Given just how much of our funds are taken up by home costs, it’s no surprise that you might be looking in the cheapest way to live to see if it is something that you might do yourself. Obviously, this can quickly turn into a question of just how cheap you’re eager to go.
Are you prepared to move from the own hometown to a cheaper one or even to an entirely new state where the cost of living is far lower than where you are in the moment?
Additionally, it is worth noting that the most economical way to live is not only determined by your home situation.
1 easy place to start is making sure you’re properly handling the money you do need to spend, and that’s why we always suggest Personal Capital as a means to get this done. The simple fact that it’s free is simply (cheap!)
How to find the cheapest way to live?
Living costs frequently make up the largest portion of any family’s budget and a significant determinant of this will be where you live.
But when flipped around, this means that being able to move someplace else — that may even be outside of your state of origin — may save you a lot of money.
In fact, it might be the option that completely turns out your budget!
1. Move somewhere with a lower cost of living
Unsurprisingly, moving somewhere with a lower cost of living is going to make your money stretch a lot further.
This is particularly true if you’re able to keep your present salary by working remotely. If that is not feasible for you, then you are going to need to balance your earning potential in these places with how much you will spend to reside there.
In other words, while things like leasing may only be a fraction of what you pay, you may just be earning a portion of your current salary also, meaning that a move may not be well worth it.
Alternatively, making a movie like this could indicate that you never have to operate again.
There are plenty of points to think about if you are thinking about moving somewhere new, especially if it’s overseas. However, from a primarily financial standpoint, a number of the public queries are below.
2. Determine What is the lowest priced home option
Another alternative (that may also be mixed with the previous one) is to look at changing what you live in, not only where you reside.
That is, many people live in far more houses than we need. In the united states, by way of instance, the average size of newly built homes has become 1,000 square feet bigger than it had been in 1973.
And all that extra distance is costing us all a ton of additional money.
This usually means that downgrading your home as much as possible will save you a ton of money over time.
3. Look into some free housing options that may be accessible to you
Another idea is to check into what free housing options are available to you.
To be clear, we are not adding government-provided home on this listing, but if you believe you qualify, you should certainly consider this.
After all, this service is there to aid people who need assistance from If you feel that’s you, then please seriously consider this option by getting in contact with a representative from the regional public housing association, who will be able to help.
We are also not proposing residing on the road. As soon as it’s obviously free, it is also a very difficult situation for individuals who believe it a survival strategy, not a purely money-saving strategy.
4. Create the leanest budget you can
The first step is to work out the bare minimum amount of cash you need to survive by creating the leanest budget possible.
In fact, this is often called a”survival budget”, possibly for obvious reasons.
This has absolutely no space for any”needs”. Instead, you need to concentrate only on what you need to survive.
5. Renegotiate any invoices you can’t cancel
If you’re looking for the cheapest way to call home, then cutting back on any recurring expenses could make a big difference in reducing your spending.
However, there are some things you may find that you can’t cancel so as to survive, like your power and water bills.
In these scenarios, you should look around to find out what your provider’s competitors offer. Then, you may use that information to negotiate a decrease in your bills — or, in case your supplier refuses, simply switch.
Most suppliers know it costs more for them to attract a new customer than to keep you, so you’re often in a very strong negotiation position should you try this.
Another tip is to use a program like Trim. It’s a completely free app that renegotiates your bills on your behalf.
Additionally, it goes through your accounts and identifies subscriptions you can cancel — and will subsequently take action for you.
6. Use a prepaid Mobile Phone
A lot of people register for a cell phone contract on the understanding that it is more affordable over the 24 month period of the contract compared to paying month to month.
But have you actually checked how much of your plan you’re using? It’s been found that, generally, we barely use all those minutes we are paying for. In addition, in the time of wifi being everywhere, we frequently don’t really need all the data we subscribe to.
That’s why switching to a prepaid mobile phone can save you literally thousands of dollars
7. Switch to fee-free bank accounts
No one should be paying fees to a bank these days when there are so many great fee-free options on the market.
We especially suggest CIT Bank. Their checking account is totally fee-free — even to the point that should another bank’s ATM fees you to withdraw money, CIT Bank will refund you up to $30 per month.
(They also have some of their best savings account in the company, with interest rates that are considerably above the national average.)
8. Cut up your credit cards
Credit cards can actually be used as a cash management tool if used properly. Nonetheless, it takes quite a bit of self-discipline and, if you’re seeking the most affordable way to call home, this might be a temptation you will need to avoid.
If it sounds like you, it is time to just cut up your cards so you can’t use them. It is really a good idea to keep them open as this will definitely help your credit score.
But debt is a killer for anybody attempting to save money — which means time to set the cards in the garbage.
9. Focus on ruining your own debt
And on this note…ruining your debt maybe your very reason for trying to locate the cheapest way to call home. And when it’s not your goal, it ought to be.
Let’s be frank for a minute: High-interest debt will constantly ensure it is impossible to live cheaply. While you still have interest on which you owe, that’s the money going to your lender that could be used for better things.
This means that each of these efforts to reduce your expenses should be for the advantage of paying off all your debt. The one possible exception is the mortgage, because of the reduced interest rates that typically apply.
But all other debt needs to go. Once those repayments are no longer hanging over your head, you’ll see your monthly expenditures immediately lighten.
10. Research your energy use
We mentioned above that you should always attempt to negotiate a better deal with your energy and other providers, but you can also start looking into how to cut expenses on things like this at the user end.
This might be as simple as turning off the lights in rooms which you are not in or lowering the thermostat and putting on a sweater rather than
Even simply lowering the heat or the trendy at night while you’re asleep can save tens of thousands of dollars each year.