There are a lot of reasons that people suddenly need to survive on 1,000 dollars or less each month.
Perhaps, they lost their job, and the new one that they found to replace it with doesn’t pay very much. Or they are trying to save money up for a house or retirement fund.
But either way, this kind of harsh reduction in spending isn’t easy to do for those who have never lead a frugal life before.
So that is why I came up with the following list of tricks on how to dig deep and start pinching pennies until they scream for mercy:
8 Penny-Pinching Tricks:
1. Have a Budget
Before you take one step closer towards your goal of becoming a cheapskate, you have to have a plan, or in this case, a budget.
To make one, you don’t need any fancy software or accounting books either. Just sit down with a pencil and paper and write out all of your current expenses.
Make sure you put as much detail into this as possible because it won’t work if it isn’t accurate. Next, add all the expenses up.
If the number is over 1,000 dollars, then you have to look for ways to cut back. That is where the rest of this list comes in handy.
2. Combine Your Bills to Cut Costs
Often, people are paying for the same service twice each month.
An example of this is paying two separate bills for home internet and a cell phone with unlimited data.
By switching to a cell phone package that allows your phone to turn into a mobile hotspot where ever you go, you will eliminate the need to pay for home internet.
3. Make Your Own Stuff
A good portion of the average monthly budget goes to disposable products, such as paper towels, toilet paper, and laundry detergent.
While you might not want to switch to making your own homemade toilet paper as of yet, you may want to consider replacing paper towels with washable rags and making your own laundry detergent.
If you need further instructions and ideas about more homemade products, check out some frugal websites.
4. Get Help From a Food Bank to Feed Your Family
Those who earn 1,000 dollars or less a month usually qualify for aid through their local food bank.
Most of them offer groceries at least once or twice a month. And some even help pay utility bills and hand out clothing and shoes.
While the services they provide are directed towards families with children to feed, those individuals who live alone can get help at them too.
5. Cover Costs With a Payday Loan
It is important to remember that at the beginning of your adventures in frugalness, there won’t be a lot of extra cash that is left over at the end of the month.
So if an extra expense comes up, you will have to find a way to get the money you need to pay for it without putting an extra burden on your already stressed finances.
That is where a payday loan from websites like MatchedLoans come in. Places like this offer short-term loans for unexpected expenses even for unemployed. And the payments are very affordable.
6. Cut Out Wasteful Entertainment Costs
The average cable or satellite bill is about 100 dollars a month.
Sometimes, it is even more than this if a household has several different television sets for different rooms. So even though there will be a lot of grumbling from children and other family members at first, switch to a simple antenna for picking up a few channels to watch instead.
Antennas cost nothing to operate. Just connect them to the television, position them where they get the best signal, and you are ready to go.
An added benefit to cutting off the cable or satellite service is that it will encourage your family members to lead a less sedentary lifestyle.
7. Reuse and Repurpose Stuff
This trick might seem a little strange at first, but it is commonly practiced by some of the most wealthy, frugal people of the nation.
Instead of throwing away things, and replacing them with something new, it is best to find a way to either reuse or repurpose them.
Tin cans left over from vegetables can be washed and turned into containers for homemade candles. The water from a bath is perfect for watering plants out in the garden.
And clothes that don’t fit anymore can be sewn into a blanket. And let’s not even get started on furniture. There are tons of ways that it can be spruced up with ideas found on the internet.
8. Put Money Back
You might be thinking, how can saving money help a person be frugal? Well, the answer is that it gives you buying power.
By putting back even just a few dollars a week, you can accumulate a nice store of cash by the end of the year. So if you happen to need anything beyond what expenses are listed on your budget, you can negotiate on the cost with the seller.
More often than not, a person will be willing to offer a lower price to someone who has the cash to pay for something right away.
As you can see, being frugal isn’t as hard as you think.
All it takes is a little planning and creativity.
If you happen to have any other frugal tips on how to live on less than 1,000 dollars a month, be sure to comment below.
And print this page out for your friends who are struggling with a low income right now too.
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