About 49% of American adults have less savings or no savings compared with a year ago. In fact, 57% of adults say they can’t afford a $1,000 emergency expense. If you don’t have money in your savings account, it could affect your quality of life.
Instead of draining your savings, use these tips to discover the cheapest way to live and save. With these tips, you can put money in the bank. You could even gather retirement savings for a better quality of life as you age!
Look for Affordable Cities
How much money are you spending on rent every month? One of the fastest ways to save money is to move! Consider one of the country’s most affordable cities, such as:
- Hickory, North Carolina
- Youngstown, Ohio
- Huntington, West Virginia
- Ashland, Kentucky
- Huntsville, Alabama
- Fort Wayne, Indiana
- Beaumont, Texas
Moving into one of these affordable cities could add hundreds (or even thousands) back into your savings account each month. If you can’t move out of the state or city, consider your dwelling.
For example, you can move into a recreational vehicle or boat to start saving. These options are ideal for anyone working from home.
You can also start renting a guest house. While you’ll sacrifice your space and privacy, you can start saving on utilities and rent. Even moving into a tiny home or mobile home can help you save for retirement funds.
Establish a Budget
Review your expenses and look for ways to save money. For example, you can stop spending on subscription services. Separate your expenses into categories, such as:
- Transportation
- Rent
- Food
- Entertainment
Establish a monthly budget and a budget for each of these categories. Give yourself a weekly allowance. To stick to it, use cash to watch how much you’re spending on a daily basis.
If you have cash left over at the end of the week, great! Add it to your retirement savings. Once you establish your budget, stick to it!
Eat Cheap
Live cheap by cutting food costs. For example, you can:
- Cut meat consumption
- Plan meals
- Only buy what you’re going to eat
Stop eating out. Instead, make your favorite dishes yourself at home!
Add to Your Savings Account
Start adding more money to your savings account by finding a side hustle. For example, you can:
- Become a freelance proofreader
- Start a drop service business
- Start a blog
- Become a transcriptionist
- Start an Amazon business
- Become a virtual assistant
There are plenty of easy freelancing jobs you can pick up to earn more while living cheap.
Discover the Cheapest Way to Live
Finding the cheapest way to live will require you to try a mix of strategies. Use these tips to start saving money, living cheap, and adding more funds to your retirement savings. With time, you’ll have the retirement funds you need to enjoy your golden years without stress.
Searching for more helpful guides to improve your quality of life? You’ve come to the right blog! Check out our latest articles for more useful living tips, tricks, and advice!
