The economic uncertainty during this era is driving many to lead an intentionally frugal life. Many find that toning down one’s lifestyle paired with a few side hustles creates financial security.
Fortunately, frugality is a popular trend these days and people from all over the globe are more than willing to share money-saving tactics they know to work effectively.
If you are looking to frugality as a solution to your financial woes, one of the most helpful devices to have is a smartphone. With this all-round gadget, you can easily implement tips to help you spend your money wisely and boost your finances.
To quickly launch you into a frugal lifestyle with the help of your smartphone, listed below are five ways you can use this device to achieve your money goals:
1. Use your phone as a coupon finder
Coupons make sure that you do not pay full price for a lot of items.
If your phone comes as part of a mobile Internet package, you can easily use apps designed to find store coupons. Or you can check out blog sites where you can find coupons for certain products.
The common practice is to print out these coupons. However, in some retail stores, you do not even have to print the coupons you find. They have a validation system that processes digital coupons from smartphones. You can find the best mobile coupon apps on Google Play Store, or find recommendations from other “frugalists” in your area.
Present your digital coupons and automatically reduce the cost of your purchases.
2. Download budgeting apps
One of most common reasons behind the financial downfall of many is failing to create a budget. When one does not use a budget, aimless spending is highly likely.
If you want to get into the habit of budgeting and sticking to your budget, you can download personal finance apps such as Mint and You Need a Budget. These apps will help you manage your money wisely and even pay down debts.
There is an abundance of high-performing budgeting apps available these days and you can easily find one that fits your specific budgeting needs.
3. Track your spending/investments
If you are already budgeting your money well, another thing you can do is to track how you are sticking to your budget and if you are able to save some money every time you spend.
When you track your spending, you get a visual representation of your money activities and score the opportunity to find ways to further reduce your expenditures. Some high rating expense trackers are LearnVest and Wallaby.
4. Take advantage of low call rates
The original function of a phone, which is to make calls, can easily set you back financially if you use a prepaid plan and need to make several phone calls a day. To avoid using up your call allocation too quickly, find out the hours for low call rates and schedule your calls during these hours.
In addition to this, see if your phone plan comes with the offer of free call minutes every day. You can use these free minutes for important phone calls and not worry about racking up charges.
5. Plan your meals
Food is another budget entry that gets a big money allocation and if you wish to save money on food, you can benefit from the convenience of a meal planning app such as PlanBuyCook.
This app will save you a considerable amount of money because it can help you come up with budget-friendly recipes that will lessen the frequency of your visits to the grocer each week.
According to Jen Petrovic, one of the creators of the app, “Without a plan, you often make optimistic food purchases that go to waste…”
That is because, most of the time, you can’t even remember what you bought certain ingredients for. You can avoid the tendency to waste money on food by preparing your meals with the help of a meal planning app.
Smart money management with your smartphone
Basic smartphone functionalities and specially designed apps can help you plan and execute frugal strategies in a convenient and consistent manner. So, if you wish to be better with money, make your smartphone your “saving buddy.”