Thrifty tips for women to save money effortlessly
Today, with inflation and heavy taxes, managing your finances is more important than ever. Read on for thrifty tips to help women to save money effortlessly.
Financial knowledge and literacy are necessary for everyone. And the good news is that it is not hard to acquire better financial habits, and save and manage your money more efficiently. With a proper plan and practice, you will be able to live a thrifty lifestyle that rewards you in the long term.
This doesn’t mean that you have to live a low-quality life; the word ‘thrifty’ means careful usage of money and other resources without wasting, all while not compromising on living standards.
So how can you make positive changes to the way you manage your money, and feel more in control, feel less stressed, and have more money in the long term. Here are some helpful tips to live a thrifty life as a woman.
1) Make a budget
The first step is to plan your budget. Work out how much money you are going to spend and how much money you will be saving and investing.
Only use the money set aside for spending (try not to touch the other half). Of this money, plan how you are going to spend it wisely. Sticking to a planned budget may take some effort in the beginning, but you will get accustomed to it before long, and it be worth it.
2) Invest as well as saving
Gone are the days when your money stays the way it is when kept somewhere safe. Thanks to inflation, the value of money keeps depreciating if not invested wisely.
So you should put your money to work and multiply it. Begin with fixed deposits (the returns may be smaller but they are a good start) and SIPs (Systematic Investment Plans).
Do your research on areas to invest in (gold and property have been popular in recent years). Always make sure you do proper checks on anything before you invest in it. Things like the stock market can give healthy returns but, as with any investment, there is the chance you will lose money too.
3) Make tough decisions
The hardest part of this whole process is probably the need to control what you spend money on. Split the things you want to spend on into three categories:
- Things you need – These include necessities like food, accommodation, clothes, etc. This also includes other things essential to living a healthy and peaceful life, like transportation, healthcare, etc.
- Things you want, but are not necessary – These include things you want, but can be postponed like travel, expensive clothes, or experiences (in moderation). For example, your TV has some problems. It can be used properly again if repaired. Do this instead of buying a new one right away.
- Things you don’t necessarily need – You have to be honest with yourself and wise about this. These are probably things for showing off like top-brand clothing, food from a 5-star hotel, etc.
Spend your money wisely based on these decisions. Also, make sure you are not compromising your quality of life.
This is where money management is important. For example, instead of visiting a salon regularly, try home remedies and DIY beauty treatments. Plan your meals, get your necessary rations, and cook food, instead of hitting restaurants often. You can also choose used options for electric appliances, cars, etc.
Be mindful of your electricity and water usage, too. And walk or choose public transport or carpool with your coworkers. These are just a few examples. You can find plenty of thrifty lifestyle advice for day-to-day life.
4) Start a side hustle
The current financial climate calls for multiple income streams to achieve financial freedom. And, thanks to the wide availability of the internet, there are hundreds of ways of saving and making money.
Find any side gig, that will suit your preference and schedule – just make sure you avoid network marketing (aka MLM) and any opportunity that promises easy money. Instead, look for opportunities to bake and sell cakes, sell your artwork, stitch clothes, write content, create educational content, etc.
5) Manage your debts
Debts are a barrier to financial freedom, so it is important to repay them as soon as possible. Set aside a part of your income to repay your debts. If you are struggling, find a debt charity who can help you restructure your debt and manage your finances.
Also, be wise in your decision to borrow or take loans. Only borrow money if you really need to, and choose your lender carefully. Also make sure you have a plan to pay it back.
6) Don’t forget insurance
It might seem odd at first glance to suggest spending money in an article about being more thrifty, but I you can, set aside some of your income to buy insurance. At very least try to get health insurance.
Why are we suggesting this? Insurance in simple words is protection against unexpected financial losses, in exchange for a termly fee paid periodically. These will help you save money in the long-term
You can live a good life while still saving money
It is possible to live a good quality life while still saving money, so don’t be worried that being thrifty will lead to less fun. Instead, being in control of your finances can make you feel more confident and secure, and prevent debt and the stress and worry that comes with it.
It may feel strange at first to change your living and spending habits, but you will son get used to it. So create a budget and stick to it, invest your money, decide on what you should spend, have multiple income sources, repay your debts and buy insurance. Happy saving!
Photo by Karolina Grabowska