A recent US study suggests consumers are cutting back on as much as 64% of their spending. What could be the motivation behind this recent rise in frugality? Many factors could be responsible, but money-saving is usually top on the list. However, saving money requires time, practice, and commitment to master. Whether you are looking to improve your finances or are saving towards a major project, below are seven life skills you should master to save money.
Things might rapidly get pricey if you rely on others to make your meals. Learning to cook is an extremely useful life skill for saving money and providing independence and freedom to prepare cuisines you enjoy. Plus, you don’t need a difficult culinary degree to learn to cook. A few minutes in the kitchen with a family member or friend should be enough to learn the ropes. Additionally, there are online resources you can use to improve your cooking skills. For instance, websites like My Incredible Recipes can help you learn how to cook chuck roast in a crock pot to wow your guests or family on Thanksgiving. You’ll be surprised at how quickly you can take up the fundamentals. Meal planning is also a vital life skill that will save you money monthly. You can buy items in bulk and freeze the extra portions for future meals when you buy in bulk and freeze. Planning your meals can save you money and help you live a better, healthier lifestyle. Planning your meals shouldn’t be too much, with many blogs offering easy-to-follow guides.
A recent survey shows that eight in every ten Americans are growing their own vegetables and fruits to cut their food bills. This is an increasingly growing trend in the US which will help people save money and enhance how they cook and eat. When you cultivate your own food, you become more aware of the produce in season and those that aren’t. Seasonal foods are great for your body since they haven’t had to travel across the globe from warmer climates to get to you. Growing your own food also saves money on your grocery cost. Even growing a little herb garden will save money on pricey packages of single-use herbs.
It is quite unfortunate that the school doesn’t teach so much about budgeting. However, this is not a good excuse not to learn how to integrate budgeting skills into your life. At the absolute least, you should calculate your actual income and plan how much you will save, spend, and invest. Also, consider everything in between, including monthly utilities, debt repayments, and so on. While this might sound a bit overwhelming for people new to budgeting, you can use several useful tools, like mobile apps, to help you get started. You can also speak to finance professionals for help.
You may only appreciate the usefulness of basic plumbing skills once you have a leaking pipe or faucet in the middle of the night. Your local plumber may not be available until daybreak, and you risk a few gallons going to waste until it’s fixed. Also, consider the flood risks on your property. Having the basic knowledge of how to use a standard plumbing tool kit can be a valuable skill. You don’t have to master laying the entire pipe system. With average plumbing hourly rates ranging between $25 to $200, you can save some good money learning to DIY a few basic tasks. You can spare some minutes to unclog your blocked drain, fix a new shower head, or leak pipe or faucet. A few hours on YouTube or attending an evening class should be enough.
- Deal hunting
Deal hunting is one of the most crucial financial skills you can develop. This is more than just checking the bargain shelf at your favorite clothing store on occasion. A deal hunter will know when to buy from vendors, how to bundle vouchers and discounts, and where to get such offers. A bargain hunter will also shop at local stores and online to get the best offer. Often, thrifty buyers know that investing more in a quality item upfront can help them save more in the long run.
Having a good set of skills will mean becoming more independent, which is good for your self-esteem and will ultimately save you some hard-earned cash. Fortunately, you can use several online resources to master the above life skills to make life more convenient.