Frugal living: boost your budget
Updated: Jun 24
Frugal living is great way to very quickly make our lives easier. Importantly, it doesn’t have to mean a harsh compromise on lifestyle. Imagine having enough pocket money to take a little chunk out of your mortgage, or enough to go to that new restaurant you’ve wanted to go to.
The added benefit is that living frugally doesn’t just help your pocket, it helps the environment. While reducing waste is one of the best ways to save money, it is also one of the best ways that you can live in an eco-friendly manner.
Controlling your bills is one of the key pillars of frugal living. Every year we waste hundreds of pounds on utility bills. The first key action is to review all of the providers that your are using. Ask yourself these questions: “Am I getting the best deal in the market?”, then importantly ask: “Am I getting the best deal for my requirements?”. The second question is really important. Even if the pricing may seem the cheapest, it not suit your usage patterns. For example, you may be using a really ‘cheap’ mobile provider that happen to have very high rates for international calls.
On average, UK households waste £540 worth of food per year (Wrap UK). An amount not to be sniffed at! How can we stem this wastage? Your freezer is your one of your best friends when adopting frugal living. So much can be frozen. Freeze your meat before it goes out of date. Chop up your onions before they go out of date. Freeze your leftovers. It goes without saying that it’s important to always use your discretion as to whether or not your food is suitable for freezing.
Our wardrobe is another part of the household where a huge amount of waste occurs. A third of our clothes go unworn, according to Censuswide. Freecycling is a great way to avoid this level of wastage, to live frugally, and contribute positively to the environment. Picking up second hand furniture or a once-loved pair of jeans will save you a lot. Read more about why freecycling here.
“Where has it all gone?” We’ve all been there at the end of the month. We thought we had been frugal all month but yet we’re still landing close to £0 (or under) at the end of the month. Where did it all go? Luckily there are a number of challenger banks that are making it easy for us to track this Monzo and Revolut offer a great set of tools that help track your spending, and to set budgets. If apps don’t worth for you, find a copy of your statement and circle expenses that come up the most often. Very often it’s a build-up of the ‘little things’. For example, if you have a £2 coffee before work everyday, you will be landed with a £40 outgoing, which equates to £480 per year.
Gively is an online marketplace where users can give and request items for free. Our aim is to make giving mainstream, and to save millions of items from landfill.