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Spend money and save at the same time
When you have a tight budget and are looking to save money, it is common that you systematically choose the cheapest option, for your phone plan, your rent, your shoes, your coffee maker, etc.
But beware, while this is counterintuitive, there are some situations where spending more in the short term can save you money in the long run.
LIVING IN AN UPSCALE NEIGHBORHOOD CAN BE ECONOMICAL
So yes, you live in the city center in a very pleasant and therefore rather expensive district, the monthly payments of your mortgage or the payment of your rent remind you of this every month. But your children are divided into a good public school and you do not have to pay a private school so that they can benefit from a serene and studious working atmosphere. You probably also pay less in home and car insurance, the risk of damage and theft being small in your neighborhood.
BUY QUALITY PRODUCTS TO SAVE MONEY OVERTIME
You do not have a lot of money but you have still planned shopping in the program of your day because you need new furniture, new household goods or new clothes? It is tempting when you have to buy this kind of relatively expensive item to rush to the cheapest items, even if it means buying more than you had planned. What a mistake!
Better to opt for quality items that will last over time and, ultimately, will be cheaper in cost per year than low-end items. For example, it seems much more advisable to buy a 400 € vacuum cleaner that will last 10 years (i.e. 40 € per year) than a 100 € model which will last 1 or 2 years (i.e. 100 € or 50 € per year).
To be sure of purchasing a quality item, carefully examine the specifications of the device, the online reviews, and inquire about the availability of spare parts. It is often less expensive to repair than to change the article. You can find the most interesting offer on “frequent-ads.com”.
PREPARE MENUS AND RECIPES WORTHY OF A STARRED RESTAURANT
The food expense item is often the first hit when you have a very tight budget. Be careful though, if you are trying to save on your diet, not to drastically reduce your expenses by choosing cheaper processed foods or canned foods. It could end up costing you more because diet has a real impact on health.
To save money, give priority to promotions and purchases in large quantities for products that are not perishable or that have a long expiration date. Also, compare the prices of the different food stores and supermarkets near you. But don’t skimp on the quality of the products.
DEVOTE PART OF YOUR BUDGET TO PLEASURE EXPENSES
It is important to set aside money each month for fun expenses, that is, for things you want but doesn’t necessarily need.
This may seem counterintuitive, especially if you are on a tight budget, but keeping a leisure expense will make it much easier to stay on budget.
Indeed, reducing expenses at all costs and not indulging in small pleasures leads to a lot of frustration and is ultimately the surest way to make gaps and not to respect your budget at all.
It is important to plan for a fun expense item and to stick to the budgeted amount.
Harper Harrison is a reporter for The Hear UP. Harper got an internship at the NPR and worked as a reporter and producer. harper has also worked as a reporter for the Medium. Harper covers health and science for The Hear UP.
