle of wine or invite a friend over to bake cookies or brew some tasty tea.

Eliminate Bad Habits

You can easily save money when you eliminate some of your bad habits such as smoking, excessive drinking, gambling, buying lottery tickets and so on.

Saving Money

When you have a tight budget, you should constantly look out for effective ways to save money. Some of the steps that you can take are-
 

  • Stop wasting money on electricity
     
  • Eat at home as often as you can
     
  • Refuse things that will cost you a lot of money
     
  • Be comfortable to explain people that you are on a tight budget
     
  • Instead of spending money on expensive exercise classes or gym, go running outside or look into donation-based or free classes.
     
  • Walk or ride a bike instead of taking a bus or driving
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