Sometimes we go through phases of living beyond our means and then have to find ways to rein it in while we get ourselves back on track. Living on a budget can be incredibly stressful, but it is totally doable and with a few tips you can even live comfortably.
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Most of us have to live within our means and on a limited budget. It can happen at time when we have big expenses to pay up for, like a new home or car, a wedding, or that once-in-a-lifetime holiday we have always dreamed about. We spend all our money on it, but afterwards we have to live on a budget to slowly build up our savings again. Or worst, we live through an economic recession or a pandemic, we lose our jobs and income and have to rely on savings or loans. This will undoubtedly be a scary a very difficult time, but thankfully there are ways to keep the spending to a minimum.
Photo by Kelly Sikkema
You may think that living on a budget for a while means endless nights of staying in and having to refuse invitations to go out with friends, but it doesn’t have to be that way. You can still live your life, you just need to be smart about how you do it.
Buy secondhand
When I’m tight on money I still like to indulge in things that might seem out of reach when you’re strapped for cash like clothes shopping. You can get some great bargains in charity shops so it’s always worth spending some time searching through the rails for some hidden gems. Clothes, shoes and accessories donated to charity shops are often brand new (still with the tag on!) or used only once or twice, so you can find items in fantastic condition that would have cost you 10 times more in a regular shop.
Don’t assume you can’t buy bigger items like furniture or even a car when you are in a tight spot. Look for companies that specialise in bad credit car sales and you’ll be amazed at what’s on offer.
Photo by Nick de Partee
Minimise your food budget
Planning your meals in advance can ensure that you don’t end up buying more than you need when you go to the supermarket. A great resource for cooking on a bootstrap using less than a tenner to cook a family meal is Jack Monroe’s food blog.
I always try to plan our weekday meals at the start of the week. I take stock of what I already have in the cupboards before I head to the supermarket. And I buy just the right amount of fresh fruits and vegetables to use, so that I never end up with food waste.
If you’re anything like me you’ve probably got loads of shelf items that just sit in your pantry and never get used up, like canned beans, pickles, rice, pasta or flour. When you’re trying to save cash it’s a great time to get inventive with your meals and use up these ingredients. You’ll end up making meals you may never have thought of before with the range of ingredients you already have in the cupboard. I have found some of my favourite dishes this way that I now make time and again, like these six simple staple recipes. Pasta is another meal that is perfect to prepare when you are on a budget; add some tuna or bacon for a low-cost protein addition.
You can always look at a recipe app for inspiration if you’re not great at coming up with your own.
Think of ways to cut down on non-essentials
I’ve found some great ways of cutting down on non-essential things without totally giving them up. If you’re into fitness, consider cancelling or freezing your gym membership for a few months while you get back on track. You can find some great free workouts online that you can do at home, from HIIT to yoga classes.
I love reading so rather than giving up books I dig out my library card and borrow them for free. You can always buy the ones you loved at a later date. Charity shops are also a great throve of hidden gems. Finally, if you have a Kindle e-book, it is worth keeping an eye out on Amazon deals every week, as you can find many great titles for just £0.99.
As you know I am crazy about coffee so would never want to give that up. One way to keep my expenses down when I am living on a budget is cutting down on eating out or drinking expensive flat whites from coffee shops. Instead I buy coffee beans and make cups at home (a Hario V60 dripper is one of the cheapest coffee brewing methods). This simple change in your routine can easily save you £20 each week.
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Remember to keep track on your monthly income and daily expenses on a spreadsheet or app. It is essential to have a budget so you know how much you can spend everyday. Review your progress each week. Try to set some money aside, even if it’s just a Pounds. Slowly you will build up your savings again.
Disclaimer: this is a collaborative post.
