How to Stay Frugal in Financial Uncertainty

Finances can be incredibly scary, especially when due to no fault of your own; what was once stable ground is now a house of cards. At the time of writing; that’s a situation that billions worldwide have found themselves in. Jobs have been lost, income is reduced and pennies are having to be stretched. Whether there’s a global pandemic, a recession in play or more personal reasons; we all hit hard times financially at some stage or other. So, whatever the reason, it helps to know how to stay frugal when you find yourself in a period of financial uncertainty.

Budget and Take Stock of Resources

First and foremost, you’ll need to know where your household is at with money. What’s coming in and what’s going out. How are you doing for food, toiletries and so on? This can be difficult, even upsetting but getting to grips with the situation will aid you in working through it.

Don’t worry, this isn’t something you need to suffer through alone though, you can ask for help from loved ones (even if you can’t visit them in person, there are options) and there are a whole load of options online. Including, but not limited to budgeting calculators.

Avoaid Impulse Buying

You’d think that it would be easier to avoid impulse buying when you don’t have the money, but this isn’t always the case. We’ve all been in that situation where we have spent money we don’t really have because the overall situation feels helpless regardless of what you do. Thing is, it never ends up well and you rarely feel happier for it too.

Cancel Unnecessary Subscriptions and Services

We all deserve some form of quality of life and entertainment is as important to your wellbeing as healthy finances. So, no-one is saying you should cancel your favourite streaming service and struggle your way through the evenings. No, absolutely not. Your mental and emotional health is paramount.

However, it isn’t uncommon for us to pick up subscriptions that we aren’t getting our money’s worth out of; especially as more and more businesses are moving over to sub-based payment models. Go through your direct debits, standing orders and PayPal and see if there are some quick and easy cutbacks you can make.

Look for Discount Codes and Be Mindful of Special Offers

No doubt, it will cost a bit more time but when shopping online, there us often an option and sometimes all it takes is a quick Google search. It could help you cloth your household that little bit cheaper.

Think Ahead About Food

OK, so if you were being optimal about being frugal you’d buy all ingredients ahead of time, know what meals to have on which days and buy the minimum amount of ingredients for the max amount of food. That’s an option. Not for everyone though. Whether due to cash flow, practicality or the needs of another member of the household, not everyone can live or function that way.

Sometimes, takeaways are needed for a morale boost, items not being present in the shop or because you’re unable to cook and that’s OK. You can buy take out food optimally, either get something in a deal that can be reheated or eaten cold the next day or simply factor it into the weekly food budget.

The point is, whether you plan all out, buy as and when you can or even have to rely on the odd takeaway or two; you can at least factor that in and be strict on the spend.

Consolidate Debt

By consolidating debt, you take existing debts and handle them in one single loan. It isn’t ideal but it can be a more cost-effective way of managing day-to-day life. As you could find yourself paying less here and now.

* Disclosure: This is a collaborative post