What’s the Cheapest Way To Live? 11 Tips and Hacks for 2024
Written by
Nicole Spector
Edited by
Amber Barkley
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Humans have always been keen on saving money and other resources. It’s how we’re wired: We have a built-in “loss aversion,” meaning we feel more strongly about losses than we do about gains. Additionally, we’re hunters by nature — and who doesn’t love hunting for a bargain? It’s a thrill down to our core.
It’s a good thing we’re hardwired to save and get deals, because times are tough, now. The rising cost of living has the majority of us living paycheck to paycheck. To rise out of a money pit, we need to abide by a frugal budget and learn how to DIY things that we may be in the habit of outsourcing for a fee.
Here’s a look at 12 tips and hacks for living cheaply in 2024.
Make Your Own Coffee and Grind Coffee Beans Yourself
Most Americans start their day with a cup of joe, but if they’re financially savvy, they’re making their coffee at home rather than going to a place like Starbucks to get it.
Skipping the latté purchase in itself will save you money, but you can do even more to save on coffee if you make it at home. For example, you can grind your own beans, refrigerate or freeze leftover coffee and make your own creamer.
Shop With a Cash-Back or Rewards Credit Card
Not all credit cards are created equal: Some offer sign-up bonuses worth $300 or more, savings of up to 5% on store purchases, 0% introductory interest rates or a combination of rewards. If you have great credit, no debt and aren’t getting much out of your current credit card, switch to a cash-back or rewards credit card — just be sure to read the fine print.
Improve Your Credit Score
Improving your credit score is a “hack” that can save you a ton of money. According to LendingTree, boosting your score from fair to very good could save you north of $22,000 over your lifetime if you have credit cards, personal loans, auto loans and mortgages.
Pause Subscription Services and/or Go in on Them With Friends
According to C&R Research, the average American spends $219 a month on subscription services, such as Netflix and Hulu. Surely there are better ways to put $2,628 to use every year.
Bear in mind that you don’t have to go and cancel all your subscriptions to save money. You can put them on pause, start free trial periods — but pay attention to when those free trials expire — or team up with a friend or family member to go in on a service together.
DIY Cleaning Products With Vinegar
Household cleaning products at the supermarket or dollar store are generally not the best for your wallet, the environment or, in some cases, your body. Skip the aisle with the Lysol and opt for making a DIY cleaning solution. One of the best and cheapest all-purpose cleaner recipes can be made with the following ingredients:
- 1/4 cup vinegar
- 12-20 drops essential oil
- 1 teaspoon castile or phosphorous-free dish soap or washing soda
- 2 cups boiled or distilled water
Put a Stick of Spaghetti in Your Candles
Candles can be pricey, and, unfortunately, they’re not made to last long. Every time you burn one, the wick just gets lower and lower, until it becomes impossible to reach. Rather than dumping out a candle when it gets too low to light — even though you still have wax and wick left — light the end of an uncooked spaghetti noodle and use that to help you reach and light the wick.
Throw Ice Cubes in With the Laundry
Rather than wasting money by using your dryer’s steamer setting to get wrinkle-free clothes, try this trick: Toss a few ice cubes or a wet washcloth in the dryer with your wrinkled garb. The melting ice will create steam, which will smooth out the wrinkles.
Go Old School With a Clothesline
Dryers are convenient. They’re also expensive — not only upfront, but on an ongoing basis via your utility bills. Project Laundry List estimates the average household could save 10% to 20% on utility bills by hang drying clothing. Hang drying also reduces your risk of a home fire and prolongs the life of your garments.
Bundle Your Insurance Policies
If you have homeowners or renters insurance in addition to an auto loan policy, you can save 8% on average by bundling them all with the same company, according to The Zebra.
Get a High-Yield Savings Account
If you haven’t started storing your cash savings in a high-yield savings account, you’re letting it stagnate. A high-yield savings account allows you to earn in the ballpark of 5% APY on your money. You will have to pay taxes on the interest you earn, but this buffer will help your savings hedge against inflation.
Make Old Sneakers Look New Again With Toothpaste
If you’re looking for a new pair of sneakers to replace ones whose white rubber soles have gotten visibly dirty over time, take a second and consider whether it might not be worth it to take a bit of time to make them look new again.
Use non-gel white toothpaste to clean white-soled sneakers. Simply dab the paste onto an old toothbrush and scrub off the dirty patches.
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