Ways & How

How to Cut Your Cost of Living in Half

How to Cut Your Cost of Living in Half

People have the mistaken notion that the cost of living is a static thing. They think that all anyone can do is to work around it without having to move to a neighborhood with a lower cost of living. In reality, reducing your cost of living is possible, but it requires a small amount of sacrifice. Some people do not want to give up their luxuries, but the smarter ones know that cost cutting now results in an easier future. With discipline, you can learn how to cut your cost of living in half, so you have more money for savings.

  1. Do it yourself

    An old adage states that time is money. While this is literally observed when you get paid an hourly wage, you will learn that spending the time to do something yourself results in money saved. You don’t need to have complex skills; it can be as simple as washing the car or cleaning the house yourself. Easy repairs can be done at home too, like mending small tears in clothes, tightening a loose button, or hammering down a nail. If you are feeling crafty and you live green, you might want to make your own personal care products.

    Simple substitutions like vinegar or baking soda for your hair instead of commercial shampoo will result in big savings.

    Another area in your life that could use some do-it-yourself is food. Making and bringing your own lunch to work or dining in is much more cost-effective than buying your meals and eating out. You can start with simple sandwiches, boiled eggs, or fried food. Find out ways to stretch your food or add sides that make you feel full quickly for less. As you continue learning how to cook, you can level up to gourmet dishes. It feels luxurious to spend on food, but if you cook it yourself, it will be cheaper than buying it from someone else who cooked it.

  2. Cut out unnecessary items

    Take a good look at your lifestyle and home. You may need to have a friend or family member with you to perform this exercise objectively. List what’s unnecessary and take steps to cut it out of your finances. You will be surprised at what you’ve been paying for regularly but are not using as much. It can be a landline because you already have a cellphone, cable TV because you watch shows on your computer, or even your car if all you use it for is the occasional road trip. You can eliminate regular dry cleaning costs by wearing clothes that you can wash yourself. Save on gas by doing your banking and other errands online instead of driving to the bank or store. For those who need to cut down on unnecessary shopping, remove yourself from sale alerts, so you won’t be tempted to buy things you don’t need.

  3. Share

    A fast way to cut your cost of living in half is to live with someone who will split the costs with you. With a roommate, the rent and cost of utilities are immediately reduced. You can combine phone plans too, to make use of package deals. Carpooling is another way to save on money by sharing the gas costs with others. For many other items that you and your friends need, you can buy them using group deals or coupons.

As you can see, implementing ways for how to cut your cost of living in half doesn’t have to leave you feeling deprived.  You can add up how much you are saving to motivate you to continue. In time, you will build frugal habits and realize how wasteful your old life was.


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