Some people believe that one part of making money is spending money. It’s common for money well spent to lead to money well saved. For many frugal buyers, homeowners, and business owners, it can be an excellent idea to save some money and set it aside. Saving money for a rainy day has become even more practical amid the unpredictable and unprecedented changes caused by the worldwide novel coronavirus (COVID-19) health crisis. By making sensible, cost-effective purchases, frugal buyers can end up having more money saved for the future. Listed below are five practical spending tips that can make you the ultimate money-saver.
1. Spend money on local services instead of long-distance services.
Following the COVID-19 outbreak, some people have had to start working from home, or they’ve experienced a forced leave from work if the company they work for had to shut down because of the coronavirus. Likewise, some people were forced out of their homes because they couldn’t afford them anymore and needed to downsize.
Whether you have to leave your home because of economic changes or choose to move because you want to, be sure to utilize local services. Local moves and professional moving services cost less than long-distance moves. Furthermore, purchase local storage facilities to have storage space for your belongings while you’re changing homes and undergoing temporary or permanent residence, work, or school changes. Frugal homeowners in Chicago should locate Chicago self storage units near their old neighborhood and close to their new area. Storage units offer convenience during a move and enable you to access your possessions when you need them. Self-storage facilities can give you privacy, eliminating any concerns about someone stealing or damaging your belongings. Searching the internet for local public storage units and approximate size estimates and actual unit sizes from a leading provider of storage facilities enables you to get a local storage unit at a great price.
2. Acquire an energy plan and energy-efficient appliances for your home.
According to statistics, the total primary energy consumption in the United States nearly equaled 100.2 quadrillions in British Thermal Units (BTUs) in 2019. Residential utility customers in the U.S. averaged approximately 10,649 kilowatt-hours (kWh) that same year, with an average of roughly 877 kWh per month. Household energy usage patterns in the U.S. have changed with energy sources’ evolution, resulting in increased energy efficiency efforts.
Energy efficiency refers to using technological solutions to cut back the amount of energy consumed to avoid energy waste. Frugal buyers should consider energy-efficient amenities and appliances such as Energy Star-certified washers, dryers, dishwashers, showerheads, LED bulbs, programmable thermostats, ceiling fans, HVAC systems, televisions, and more. Furnishing your household with such tools and appliances may seem costly depending on their prices, but they can help you conserve energy, which can cut the costs of your energy bills. Likewise, efficient, well-serviced machines will perform better and won’t require you to pay for expensive repairs. Furthermore, frugal buyers should consider changing their electricity providers to reduce energy costs and save money.
3. Consider buying household items in bulk.
If you bulk-buy items you commonly use and have to replace frequently, you may be able to save money. Some experts suggest that making bulk purchases can save you an estimated 20 percent on some items, while other products can save you as much as 83 percent depending on what you buy.
Sticking to a list and avoiding impulse buying when bulk shopping can be a good idea. Additionally, keep the price of individual items and bulk packages and the cost per ounce in mind when shopping. Products you use every day and that are available for less per unit may be worth buying bulk. Paper products like paper plates, toilet paper, and paper towels are practical purchases for bulk shopping. Non-perishable snacks and beverages, laundry detergent, dish detergent, soap, shampoo, diapers and baby wipes, garbage bags, dog treats and food, coffee, and water are practical bulk purchases as well.
Regarding water, Canadian homeowners should consider utilizing a trusted water delivery service in Montreal to obtain water in a convenient, reasonably priced way. A water delivery service can provide safe, high-quality water in plastic bottles from several water brands. Additionally, homeowners can get a water cooler or dispenser through a water delivery company. This way, frugal buyers have a clean, healthy water supply for their drinking and cooking needs and won’t have to purchase water frequently.
4. Get various types of coverage to protect your belongings.
Insurance plans of all types, such as health insurance, life insurance, home insurance, and auto insurance, exist to provide bodily injury protection and financial protection. Such coverage is crucial because it can protect you against circumstances and incidents that could harm you, your belongings, or your property and cost you a lot of money to fix.
For instance, homeowner’s insurance can protect your home and the belongings inside it against property damage or theft. Likewise, auto insurance, specifically comprehensive coverage, can provide motorists coverage for repairs needed after storm damage or motor vehicle accidents. Similar to auto insurance, motorcycle insurance can help buyers meet specific motorcycle needs. A motorcycle insurance policy enables motorcyclists to afford custom equipment and parts, total loss replacements, and repairs following an accident or mechanical breakdown. Regardless of the type of motorcycle a motorcyclist owns, motorcycle coverage can be practical for frugal buyers.
5. Don’t spend money on unnecessary memberships and subscriptions.
Expensive mobile phone plans, cable TV subscriptions, memberships to companies like Amazon, store memberships, digital access to newspapers such as TIME or The New York Times, and subscriptions to streaming services such as Netflix, Hulu, Apple Music, or Spotify can make significant contributions to person’s bills. Frugal buyers should consider all their subscriptions and determine if they fit their budget. For instance, Spotify and Apple Music serve the same function and have similar content, so frugal buyers would have to consider if they need both subscriptions and cancel the one they deem unnecessary to save money.
Purchasing services and personal and household items that enable you to spend less over time will ultimately help you save more.