Formal education doesn't teach much on how to be thrifty in economic downturns so some experimenting is required to find the best way to live without severely compromising the standard of living.
While the state of today's economic climate is not yet harsh enough for major lifestyle changes, there are things that can be done today to insure that life and living stays at a comfortable and manageable level.
Eat out Less Often
Dining out is one of the first things people do to start saving money. The cost of the meal, tips, taxes and gratuities all cut deeply into the family budget. What is saved from eating out can be placed into the food budget with more to spare. A better alternative is to learn to cook healthy food.
Cut Down on Entertainment
Watching movies at the theater is as expensive as dining out after factoring in the cost of popcorn, soft drinks and chocolate for a family of four or more. Renting movies to watch at home is better than buying those blockbusters. The same can be said for video games. In many cases, books, video and audio tapes can be taken home at no cost from the library.
Save on the Food Budget
Food is one item that most people tend to buy on impulse. Everything on the supermarket shelves look good but often aren't healthy. Before taking a shopping trip, it's best to create a shopping list of the essential items. Once they've been selected, any money left over can be used for those wants like a tub of ice cream.
Cut Back on Clothing
The right clothes are necessary to project a good image, but no one really needs to look like a fashion model with a wardrobe of the latest styles. Purchasing generic or off-band items can save a great deal on clothing. Thrift and discount stores offer less expensive clothing that can look just as good as name brand clothes.
Save on Car Expenses
It doesn't take much to learn to change the oil and filter in a car. Small maintenance projects can save a good deal on the costs of having a mechanic to change a tire. In today's two-car family that lives in the suburbs, selling that extra car is not likely to be a hardship. The savings in insurance, fuel and maintenance costs can be routed to purchasing bus passes. Living close to work can be a great opportunity to get in exercise by cycling to work. And there's always carpooling.
Save on Home Expenses
Many pay more than they need to for heating and cooling their home. Cleaning out the furnace filter, turning off the lights when a room is not in use, washing clothes in cold water and turning down the thermostat when no one is home can save a good deal on energy costs. A tankless water heater is more efficient than the typical water heaters as they provide hot water only when it's needed.
Save on Medication
Drugs are expensive. Rather than purchase name-brand, buy generic. Doctors sometime give out a week's supply of standard drugs to their patients. While pharmacies don't pass out free drugs, they do pass out free samples of new products.
Save on Home Cleaners
Home cleaners are made from highly corrosive and toxic ingredients. Natural cleaners made with vinegar, borax, baking soda and lemons can do as good a job as many commercial cleaners. Less indoor pollution means better health for the family.
Bargain Shop
Flea markets, garage sales and farmer's markets are great places to find good deals. Those fliers in the mailbox provide coupons that can save on the items most used. Buying bulk on non-perishable items can make meals last longer. Surfing online department stores can net some good deals on products. Filling out surveys online can bring in cash and new products to try out free.
Grow It
The vegetables on store shelves often lack the nutrients they once did a hundred years ago. Growing vegetables is a healthier alternative and most vegetables require little time or attention. Gardening provides the advantage of fresher produce and the much needed exercise from weeding and harvesting.
Frugal living doesn't mean living below the poverty line. Taking the approach to how much can be saved can become an interesting game and form a habit that lasts well after the economy turns around for the better.
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