How to Live Cost Effectively

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If you really want to take control of your finances and make 2019 your most profitable year yet, then it’s important that you live as cost effectively as possible. There are a number of ways all of us can cut down how much we spend every month, and these tips on cost effective living add up to impressive savings.

Shop Around

One of the best ways you can start living cost effectively is to shop around as much as you can. If you are considering a big purchase like a car, wedding venue or washing machine, then shopping around should become second nature to you. Get prices from different vendors and try and get the best price you can. A little online research could save you a fortune, especially if you make the most of discounts and special offers.

Limit the Luxuries

There is nothing wrong with treating yourself from time to time but if you’re trying to stick to a budget, it might be time to cut out the luxuries. If you are buying a £4 coffee every day on the way to work, that could add up to almost £90. Try find a cheaper alternative, limit it to once a week or cut it completely. If you love brands, it might be time to consider purchasing a lower priced alternative, you might be surprised at how little difference there really is. Hotels and getaways are a great thing too, but can add up considerably, making it harder for you to live cost effectively.

Do It Yourself

Another practical tip for cutting down your outgoings is to be a bit thriftier and start making rather than buying.  You can make your lunch at home far cheaper than buying a meal deal every day or eating out.  If you need new curtains, you could try making them instead of spending lots of money. Want a chunky warm scarf? Learn to knit! Not only will you be saving money – being thrifty can be a great way to find new hobbies and spend some time being creative. Embrace being thrifty and making the most of what you have, it’s great for the environment too.

Generate Extra Income

In order to live more cost effectively, you should also consider ways of generating extra income. One of the most popular ways of doing this is through letting out a property. Property investment may be a great way to boost your main income, especially with lucrative properties from  RW Invest property specialists. They offer various high-end developments in areas with potential to for high returns.

Get Rewards

Another great way to make your finances a little healthier is through utilising rewards offers for spending. There are a number of companies that offer cashback through online shopping, with huge pay-outs for things like changing your electricity bill or purchasing items you would already buy anyway. You just need to sign up and shop through their portal. Another way of earning rewards through your shopping is to look for a current account that offers cashback on bills but watch out for fees. Joining loyalty card programmes is another great way to make your money go a little further.

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