How-To: Live Like a King on a Shoestring Budget

No matter how much money comes into a household, there always seems to be more money going out. Growing up, my mother would always say, “I have holes in my pocket”. Perhaps a lot of us out there have these proverbially holes in our pockets, but anyone can become a tailor of his or her own finances, and sew those holes shut.

So what are some steps you can take to become the tailor of your own finances?

1. Cut out the eating out!
   How many times a week do you eat out? A lot of people will make the excuse, “But I have to eat lunch with my co-workers.” Consider this:
   If you order in or go out to eat lunch five times a week, how much are you spending? Let’s say you spend $10 for a complete lunch. That is $50 per week, or a whopping $2,600 per year. Not only does that add up in the pocketbook, but consider the additional cost to the waistline.
2. Eat before you shop!
   When I go shopping for groceries, I have learned long ago that I cannot be hungry. The average consumer spends approximately 43% more on groceries when they shop while hungry. When you go grocery shopping while you are hungry, everything looks so delicious and delectable. Before you know it, that little cart is overflowing with food you would not have bought normally.
   Go shopping within a couple of hours of eating. To insure you do not get hungry while looking at the copious number of delicious choices, take a small snack of your own!
3. Shop around!
   The internet has become a hotbed of shopping choices. Anything and everything a person can imagine is available for purchase via the internet. Before you make a purchase, consider comparing the prices of various merchants offering the same product. You may just be surprised.For example, I was in need of a book by Dean Koontz, but could not find it at any of the local stores. I checked on the internet, and found the book for $12.99 at one merchant. Wow, that sure seems like a high price.After looking around, I found the book at a popular auction house for only 75-cents plus $2.00 for shipping and handling. Cha-ching! I saved over $10 by shopping around.

When it comes to living frugally, simply watching what you purchase on a day-to-day basis is the first step in saving a few dollars. Every dollar does adds up. Be aware of how much you spend, and ask yourself what you really need. Living like a king is possible, even on a shoestring budget.

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