Entertainment can be a significant budget killer and encompasses a wide variety of expenses
Instead of spending extra money on trips to the movies, or art classes, why not opt to pick up a free hobby?
If you’re a creative-minded person, consider writing a book or a series of short stories.
Those who love nature can consider amassing a rock collection or taking photos of wildlife in your area.
Activities that require little money will keep you entertained and give you something to look forward to.
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7. Eat at Home More
Eating out can get expensive pretty quickly. In fact for majority of families one of their greatest monthly expenses is often food.
Planning ahead with meal planning has the potential to save you big in your budget every month. Hopefully allowing you to add more cash to your savings account .
8. Cut Debt.
High interest debt, like credit cards, can make a huge impact on your personal finances.
Next time you get a statement in your mail/inbox, take a look at how much money you are spending on interest each month.
Consider what you could be doing with that money instead.
What Is the Cheapest Living Option?
Let’s take a look at some popular low-cost living options.
RV
RV living has become a significantly popular way of life for many young adults, especially as it encourages freedom.
Instead of purchasing a home or renting a property, you can buy an RV for a fraction of the cost. Everything you need is built into the vehicle, and you can travel anywhere you desire.
If you need a permanent residence, RV parks typically offer plots of land that you can purchase or rent.
Alternatively, you can live your life on the go, as long as your job allows you to work remotely.
Some RVs have fantastic luxuries, such as wireless internet, heated toilet seats, and beautiful interiors that you’ll love. Yes, you’ll pay more for these (thats why they are called luxuries), but if you are living in a high cost of living area, these luxury RVs may still be a cost savings to you!
Live-In Property Manager
With the impressive number of real estate investors worldwide, property managers are an important area of expertise. You’ll be responsible for watching over and maintaining the property until it’s rented or until the owners retake possession.
If you can find a live-in position, it will often cost you nothing to live in the properties, as your work pays for your stay.
Get Roommates
If neither of the two options appeals to you, finding a beautiful space and getting roommates can significantly reduce living costs.
Instead of footing the entire bill for your home, you can share the expenses with one or two other individuals. You’ll also have the ability to maintain your own space, especially if you’re able to find a duplex or triplex.
As long as you find friendly, safe roommates, there’s not much that can go wrong with renting out parts of your property.
It can also be a great way to get your own space while still saving to purchase a single-family home in the future.
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Living Life on the cheap
Out of all of the tips I’ve given so far, my top recommendation for living on the cheap is to establish a budget. Even though it seems like quite a task at first, a budget is a fantastic way to keep an eye on your expenses.
Not only will you be more aware of your monthly responsibilities but also areas of your life where you can limit spending.
How To Live as Cheaply as Possible: Final Thoughts
By managing your finances, reducing your spending, and investing in high-quality items, you can certainly find more money in your budget!
