7 Frugal Ways to Reduce Your Cost of Living

In today’s economy people are constantly looking for ways to cut back on spending. Oddly enough, it’s the things we don’t even think twice about that seem to really add up to a huge chunk of our budget.  Do you sit and wonder where all your hard earned money went and why you keep emptying your bank account and have nothing to show for it?

The money experts at www.missmoneybee.com put together a list of seven ways for you to start reducing your cost of living without feeling it. It is incredible how much money you can save by being more vigilant about what and how you’re spending your money every month.

7 Frugal Ways to Save Each Month:

  1. Program your thermostat. Look into buying a programmable thermostat, this will save energy by allowing you to control the heating and cooling of your home while you’re gone during the day. These handy gadgets start at around $35 and go up but the return on this investment will make a significant difference on the next electric bill.
  2. Give up high priced cable. There is no longer the need for buying high-priced cable television packages. In fact, most cable television shows you watch can be found on the internet, on websites like this one.
  3. Unplug electronics. Make sure when you leave the house you unplug all electronic items because even when they aren’t turned on they use electricity. According to the Lawrence Berkeley National Laboratory, plugged-in electronics waste up to 5% of energy in American homes.
  4. Consolidate your debt. Consolidating your debt into one easy payment with a reputable debt management company is a great way to save money by reducing the amount of interest you have to pay on unsecured debts.  Debt consolidation can stop penalty fees from accruing; helping you pay down the principle balance and liquidate your debt faster. This method of debt relief has helped millions of Americans avoid bankruptcy and a ruined credit score. There are a select few legitimate debt management programs and Consolidated Credit is one of them that has been around for more than 17 years and has helped more than 5 Million Americans pay off their debt and regain their financial independence.
  5. Use coupons. Don’t ever underestimate the power of the coupon. They are a great tool to use for saving money. As a first time coupon clipper, you can expect to save about 15%, however over time your savings could increase to as much as 50%.
  6. Buy generic. There is no difference between buying brand name versus generic products except for the extra cost associated with name. Realistically, you are not getting anything different from buying generic brands.  For example, buying generic versions of over the counter medicine is the same as buying brand name. The Food and Drug Administration requires all generics to have the same active ingredients as the medications they replace. Also, for food products compare the ingredients listed on the back to see for yourself if there is a difference between the brand name and generic version.
  7. Use energy efficient light bulbs. Switch out your household light bulbs for compact fluorescent light bulbs. They are much more energy efficient, offering a longer lifespan and use less electricity. However, this is one product where you want to buy the brand name as the quality is proven to be better and will save you more in the long-run.

If you have other great money saving tips we would love to hear them!