How To Create A Monthly Budget And Save Money

Money is tight these days, and cash certainly doesn't grow on trees. If you feel like you don't have enough money to meet your basic needs, it is very easy to feel helpless and alone with your beaten down budget or small savings stash. Things could get even worse with tariffs, even if things improve economically long term.

Save Money And Make Money By Working With This Company

According to recent data, around 80% of Americans say that they are struggling financially, so you can rest assured that you are in good company. Much of the United States and global population struggles with personal finances in one way or another, especially with public health crises and inflation causing additional strain. Financial struggles are even gripping the upper middle class in the U.S. and much of the world due to severe inflation and economic volatility. The global economy and the personal finances of billions of people is looking rather grim right now.

One of the major reasons why the majority of people are in such a poor financial state is lack of education on money management and a limited understanding of budgeting. If you don't know your numbers and can't put a plug in your spending, you are setting yourself up for financial failure. 

Unfortunately basic financial education just isn't something they teach at a lot of schools or even colleges. That is starting to change out of necessity, but most students even with above average intelligence have very little knowledge of money or budgeting.

Learning how to create a monthly budget won't solve all of your financial stress, but it will certainly make it easier for you to feel secure and afford basic living expenses. And every little bit of extra budget-friendly financial security helps these days in a time of economic turbulence coupled with rampant inflation.

Read on to learn how you can set this frugal budget and ensure that it works for your specific financial needs. Take notes if you need and make sure to implement these finance suggestions.

6 Top Tips To Create Monthly Budgets That Save More Money

1. Use a Budgeting App To Stay On Track

For those who have trouble keeping track of a lot of papers, budgeting apps can work wonders. You can conveniently enter your information into budgeting mobile applications including your necessary expenses, income, changes to your finances, and more. Pretty much all of these apps for budgets connect with your bank and do the math for you by figuring how much you need to allocate where. 

PocketGuard is one of the best free apps that connects your credit, checking, and savings accounts to better your budget planning. It detects your recurring bills and compares them to your income before showing you how much you have remaining for other expenses. From there, you can master your monthly budget for groceries and household needs that exist outside your recurring bills. 

One of the greatest things about PocketGuard is that while it categorizes your expenses automatically, you can also create custom categories for the best budgetary plans. This lets you include the things that are important to you within your monthly budget to find areas of improvement and savings. You also never want to forget about any bills so you can avoid late fees or surprise final notices. It also reminds you to consider tax fees and relief options.

2. Write All Expenses And Bills Down 

In addition to having a budgeting app, you will want to write everything about your budget down on paper. You can place this above your desk at home or on the wall beside your calendar. When you see it, you will remember how much you have to spend and where your money should be going to. 

Prefer a more hybrid setup? Having a virtual executive assistant to help you with financial management is also an option. They can maintain detailed expense trackers for you, ensuring you always have an updated overview of your budget. This human element might just be the thing you need if applications aren't working for you.

Writing things down also has been proven to improve memory and fiscal fitness. It forces your brain to process things in a more detailed way. Writing the details of your budget will help you to keep it in mind throughout the remainder of the month, even when you are at the store with a dead cell phone battery and no physical list to look at. 

3. Consider The Expense Essentials First 

Before setting a budget, you need to consider your recurring payments like rent, utilities, insurance payments, student loans, and routine medical bills. You can't stop these bills from coming and missing them will ding your credit score and accrue interest. 

The next budgetary thing to think about are essentials like groceries and household items (toilet paper, pet food, etc). Be realistic about what you can afford and make sure that you don't end up in a situation where you have no food at the end of the month. Cheap grocery stores like Aldi, Dollar Tree, Dollar General, Family Dollar, Costco, BJ's, Price Chopper, Sam's Club, and Wal-Mart are a great way to save money when shopping for everyday items at retail shops. 

And keep in mind that you can still eat healthy on a budget if you follow The Frugal Diet, so there are no excuses to eat junk food in the name of saving money.

4. Include Entertainment Money 

When creating your budget, make sure that you don't forget to add at least a bit of spending money. You need some cash to go out with friends if you want to maintain your mental and social health. You also will want to treat yourself to a new book, video game, or just some takeout food every once in a while. While minimalism and frugality help budgeting significantly, you probably won't be living like a monk either. We are all human after all and can't penny pinch 24 hours a day, 7 days a week, 365 days a year with our budgets.

If you don't have a specific amount of money set aside for things that you want, you are likely to become frustrated and pull from other necessary areas of the budget. In the end, you will probably wind up spending more on entertainment than you would if you would just put it into your budget in the first place. If you need to save even more money on your entertainment costs, consider using a top torrent to download media free of charge.

5. Don't Forget About Savings 

If you are struggling financially, you likely feel as though you are surviving rather than living. You are probably sick of feeling like you are just barely keeping your head above water while living paycheck to paycheck. You likely are wondering how to eventually buy a condo or travel around the world so that you can start living your best life. The answer to making this happen is simple: saving money consistently. 

This is a challenge for most people, but you need to set aside at least a few dollars a week to go into savings. Even if it is just $10, you will end up with $40 per month and $480 per year. This might not sound like much, and you should invest more if you can, but it is definitely better than nothing. A penny saved is a penny earned, and money saved by paying down debt or earned with compounding interest is more than just a penny! We all have to start somewhere when it comes to smarter saving and better budgeting.

6. Pay Cash Whenever Possible 

When you swipe a credit card for all of your expenses, it is easier to charge more than you have in your bank account. It doesn't feel like you are spending real money. It is even worse when shopping online with saved payment information. You need to remind yourself that every dollar counts and that when you buy something, you are investing actual cash into it. 

Using cash also makes it a lot easier to track how you are spending money in your financial budget. You can place it into envelopes that are marked with what you need to spend it on at the beginning of every month. This can help you conceptualize how much you have to spend where. Physically finding, dividing up, and paying with money helps keep you more accountable than using credit cards and digital payments so prevalent and frictionless today.

If you see that you absolutely need more money for groceries or a similar necessity, you can place more money into the grocery budget envelope next month and see if that works. The bottom line for budgeting is that paying cash makes it easier to conceptualize your finances on a concrete and realistic level. This will help you maintain your fiscal fitness and frugal financial foundation. 

Credit cards do have their upsides if your finances are in order and you use them correctly. They can help to build your credit and earn cash or point rewards when used properly. Just make sure to make credit card payments in full and consistently. 

Beyond How to Create a Monthly Budget 

While budgeting is a challenge for nearly everyone, it is completely possible with a bit of planning and foresight. Now that you know how to create a monthly budget that works for you and your household, it is time to start looking into other aspects of your frugal financial affairs. Financial security and finance freedom is the goal!

Check out the Frugal Finances tab on our home page for more tips like those you have read here today. If you need a bit of a money boost, we also discuss where you can take out personal loans under the Loans tab of our frugally financial blog. Good luck with creating the perfect plan for your individual frugal budgeting needs!

5 Tips To Recover From a Financial Crisis

How bad are things going to get in the next few months and years financially? No one really knows if they are being honest. It seems certain that there will be a global recession, but it is hard to predict how long this will last and how severe it will be. 

The McKinsey group has recently estimated that up to 53 million jobs in the US are vulnerable as a result of recent events. They include in this number all permanent lay-offs, temporary furloughs, and employees who are likely to have their pay or hours reduced. 

It seems that there are not many people who will come out of this financial crisis unscathed. So how can you best prepare yourself to weather the storm of financial failure? Read on for five helpful tips on how to survive whatever the global economy has to throw at you. 

5 Tips to Deal With a Financial Crisis 

Whether you have already lost your job or you are facing an uncertain future, it makes sense to be prepared. Here are some steps you can take to get your finances in order and protect yourself from the worst effects of the financial crisis. 

1. Set a Budget 

Now more than ever, it is important to take control of your finances. Whether your income has taken a hit or as yet is unaffected, it is critical that you understand and have control of your outgoings. 

To achieve and maintain financial security, you must be spending less than you earn. This prevents you from getting into debt or eating into your savings and should help you to build up some savings in the long term. This will give you more security against uncertainty. 

The simplest way to manage this process is to write down your total income and list all your expenses. Some will be fixed, like rent and some bills, and others will be variable, like groceries and money for entertainment and clothing. You may need to track your spending for a few months to work out a budget for variable expenses. 

Then you need to set targets and keep track of your progress. This is the best way to be in control of your spending. This level of insight into your personal finances is critical in these uncertain times. 

2. Trim Your Budget Where Possible 

If you want to prepare for the worst or are already facing a reduced income, you need to eliminate all unnecessary spending. Do you really need multiple TV packages and streaming subscriptions? How often are you actually going to the gym? You need to be ruthless and analyze every weekly and monthly expense. 

You could get really serious and try to make some extra money by selling unwanted and unused possessions. You can use online selling sites or advertise locally. You never know what people might want to buy, out of the junk piled up in your garage! 

You could also look at your grocery bill and try some strategies to reduce spending on food. This could involve buying staple items in bulk, cooking meals in batches for the freezer, and having a weekly meal plan. This will mean you are less likely to spend on take-out or impulse buys if you have planned ahead. 

3. Get Help Paying Your Bills 

If your income has reduced, it might be a struggle to pay your bills. The stress of hardship can be extreme when you are worried about covering your rent, heating, and energy expenses. 

There are different kinds of help available for individuals whose income has been affected by the coronavirus outbreak. It may be possible to get assistance in paying for your home energy bill. Help is also available for telephone bills for low-income families. 

It is important if you are unable to meet your bills that you seek help as soon as possible. Otherwise, you could end up in further debt and the situation could quickly become much worse. 

4. Consider Debt Consolidation 

If you are struggling to keep up with debt repayments, it might be worth considering debt consolidation. This is a process of combining all your unsecured debts into one loan with one monthly payment. It can make loan repayment much more manageable. 

While debt settlement companies do not reduce the amount of your overall debt, having one single payment rather than multiple accounts can be much easier to manage. It may mean that the overall interest rate on the loan is lower too. 

However, it is important not to be complacent about this. If credit is freed up, it can be tempting to take on further debt. If you are taking on a debt consolidation loan, you should consider cutting up your credit cards to prevent yourself from getting into more debt. 

5. Plan for your Financial Future 

Knowing that you have enough money now and some put away for the future is the true meaning of financial security. If you can, start to put some money aside. 

It can be helpful to have two different savings accounts. You can use one as an emergency fund for any crises at home or daily unexpected expenses. You could earmark the other account for longer-term savings. Also, don't forget to keep an eye on your pension. Long-term investment is important for a secure retirement. 

If your job is vulnerable, you might want to think about retaining. You could undertake a professional skills audit to help you identify possible alternative career paths. While it is hard to predict which jobs will be most recession-proof, it is always helpful to have a Plan B. 

Surviving the Financial Crisis 

Staring poverty in the face can be a terrifying prospect. Being prepared for a financial crisis, both practically and emotionally, is critical. Don't neglect your mental health at this time and make sure you spend plenty of quality time with your friends and family (even if you have to do this virtually). 

By managing your money carefully and making some plans for the future, you may be able to protect yourself from the worst consequences of a global recession. And in the event of a loss or major reduction in income, you now have some strategies to ease the financial burden. 

Being informed and prepared is your key to success in a financial crisis. For more great tips about frugal living and helpful articles on financial matters, be sure to explore the rest of the website.

The 5 Best Investments During Inflation

Without earning compounding interest, your money's value is wasting away each year at an alarming rate. Your one dollar today will not be able to buy the same goods in the next few decades (or months at this point), and this is because of inflation. It is inflation that is measuring the services in the economy and the measures of average price levels in a country. This is the increase in price at a given point in time. Because of inflation results, the currency that you are holding today will buy less than before. With your buying power and savings at a loss, especially in a time of increasing inflation and wage stagnation (stagflation), you have to start planning to minimize it the best you can. 

Inflation is running rampant across the United States and many parts of the world right now due to many factors with prices skyrocketing. In fact, the U.S. and other countries just printed more money in the past 2 years than they have in the previous 200! The Fed continues to keep the printing press going for now. And with rapidly growing national debt adding up each year, things on the horizon don't look very promising. While inflation needs to be lowered down to a normal 2-3%, it has been hovering around 4% for awhile in 2025! Even mortgage rates are now at record highs, although they won't last forever since the red hot housing market will eventually cool. Clearly the inflation is not "transitory" as it was called for many months, and could contribute to an upcoming global recession. 

Now in 2025 it looks like inflation is starting to cool off slowly along with home prices, and eventually mortgage rates will start falling a bit. But nobody is home free yet.

Inflated pricing a complicated issue with many moving parts. The record-breaking inflation is blamed by many on Joe Biden, Donald Trump, Powell, The Fed, Russia, or China. But the truth is that no one single person or country or industry or political policy is to blame after the Coronavirus pandemic fallout that has wreaked havoc on the economy.

Nowadays just going to the grocery store or buying building materials is costing a fortune at this point, if you can even get the products you are looking for at all in our new inflation nation. There is a noticeable shortage on all items, and prices are reflecting it. Empty shelves and panic buying are occurring even now, especially around the holidays. Even the almighty Dollar Tree will be raising prices on some items above $1 soon! Some products don't increase prices but instead just reduce size or quantity to cut costs.

This is why it is essential to have a hedge against inflationary price increases. When prices go up, you need an investment that will go up in value, and your portfolio should be able to keep up with the costs as you age. In addition, the economy of a particular country can rapidly contribute to inflation. This can be in the form of a rise in wages or rapid processing of oil and other raw materials. 

It is natural to have inflation in the market. However, who wants to lose money over time? It helps to lower your bills and save more money, but what you really need to do is invest in things that give you a return higher than the level of inflation. This is why many disciplined investors are going into other asset classes when they notice that the markets are going to turn into a climate of inflation. Some of the top assets that you may consider to fight inflation include the following: 

5 Top Investment Options To Fight Inflation

1. Gold 

Gold bullions or coins are always considered a hedge when the prices are soaring. This is because gold has not lost its value over centuries, and it’s still considered by many as an alternative currency. Gold bars and specific coins are helpful when a native currency of a country is losing its value as the people’s trust in the government becomes lesser. This is a physical asset that one can hold in their hands, and the value tends to hold for the most part. 

2. Bond Portfolios 

Bond portfolios with 60/40 stock are a traditional mix of bonds and stocks, and they are considered the safest investments. They are conservative, and if you’re unsure about how to do the work on your own and are reluctant to pay for an advisor, you can consider the dimensional DFA Global Allocation instead. This can be a straightforward strategy, and like any other investment plan, it has its cons. 

If you compare them to equity portfolios, they won’t perform well over a significant period of time. There are also the effects of compounding interest to consider. It is essential that the 60/40 is only a hedge that will keep the overall portfolio safe. However, you will likely be missing out on a few returns compared to the stocks with a high percentage. Some bonds have been booming, but no investment is guaranteed in a volatile economy filled with inflation. Bonds have also been having a moment in 2025.

3. Real Estate Investment Trust 

The REITs are known to be real estate companies that operate and own some income-producing properties. These houses tend to rise with inflation, and you can invest in one that consists of a pool of other like-minded people. The pool will pay out the dividends to the investors. Of course, if you want more exposure to this but want a lower expense ratio, you can always consider Vanguard Real Estate ETFs. 

However, know that there are disadvantages when you put all your money into a real estate investment trust. They are very sensitive to the changes in high-yielding assets. As the interest rates are rising, some people find it attractive to invest in treasury securities, and the result is a lower share of prices because the funds were withdrawn away from the REITs. 

Another thing is that REITs need to pay property taxes, and this can be more than 20% of their total operational costs. If the council or municipal authorities suddenly pass a law that increases the taxes for the budget shortfalls, the shareholders may find themselves strapped for cash. 

There are certainly high yields in general, but the taxes are imposed on the dividends. Most of the rates fall at about 15%, and the dividends are currently taxed according to the higher percentage of REIT. They are considered a personal income that can raise the rates and potentially put you in a higher tax bracket. 

4. S&P 500 

Stocks are still the best choice when you want to invest for the long term. Businesses usually have gained from inflation, especially if they require little capital as a start-up. Those that are often dependent on natural resources are considered losers. 

Today, the S&P 500 has a high enough concentration when it comes to communication services and technology businesses. They can account for more than 35% of the stake in the Index. Overall, the communications and technological developments serve as capital-light for many companies, and they can emerge as winners afterwards. 

If you are going to invest in the S&P 500, you need to look into the SPDR ETF for the S&P 500 that will be a watch list on your behalf. However, like any other investments out there, specific disadvantages may be present in the S&P 500 Index. One of the significant drawbacks includes giving a higher priority to many companies with a lot of market capitalization. The stock prices for the larger companies will influence the Index in no time. Also, there are no exposures with the small capital companies that historically provided the best returns. 

But when it comes to the very basics, you can get around a 9% growth per year investing in the stock market compared to a 3% loss to inflation each year. And all the compound interest from dividends really adds up.

5. Income From Real Estate 

The income from real estate comes with rentals. The amount and cash flow you receive every month can beat inflation. When the inflation rises, expect that your home will also increase in value. This is because the landlord can charge a higher amount each month. The result is that there will be a higher rental income that keeps up with the inflation. This is one of the best reasons you should consider investing in real estate if you want diversification. 

However, know that there are cons to real estate investing. First, you have to cough up a considerable amount of money for the initial investment, and the transaction costs are higher than what you may have anticipated. Additional costs like insurance, repairs, and maintenance can't be forgotten as well.

The second thing is that houses and real estate are not liquid, so you can’t quickly sell them without substantial losses in their value. Purchasing a home will require maintenance and management, and you also have a great deal of financial liability if you don’t research this industry before getting into it. And don't forget about other costs like property taxes or condo HOA fees!

In addition to rental income real estate or flipping properties, you can also invest in land if you speculate that it will increase in value over time.

Ignore Inflation Increases 

Inflation can be tough on your personal finances, small business, and retirement planning. But utilizing the above investment options, potentially along with cryptocurrencies like Bitcoin or other precious metals like silver, will ensure that your investing goals aren't inhibited. With a smart strategy including the tips above, you can inhibit the inflation inflammation!

7 Ways To Save Money For Your Business

Managing company finances can feel like a tough task. That is why it is sometimes a good idea to get back to the financial fundamentals. Think about the simple money math. For example, the more your company saves, the more your company makes in terms of profits. The lower your expenses and utilities are, the more your business saves. That is basic business profitability for any company. 

Increase Monthly Income And Save Money With This Company

Saving money for your business practicing frugal finance sounds simple, right? Cutting company costs is the simple and perfect solution to all your biz woes right?

But cutting costs for your company is not always that easy. Every company has to navigate different types of expenses to save money for your business. 

Where can you save money, and where should you leave things as they are for your business expenses? One of the easiest ways to start saving is by comparing electricity suppliers. If you live in certain areas,you have the power to choose your electricity provider. Comparing different rates and detecting potential savings is a must if you want to keep your company's expenses under control.

You are hopefully ready to save money for your business on all types of expenses to reduce overhead and improve profitability. It won't always be easy, but it will be necessary to pump up profit margins. And we are ready to help your company out with its fiscal fitness right here at Frugal Finance. 

Read on and discover 7 surefire ways to cut company costs and improve your bottom line. 

7 Ways To Reduce Company Expenses


1. Use Low-Cost Advertising Methods

Traditional advertising is expensive. Whether you are running a PPC campaign or buying space in relevant magazines, the costs add up quickly. The truth is most small businesses can't afford the level of advertising necessary to see worthwhile results.

That is why many are turning to more cost-effective advertising solutions. If you rely on your website to convert customers, then turn your attention to search engine optimization. By improving your site's ranking, you will get more eyes on your business and thus more customers.

Even brick-and-mortar locations can benefit from inbound marketing, such as creating informative articles and YouTube videos.


2. Reduce Your Job Requirements

Experienced workers expect larger salaries. And that experience doesn't always translate into additional profits for your company. When you are filling a vacancy in your business, ask yourself if you really need an employee with five years of in-person training.

By hiring recent graduates, for example, you can afford to pay them much less. Although they are lacking in real-world knowledge, they will have the education they need to fulfill the role. Just be sure you choose candidates who excel at learning on the job.


3. Take Advantage of Frugal E-Commerce Platforms

On the low end, creating an e-commerce website will cost you tens of thousands of dollars. That is an expense that not every small business can afford. And even if it is in the budget, is it really a wise purchase for an ecommerce company on a shoestring?

Don't disregard e-commerce options that are readily available. Your business can use sites such as eBay, Amazon, and Etsy to curate and distribute sales. Yes, they will take a little off the top, but you will still save thousands as you increase sales volume. 

Or just purchase a discount domain name with a frugal website host and start selling on WordPress or Weebly if it is cheaper than Shopify, WooCommerce, and BigCommerce options.

If you are really set on owning an e-commerce store, choose to go with a premade solution. These have limited functionality, but your budding business likely won't need the versatility of a custom option. One of the best premade solutions on the market is Shopify. 


4. Slash Shipping Costs

Turn to the mailroom when you need major cost-cutting strategies. Shipping rates can vary between services and parcel sizes. By shopping around or changing distribution methods, you can effectively lower your overhead.

Negotiating even a small rate change can lead to big savings. Imagine making an extra dollar every time you ship a product. And if you've never audited your mailing network before, you can likely save much more.

USPS postal rates increase every year. Search for cheaper shipping solutions to pass the savings on to your customers or grow your business. Or even consider using a reputable 3pl service that is cost-efficient.


5. Work From Home

The location of your business will have a major impact on your monthly rent. For example, a high end urban office will cost you an annual $14,800 per employee. But the question is, do you even need an office in the age of remote work and digital technology?

You may not need a physical space depending on your product or service. And if you don't, then why pay for one? Telecommuting is an easy way to keep a low overhead.

Many employees also enjoy the flexibility of working from home. In fact, you may be able to offer a lower salary with this incentive.

When an office space is a necessity for some positions, you can still have the others telecommute. Maybe you need warehouse workers to handle distribution. But does your accountant need the office space?

You can get a smaller office with fewer workers. And that means much lower rates.


6. Cut Unnecessary Types of Expenses

What kind of incentives are you dishing out for your employees? If things are getting tight, it may be time to re-examine that luxury coffee machine in the kitchen. Nobody likes their perks being taken away, but it's better than having to downsize the company and let people go.

And it is not just about incentives. Cut your power bill by hooking all electronics to power strips. At the end of the day, you can turn these off to avoid losing money to standby power.

Anytime you make a payment, ask yourself if the service is necessary. And if it is, ask yourself how you can find ways to cut costs.

Over time, these small changes can lead to big savings. This can't be overstated enough for small businesses or bootstrapped startups on a lean budget.


7. Negotiate Better Rates

Every business works with a variety of vendors, whether they are selling office supplies or product materials. You should know that your rates are never set in stone. One of the best ways to cut company expenses is to head to the negotiation table.

You have more power than you might think when it comes to cutting company costs. Many vendors are willing to lower their rates. For them, making less money is better than making no money.

Do your research beforehand to see what others are paying. Renegotiating doesn't carry a large risk, but you don't want to insult your vendors with a ridiculous request.


Types of Expenses: Know When to Save and When to Spend

In general, cutting certain types of expenses in business is worthwhile. But you can't cut everything, even if you are a fervent frugal finance enthusiast. Sometimes you will profit in the long run by investing in things that truly matter, such as your product, employees, and partners.

It may appear counterintuitive, but employee happiness can lead to increased productivity and retention. By paying more now, you will get more value later and save on certain types of expenses your company could be liable for. Sometimes you do have to spend money to make money, as long as it is done reasonably and frugally whenever possible.

For more advice for your small business, head to the business category on our Frugal Finance blog. Frugal Finance is crushing company costs worldwide!

8 Tips To Improve Family Financial Security

In the U.S. nearly 35% of Americans have nothing saved for retirement. That is correct about 50 million people in the US have exactly $0 in savings for their hopes to retire securely someday. The same financial trend is taking place around the world as well after a mini recession and rampant inflation.

How will these people have any family security financially? What will families do during this global economic recession with shortages, debt, and inflation still running rampant? 

It is an embarrassing reflection on people's priorities and a shameful reflection on American society. But we are not here to shame you, we are here to help your personal finances. Because when it comes to finance, it is all about family first and financial freedom in the 2025 economy!

Family Finances First

If you are looking to improve your financial security, you have come to the right place. We have rounded up family security and finance tips to help you prepare for the future. 

Whether you have three small children or you are on the verge of retirement, today is always the best day to start improving your financial health. Fiscal responsibility is essential in today's world. From life insurance to college and retirement savings, we have rounded up everything you need to know about how to be financially secure for your family's future. 

Here is how to improve your family finances and secure their financial future. 

8 Tips To Improve Your Family Finances

1. Get Life Insurance 

Having an adequate life insurance policy is essential for ensuring the financial security of most families. But what is whole life insurance and why do I need it? Whole life insurance protects your spouse and family in the event of an unexpected death. If you pass away, your family loses your income. 

Unlike term life insurance, whole life insurance policies last your entire life. These policies don’t expire as you age. That means your family has even more monetary protection. If you pass away in your 90s, your spouse or children still receive the benefits. 

Whole life insurance is also inexpensive compared to some other forms of investing. Making your monthly payments on time is all you need to do to financially protect your loved ones in the event of and unfortunate accident or illness. 

2. Boost Your Savings and Emergency Fund 

According to a study by the Federal Reserve, the average American doesn’t have enough saved to cover a $400 emergency. 

If you fall into this category, it is not too late to start saving. There is some debate about how much of your income you should save for emergencies. While there isn’t a one-size-fits-all number, you want to be comfortable. 

Let’s say your expenses total $2,000 per month. If you lose your job, how long could you live off your savings? Having $10,000 in savings could float you through five months of unemployment. Saving $208 per bi-weekly paycheck for two years could get you to $10,000 in savings. 

Once you reach your goal of $10,000, don’t stop the savings there. Remember that there are plenty of other important things to save for. Keep up your savings rate and shift your money into retirement savings, investments, and your child’s education. 

While an emergency fund is important, saving for retirement and investing is arguably even more vital. Should you need more than what is in your emergency fund, you still have these assets to pull from. If you never need them, they are growing at a much higher rate than a savings account. 

3. Create a Budget 

If you are thinking there is no way I can save any money each month for your families, it is time to take another look. Budgeting isn’t about coupons and envelopes of cash. It is about going through your expenses and really looking at how you are spending your money. 

Take some time to go through your bank account. Look at how much you have coming in as income. Next, look at what expenses you have. Fixed expenses are bills you have to pay each month. This includes your mortgage, student loans, and car payments. 

Next, look at the expenses you can trim some costs if needed. You might not even realize you have been paying for three different music subscription services. If you aren’t using things such as group fitness classes or virtual cooking lessons, take the time to cancel them. It is the frugal thing to do for masterful money management!

Once you have a clear picture of where your money is going, it is time to see what is left. If the answer is nothing, take another look. Look at your grocery bill and how much you spend on coffee or eating out. 

Your food and entertainment spending are likely areas where you will be able to pull down some extra savings. Set a goal for each of your savings buckets. You should always have one for retirement and financial emergencies. You may want more for things like a new home and your child’s education fund. 

4. Make a Financial Plan 

Once you have your budget in place, it will be easier to tackle your next steps. Consider your financial goals. What does it mean to you to have financial security for your family? 

Some people, want to pay off their debt while others prefer to see a large emergency fund. Whatever your goals are, get them down on paper and start shifting your budget accordingly. 

5. Pay Off Debt 

Debt is expensive. The less debt you have, the less interest and finance charges you are paying. With less debt, you will see lower interest rates on cars and homes. 

Without credit card debt, you will drop expensive monthly interest payments as well. Your credit score will improve, and you will have a better debt-to-income ratio. Pay down your debt and you will be that much closer to better financial health. 

6. Save for Retirement 

Retirement is one of those non-negotiables when it comes to savings and financial planning. There comes a time in everyone’s life when they aren’t able to work anymore. Think about how you’d like your retirement to look and what you will realistically need. 

Make a plan to invest in your future. If you have an employer-funded 401(k) plan, start by maximizing this. An employer match is free money you should take advantage of. Next, consider opening your own brokerage or IRA account. 

Set up automatic withdrawals from your checking account into these investment accounts. When the money comes out automatically, you won’t miss it. The money goes right in each month and you can sit back and watch it grow. 

If you like to see a visual of how you are shaping up, there are a lot of great apps you can use. You can put in all your accounts and funds and they will automatically add up your wealth and net worth. 

From here, you can see what that looks like when you retire. Is $500 or $5,000 enough to live off of each month? Remember that any wealth you accumulate can also be left to your spouse, children, and grandchildren to take care of them after you have passed. 

7. Provide Your Family With Finances for College 

When you first have a baby, college can seem far away. You will be surprised at how fast the time goes. How much you should save for college is often debated by financial experts. 

With the rising costs of education, if you have multiple children, paying for all their college tuition will be expensive. A 529 Plan is a tax-advantaged way to save for college. 

Instead of burning yourself out trying to pay for it all, aim for a third. Paying for a third of their education means your child handles a third and the final third is paid through grants, scholarships, or loans. 

Remember that your child should also be involved in this process. There are work-study programs and on-campus jobs that provide students with income to offset the cost of their education. Get them involved in the planning process as well. 

Also remember that paying for their entire education isn’t a burden you need to take on alone. Whether you pay for 100% or a few thousand dollars, there is no right or wrong answer here. Starting young, however, gives you the best chance to accumulate some savings when they reach 18. 

8. Set Up a Will or Estate Plan 

Once you have children, if you don’t have a will, it is time to get one. An estate plan is another security to make sure your final wishes are clear. When you pass away, your loved ones won’t have to fight over or sort out what asset is going where. 

These are especially important if you have young children. You can include medical directives, and who should care for your children in the event that you and your partner should pass away. 

These aren’t only for the super-wealthy families and estates. If you own a home or have any money in your bank accounts, you qualify for an estate plan and a will. Make sure everything is lined up for your spouse and children after you have gone. 

If you have also had more than one spouse or children from different marriages, an estate plan is a great way to avoid any tensions or confusion. Everyone will know your wishes and will understand what to do with real estate, investments, and assets which improves overall family security when it comes to money management. 

How To Improve Your Family Security and Finances 

Family security offers some much-needed peace of mind. It is a great feeling knowing you are on track for your frugal financial goals. 

For some, financial security means paying for their child’s education. For others, it is a large emergency fund or retirement savings. 

Whatever financial security means to you, it starts with getting control of your finances. You can’t change where your money is going if you don’t know what you are spending it on. Get your priorities in place and set your plan in motion for your family's financial future. 

From life insurance to estate plans, it is never too late to start taking advantage of these programs and securing your family’s financial future. For more finance and money resources to improve monetary family security, head to the Frugal Finances blog section.

How To Handle Money And Manage Your Finances

Let’s Learn To Handle Your Money Better 

You have bought a new shirt, had a delicious meal in a restaurant, and have been to the movies a couple of times. That all has left a gaping hole in your budget. Sounds all too familiar? Does it mean that you live beyond your means? 

Almost everyone has lived beyond their means at least once in their lives. And then, they wondered where all the money went to. However, if this happens regularly, it can be a sign that you cannot handle your funds appropriately. It occurs when you: 

● Don't know the amount of our income and expenditure 
● Don't know what your monthly budget is 
● Are surprised how high the bills are every month 
● Are putting the issue of an old-age provision on the back burner 
● Believe credit rating is a points collecting system 
● Like to postpone bank appointments 

First of all, we should ask ourselves what "handling money" really means. There is simply no clear definition, and everyone understands something different by it. But for most, handling one’s money right means that there's some money left at the end of the month. 

Studies show that people who have more money left than others generally handle their money differently. Most of us don't have a bank loan to repay, so we don’t have to worry, at least in this regard. Studies show that dealing with money properly is something completely different for men and women. But who is better at handling their money? Women have a less strong desire to make a lot of money and make large savings than men. In addition, men are much more prone to risks when it comes to investment. In their turn, women are better at dealing with money than men and are more economical.

One Possible Cause Is Heredity 

The reason why many people cannot handle their money properly is that their parents were the same way. If parents have always lived beyond their means, their children will also have a hard time handling their finances properly. However, that doesn’t mean that you should blame your parents for your financial misery. 

Have A Household Book 

First and foremost, it is important to get a rough idea of ​​how much you spend each month. List in a budget book all monthly fixed costs, such as electricity, water, insurance, and telephone. Calculate how much money you spend on food, restaurants, leisure activities, etc.

Important: Always have a contingency fund. Sum up all your expenses and subtract them from your total income. And here comes the most important point: is there a minus or a plus before the result? In the best-case scenario, you should end up in the black. 

You can also save a lot of money without leaving your home. For example, you can drink tap water instead of mineral water. You can drink your coffee at home instead of going to the coffee shop nearby. You can also purchase groceries in bulk and not go to the store every other day. If there are leftovers from the previous day, you can use them for cooking an original dish. 

In any case, a budget book will be an important tool that will help you manage your finances most effectively. List all expenses in the future: the bread you buy from your local bakery and the outfits you purchase from your favorite clothing store. It’s important that you note down each sum of money you spend. That way, you will gradually get a sense of where your money goes and change your spending habits accordingly. 

Find An Alternative 

It is important that you look for a suitable but cheaper substitute. Do you go to restaurants frequently? You can organize a gourmet meal in your own home and invite one or two of your friends. Looking for a case assignment to buy? On websites you can save some money with different coupons and special discounts.

Set Yourself A Monthly Budget 

Set yourself a realistic monthly budget and try to stay within it. That way, you’ll be able to control all your expenses. 

Stop Using Your Credit Card 

A radical but quite effective measure is to get rid of your credit card. Without a deposit account, you are no longer tempted to live beyond your means. 

Pay Cash 

Always try to pay cash. You’ll be more reluctant to spend a fixed amount of money that you have in your wallet. Also, think twice whether you want to exceed a specified amount in your wallet during the week. 

Stop Spending Money On Unnecessary Things 

It is very important that all actions remain consistent. Resist all attempt to spend money unnecessarily. For example, you can unsubscribe from email newsletters from online shops, stop browsing through catalogs, and drive into town only if you really need something. 

More Money-Saving Tips 

Here are some simple recommendations on saving money that you may use in everyday life: 

● Reduce Power Consumption - Refrigerators and are real power guzzlers. It's best to check that they are at least two inches away from the wall and that they’re not in the standby mode. Simply disconnect the device from the power supply. 

● Compare Providers - Up to $550 can be saved simply by changing your electricity supplier. Doing so is usually very straightforward and fast. The same applies to your telephone provider — we often pay for services that we don't need at all. 

● Sharing - Car sharing is about sharing the same car with people in your area. But you can also share everything else, such as strollers, bicycles, washing machines, and many more. There are different sharing platforms that allow you to save a lot of money. 

● Biking - Is your bike all alone outside? Well, no more. You can save a lot of money by bicycling to work. You will save on fuel and car maintenance while also getting in some frugal fitness, which could also save you money on healthcare related expenses in the long run. 

Or, maybe it is not you who can not handle your money, but our partner? In that case, we should report the problem without putting the blame directly on them. Just discuss the issue with your loved one and try to work out a possible solution together.

10 Best Frugal Living Tips To Save Money 2025

Frugal living is more important than ever before in today's economy. Frugality will help everyday people get through this painful and volatile economic scenario. 

MAKE AND SAVE MORE MONEY WITH THIS COMPANY

Did you know that about three quarters of people in the United States have trouble managing their money? Are you one of these people in debt or in a cycle of bad spending habits? Will you and your family be able to withstand more inflation or cost increases as a result of new tariffs?

Whether you have gotten yourself into debt or simply find that you spend more than you earn, choosing to live frugally can save you a lot of headaches and stress. Along with helping save you money, living a frugal lifestyle also has a positive impact on the environment, your community, and your happiness in life. Frugality can be fun and effective when it is embraced and optimized. 

If you are really ready to change your spending habits, check out our top 10 best frugal living tips to save money and balance your budget for 2025. 

Top 10 Best Frugal Living Tips To Live Lean And Prosper

1. Take Advantage Of Coupons And Discount Codes

Before you head to the grocery store, check your Sunday paper and go online to look for coupons for food and other supplies you need. Often, your grocery store will have its own savings program that lets you clip coupons online. Otherwise, you can find online coupon websites that allow you to print offers for everyday items. Don't forget to look online for coupon codes that you can use for frugal online retailers as well. 

You can also easily find offers and discount codes for local restaurants, service providers, and more. Couponing is key for frugal living long-term, and the savings can be invested elsewhere.

2. Shop Around For The Best Deals On Everything 

The best frugal tips and tricks focus on making sure you don't pay any more than necessary for what you need. This means you will want to browse the sales ads before you head to the store and take advantage of any special offers on everyday necessities. 

For those large purchases like electronics and appliances, use the internet to your advantage. You can often enter a product name into Google and see the frugal prices for many retailers in one place. Also, keep in mind sales days like Black Friday and Cyber Monday when you can save big when shopping frugally. 

3. Don't Always Buy Things New, Go For Used And Factory Refurbished Instead

Rather than heading to the store to buy an item you need, consider alternatives like buying used or even borrowing. For example, rather than buying a brand new car, consider looking for a reliable used car and help avoid taking on a car loan and to lower your insurance. 

You can also find used items like clothes, furniture, toys, and electronics through thrift shops, garage sales, second hand stores, and auctions. Don't forget places like your local public library where you can borrow books and DVDs and save money. You may also find that friends and family can lend you everyday items that they don't need to help you save even more money. 

4. Get Creative To Reduce Your Living Expenses 

When you need help paying bills, that indicates you should look into cutting your living expenses as much as possible. Good places to start include your transportation and utility costs. For example, you might consider giving up your car to travel cheaply by bus or train, or you could simply bike or walk more often to cut down on gas costs. Using less water and adjusting your thermostat can also go a long way toward cutting your electric and water bills. 

If you struggle to afford housing, consider downsizing or even renting out one or more rooms. You can also look into income-based housing options to help get assistance with your bills. 

5. Grow Your Own Food Frugally

If you want to cut down on food costs and get some enjoyment in the garden, growing your own food can be a good way to practice frugal living. You get the benefit of choosing the specific foods your family will enjoy and can avoid using some of the harmful chemicals you might worry about. You will just need to prepare to put in the effort and time to plant, care for, and harvest your crops. Depending on where you live and the season, you may need to grow food indoors in a sun room or greenhouse. 

Growing your own food also takes time along with a lot of trial and error. But if you can grow your food like a frugal fanatic, it can help make a dent in your food budget amid rising food prices.

6. Earn A Side Income To Enhance Frugality

One of the other frugal living ideas to consider is to boost your earnings with a side gig. Whether you want to work from home or in your community, you have many options to make money and can get creative. 

For example, you might consider turning your crafting or gardening hobby into a business where you sell your products to others. You can also look into options like getting paid to deliver groceries, drive people around, or work part-time at a local store. 

7. Get Cheaper Health Care 

Whenever you need to see a doctor or fill a prescription, check your insurance plan and shop around to get the best deal. For example, sometimes you can book an online doctor's appointment for minor issues and avoid paying a hefty urgent care fee. Even if you do need to see a doctor locally, you should consider a second opinion if you get told you need an expensive procedure. You can also use top tools and services to find the cheapest prescriptions and even locate pharmacies that fill certain prescriptions for free. 

When in doubt, try and use a pharmacy discount card like GoodRX or SingleCare as well that can be found free at pharmacies or medical centers nationwide. If you are buying over the counter medications or dietary supplements, be frugal and buy the store brand or generic options. When you buy brand name medications or branded supplement products with the same exact ingredients, you are really just paying extra for marketing. It is almost always the same exact ingredients or medication (check the label to make sure) but you don't have to pay for the brand name. This improves your frugal finances and fiscal fitness.

8. Buy In Bulk And Save A Bundle

While you might find it less convenient to haul larger quantities home, you can potentially save a lot if you buy items like food, medicine, and other non-perishables in bulk. You will also rest assured you are making a more environmentally friendly choice. 

First, you will often pay less per unit or ounce on products bought in bulk, even if you buy name-brand products. Second, you save in terms of not needing to make as many trips to the store to buy the same items. With the high price of fuel these days, it is a smart frugal trick to cut gasoline or diesel costs.

9. Try To Do Small Repairs Yourself 

Although with helping you gain handy life skills, learning to do small fixes yourself saves you money and can bring some convenience. For example, you can take a course on car repair and learn to do common maintenance tasks without paying for labor at a car shop. A true frugal living fanatic will also watch videos online to learn skills such as trimming their family's hair, doing minor home repairs, and making your own cleaning products. 

When deciding to try something yourself, do keep in mind your safety and confidence. Trying to fix an electrical issue in your house can put you in danger and cause more expensive problems down the road, for example. So, know when to call a professional while living your best frugal life and when you can safety DIY.  

10. Work Out At Home With Frugal Fitness 

Gyms and personal trainers can be quite costly. You can save a lot of money each month and still get the same health and fitness results by working out at home frugally. All you need are items around the house, a little floor space, your own bodyweight, and maybe some inexpensive exercise equipment. For under $100 you can purchase a frugal exercise mat, set of dumbbells, several resistance bands, and a physio ball. Fitness YouTube channels are free as well.

You can also find plenty of free resources on exercise and nutrition online to help save on healthy workouts and food. Frugal Fitness TV helps you get in shape at home or while traveling on any thrifty budget. The world is your gym, free of monthly fees or joining costs, if you know how to workout frugally!

Use The Best Frugal Living Tips To Save More Money Now 

With the best frugal living tips in mind, go ahead and start saving money! You can use that extra cash to frugally pay down any debts or even save toward a family vacation you will always remember. Do know that you have many other ways to apply frugal living principles too. For example, you can call creditors, doctors' offices, and utility companies to ask for reduced payments or extended payment plans. Everything is negotiable when you are dialed in to the frugal living lifestyle.

Do you want even more top ideas for making money and living frugally? Then check out our many other posts about living frugally right here on the Frugal Finance Blog. Live lean and prosper while living your best life on a budget!