33 Best Ideas to Live the Cheapest Way

Last updated on September 21st, 2024 at 10:28 am

 

If you’re looking for the best ideas to live the cheapest way on your income means you want to save more in the budget. There are lots of things to spend money on but some must be foregone by living cheap to save for the future

Basic needs are quite hard to skip but we can find ways to reduce the costs attached to them to save. Living cheaply is among the best ways to get out of debt or avoid debt in this unpredictable economic environment.

I don’t know about you, but I realized that living cheap for the best starts with you changing the lifestyle you’re living now. You must quit a lifestyle that may distract you in the saving process.

Some people are earning less than you and they are saving more than you do, it’s because they are mindful of their expenditure to achieve their savings goal by living cheaply.

Here we are all about ideas to live the cheapest way despite your earnings as below in the write-up. You may not be able to apply each and every solution but pick out a few that pretty match the needs and urgency.

What I mean is that find out what expenses cost you the most to get solutions accordingly. Some of these expenses include transport, rent, property tax, mortgage, and others.

As said, everything in life has a price hence to live the cheapest way you must reduce or completely cut some costs out to save.

Benefits of Living the Cheapest Way

To live below your means you must change your lifestyle to save and it’s an informed money practice. Let’s get into some benefits of living cheaply to control costs.

• Earlier Preparations for Emergencies

When you’re living below your means to save you can easily prepare for emergencies in advance. Sure, it’s very possible to save money for any unexpected expenditure that may come up.

Without any savings when emergencies happen you’re stressed with finances for example medical bills, car flat tire, and more. Keeping ahead of emergencies by living cheap to save is a good money practice.

• It’s Possible to Retire Early

When you decide early enough to live cheaply to save, it’s possible to retire early with sufficient savings for old age. However, this will depend on how much you’re saving and your level of commitment.

• Reduced Money Pressure

Most people without savings get a lot more stressed with money issues no matter how well they earn for a living. Living cheap with some savings on the side gives some kind of psychological relief from money pressure.

• Cuts Impulse Spending

Sometimes when you don’t have a push factor you end up spending money unnecessarily. But deciding to live cheap is a game changer and will save you from overspending to save more money.

How to Live the Cheapest Way on a Budget

After looking at the benefits of living below your means, you need to find out how to live the cheapest way on a budget. Besides figuring out what is costing you the most, there other expenses that cost you less but add up as we are going to see.

1. Shift to a Cheaper State

When you find out that where you live the cost of living is getting high it would be wise to go to a cheaper state to save. Sometimes it’s hard to start a new life somewhere else but it’s worth it when your intention is to reduce budget costs.

The cost of living is increasing every day in different states but still, there are those places where it’s a lot cheaper compared to where you are now. However, shifting would mainly depend on the type of work you’re doing or your job location.

Ensure to do thorough research on different living costs in your preferred states before shifting for example rent, property tax, consumables, medical, and more.

Get Cheap Housing to Live in the Cheapest Way

To manage housing costs you need to look out for cheap housing alternatives. You may decide to stay in the same state or shift for a few years as you make things better.

2. Get a Roommate

You won’t regret sharing rental costs with someone else when you want to save money. Just find yourself a roommate around ready to share costs than living alone.

The best places to find roommates are Facebook, Craigslist, Roomi, and PadMapper. It’s complicated to find the right person to live with but sometimes we just have to make it happen.

If you understand that you’re not perfect, then the same applies to others when it comes to living with someone you don’t know. The get-to-know-each-other process before living together will tell whether you can connect or not despite some people’s deceptive character.

Finding a roommate is a great way to live the cheapest way on a budget without incurring much in housing costs.

3. Live In a Single Room Apartment

If you can’t stand the current mortgage payment according to your earnings, it would be wise to move to a single-room apartment within your means.

There’s no way you can save at all when the mortgage payment is costing your paycheck a lot. And besides reducing mortgage payments a single-room apartment will cost you less in utility bills, insurance, and others.

4. Live In an RV

There are people who spend years in an RV to save for all that long. Guess what? An RV is almost like an apartment with a lot of comfort inside despite maintenance costs and parking charges during the night.

Actually, my buddy spent two years in an RV and things were tight when he had just migrated to the United States. But this helped him to save on living costs since he was on a very tight budget by then.

You may not love it in the first place but as time goes on you get used to it for life to move on and it’s a wise option for living the cheapest way. RVs also have classes A, B, and C but you need the cheapest option which is class B.

The best practice would be to choose one in relation to living cheap to save. An RV is a better option for saving on a very tight budget in today’s economy.

5. Rent Out Space

Instead of incurring all the bills and other housing costs alone, you can rent out space to another person at a fee. Besides being an extra room in your apartment, it’s wise to rent out one or two to save on them.

Through online marketplaces like Craigslist rent out that backyard, garage, or store to those willing to pay. Let’s say you’re going for a holiday, rent out your room or house to people to make some money

There’s no reason for keeping space empty when you’re struggling with the budget yet you can live cheaply while being paid some rent.

Renting out space can turn into a real income source with a number of rooms to give out while in a nice location. Some real estate investors started that small but now have quite a number of apartments worth millions of dollars.

Let strangers rent any extra space you feel can make you some money during the month to improve your financial health.

6. Purchase a fix-upper

This requires some improvement despite being cheap in the market. You need to have an idea of renovation tasks before investing any money because you might end up with nothing at all.

Here after renovation, you’ve gotten yourself a house or an apartment at a very low cost which can be rented out or used as your main home to stop renting. And normally with fix-upper deals the mortgage is quite lower compared to getting a fully finished house or apartment.

You can make fix-upper deals a real business as long as you have knowledge about renovation projects. Sure, you buy to make some improvements to sell off at a good profit depending on your investment capital.

7. Live In a Van

If you’ve ever lived in an RV, this should not at all sound new to you though it’s a little small and you need to be living alone. A van is not that convenient but since you’re looking for the cheapest way to live to save it’s worth living in for some time.

You can fix the van to some level of preference for convenience purposes after all it’s not that costly. This is one of the cheapest options for people moving long distances or on a tour they can use to reduce accommodation costs.

8. Rent a Guest House

This costs a lot cheaper than paying rent depending on where the guest house is located. But for guest houses located in busy areas, this can be expensive to rent for a month unless you’re there for a few days.

You don’t have to worry about bills, insurance, property taxes, and other costs it’s just a flat fee. Look for cheaper guest houses around through online marketplaces to live cheaply and save money.

9. House Sitting

This is one of the best ways to avoid bills and rent under someone’s shelter at no cost to you at all. As a house sitter, you’re paid a good amount of money and it’s possible to make some savings since you’re not stressed with costs.

Though, where you’re working at different places transport is the most challenging cost. You can look out for house-sitting gigs in nearby locations to reduce transport costs.

Honestly, with house sitting you can completely do away with the skyrocketing rent costs which drain your paycheck every other month.

10. Get Accommodation in a Storage Container

You can comfortably live in a storage container at a cheaper cost compared to living in a rental where you would spend thousands of dollars every single month.

A storage container is quite spacious you can turn it into a comfortable home at a small cost. If you can do the construction yourself it gets a lot cheaper or contract an expert for technical help at a cost.

Though the container might be somehow cheap and old, it must be in good condition to last for some time till things get better.

11. Share Accommodation with Family Members or Friends

Talk to family members or friends about staying with them to save money on rent. Here you’re most likely to pay a small fee or even not at all.

Before staying together you’ll have to talk about dos and don’ts while living together for convenience purposes. Whether a family member or friend may not be used to sharing accommodation, understanding each other is very important in the first place to avoid collision.

12. Get Yourself a Tiny House

Living cheap this way you can decide to either buy or build it yourself if you have the skills. A tiny home will save you a lot on utilities and renting costs every month.

However, building it yourself is cheap compared to buying an already-made one in the market. Making it yourself you’re most likely to incur about $30,000 on a higher end whereas buying an already made would cost about $60,000 on a higher end.

The best part, tiny homes are movable which means you can move around at any time when connected to a vehicle that can pull it. And when you’re tired of using it, rent it out to make some money on the side.

Get Cheap Alternative Transport Means

Honestly, a lot of money is spent on transport and when you’re looking for ways to save it should be put into consideration. Car maintenance and other related car costs are quite messing up the monthly budget.

Transport Means Used To Live the Cheapest Way

You need to find transport means used to live the cheapest way to save more money. These should be able to lower the budget costs with transport during the month over a period of time.

13. Walking

Unless you’re not fine but walking is the best way to extremely reduce transport costs in your budget. However, this may not apply when you travel to far places every day.

In case your place of work or shopping stores are near, car costs can be reduced when you start walking. Walking is a very healthy practice that can save you gym membership costs impacting your budget too.

14. Ride a Bicycle

Compared to driving a car, riding a bicycle won’t cost you much when it comes to maintenance. And it’s another healthy practice that will save you from gym membership charges.

A bicycle is one other alternative transport means that can travel to distant places though it can be tiresome. But it will help you very much in managing car costs that come up as a result of driving every day.

15. Get a Bike

If you don’t know how to ride a bike but you want to start living the cheapest way to save, it’s time you learn. And guess what? There are bike share programs around some communities where you don’t need to buy one but rent at a very small fee.

Renting will save you the cost of buying and use it whenever it’s urgent. Trust me you’ll also save a lot of money here every single time.

16. Use Public Transport

Another cheapest way to live on transport is by using public transport for traveling. At times it will replace walking, riding a bike, or using your own car to save for some days during the month.

Public transport may include buses, trains, tubes, and others available wherever you are around the world. Public transport will save you a lot even when you’re working far away and you can’t walk or use a bike every day.

17. Carpool

I just can’t say enough about this when it comes to the cheapest way to live to save on transport. With carpooling you’ll still be driving but for less since you’re combining resources as a team to ease transport.

It’s a very smart way to save when you don’t want to quit car transport for convenience purposes. You don’t suffer car costs alone but with another person hence cutting to half compared to back then alone.

18. Rideshare

I also used this transport system for some good time and it really saved me a lot due to cheap costs. This is normally worked by riders traveling to certain destinations looking for people going in the same direction.

Rideshare is quite new and not yet available in some places but it’s worth trying out as an alternative transport means to save.

19. Use Cashback Apps

If you’re fond of shopping online cashback apps are a great way to save money. There are different shopping apps available with lots of offers at partner stores depending on your location.

Cashback Apps to Use to Live the Cheapest Way Shopping Online

In some earlier posts, we’ve been writing about cashback apps to use for shopping online to save money but briefly, we’re going explain how a few of them can apply here. Without further ado let’s get into cashback apps to use to live the cheapest way shopping online.

• Ibotta

This is a shopping app where you’re guaranteed cashback offers whether shopping online or in-store and to qualify for any available rewards you need to upload a copy of the receipt for purchases made. When it comes to paying out for rewards, payment is made in the form of gift cards or via PayPal.

• Upside

If you’re after saving money on gasoline and food purchases, Upside is the right app to use It partners with a number of gas stations, grocery stores, and restaurants to provide cashback offers. At the time of redeeming rewards, payments are made using PayPal and bank transfers to clients.

• Dosh

Here forget about scanning receipts to qualify for rewards since with dosh you receive automatic cashback. You just have to link your debit card or credit card to the app for cashback offers to be directly deposited into your account.

Using dosh you can be discounted on hotel accommodation, dining out, and retail purchases made through the app.

• Rakuten

Another cashback app that you can use to purchase more for less is Rakuten. Despite their payouts being done every after three months it’s worth giving a shot to save.

This is among the most popular cashback apps with thousands of partner stores in the United States and for any rewards to be redeemed payments are made via check or PayPal.

• Swagbucks

You can’t talk about cashback apps without including Swagbucks and it’s been around for decades offering service online. Rewards are given out in kicks which are exchanged for cash money or gift cards used at partner stores.

20. Purchase Second Hand

There are second-hand items you can purchase for less but they still serve the same purpose as new ones. It is a great way to live cheaply without lucking at all as long as you find quality products.

These products can be found in online marketplaces like Craigslist or among friends and family members. Some friends of mine bought a portable car wash machine in good condition at $15 but the new one was at about $75 in the market.

Guess what? Buying secondhand will save you a lot since there’s room for bargaining compared to new items that are price-tagged.

21. Try Out a Minimalist Wardrobe

Giving up on being too classy doesn’t mean that you can’t be smartly dressed for the day. Try to look casual to cut spending on buying to-match clothes all the time.

I mean planning the wardrobe with easy shirts and T-shirts, trousers, and shoes that fit any occasion without planning too much. This costs you less and you won’t be buying clothes for different occasions all the time.

22. Adopt the No Spend Challenge

When we talk about living the cheapest way possible, we also mean cutting out spending on certain items for a while to save for the future.  For some items, it’s very possible to put them out of the budget completely for example discretionary.

The money spent on wants like entertainment, home décor, partying, and clothes can be channeled to saving for months or a year. You need to put a specific time frame for the no-spend challenge to work out things your way.

23. Opt For Unpaid Entertainment

If you don’t want to spend on entertainment, you can opt for free fun out there to save more. I spent a lot of money having fun but when I went down to do the math, the figures spent it were surprising.

The nightclubs, house parties, going to the beach, movies and more are things you need to substitute with free fun for the best. Having fun is healthy and you can enjoy the cheapest way for free or less.

24. Quit Gym Membership

Money spent on gym membership can be saved by effectively working out from home at no cost over a certain period of time. If living cheap means quitting gym membership to save, then it’s worth putting into the priority list.

In the United States as of today, gym membership fees range from $15 to $30 per month which is about $360 on a higher end. Quitting a gym membership can save you all that amount while exercising from home to keep fit.

25. Carry Your Own Food to Work

You might feel cheap carrying your own food to work but it’s the best way to save money eating out in restaurants. The cost of a healthy meal in the cheapest restaurant in the United States it’s about $17 and for fast food $10 on average.

Guess what? Preparing a meal at home in the United States costs less than $5 hence saving a lot more compared to eating out every day.

Unless you have a very busy schedule, you may fail to prepare meals to save for some days but it’s the best way to go compared to eating out in the cheapest restaurants.

26. Get Back To Your Parents Home

Yes, this might be the last thing to think about and you may not be happy doing it but it’s a good option too. Deciding to get back to Mom and Dad is short-term since your plan is to save up by living cheaply.

When you talk to the parents about your plans of moving in they will warmly welcome you home to support. You’ll save on bills, meals, rent, insurance, and other expenses that were bothering you when living alone.

27. Buy In Bulk

When you buy things in bulk it’s possible to save money on purchases due to discounting compared to small quantities or a few items. You don’t have to buy perishables in bulk because they can easily get spoilt but bulk buying would apply to non-perishable items like canned products, and vegetable oil.

And even when you don’t have the money alone, talk to a friend to join efforts to buy in bulk to save. Sharing the costs still enables you to access things cheaply from wholesale stores rather than buying a single item at a huge cost from retail stores.

28. Put Up a Backyard Garden

Are you looking for ways to save money on food? Put up a backyard garden to grow some food items on a small scale.

You can grow easy foods like tomatoes, onions, bitter berries, green vegetables, cassava, and more. Include some fruit plants in your garden since they are long-term compared to normal foods.

Get some time during the week to work on the simple garden using farming best practices like weeding, covering the garden, watering, and putting manure. Therefore, you can’t reduce spending on buying some food items from groceries for quite some time.

29. Get Employment As a Live-In-Property Manager

Get employment as a live-in property manager to skip rent payments with free accommodation on-site. You collect rent from tenants and also handle other official property management duties as assigned.

It feels cheap to reside at the workplace but it saves a lot compared to renting every month. Property managers in the United States earn about $58843 annually.

If you don’t adopt living cheap on this salary it might be hard to save in this unpredictable economic environment. Request for free accommodation to save on renting costs every single month.

30. Preserve Leftover Food for Tomorrow

After having a meal at home, don’t throw away leftover food it can be served the following day when kept well. It’s what some restaurants serve you for lunch or breakfast at your workplace paying $10 – $17 every day.

As said earlier, you can pack that leftover food to work to save thousands of dollars on lunch and breakfast daily. Honestly, it’s a great way to become economical with food expenses on a budget.

31. Carry Water from Home or Juice

To live the cheapest way possible you must avoid convenience to some extent to save. Get a water bottle to carry juice or water from home instead of buying along the way.

Let’s say a plastic water bottle goes for about $0.65 and you take two bottles every day minus Sundays, a year you’re spending almost $406 just on water or even more with a mix of juice. All this amount can be saved when you start carrying your own drinks while away.

And the juice you make yourself is way healthier than soft drinks and packed already-made juices with preservatives.

32. Go Abroad

Let’s say you’re living in the United States with a strong currency compared to other countries. The best way to live cheaply would be to shift to a cheap country.

This makes a lot of sense when you’re still being paid in United States dollars. And in this online world of today, it’s very possible for example bloggers, pensioners, diplomats, and more.

33. DIY (Do It Yourself)

Last but not least, another great idea to use to live the cheapest way possible to save is doing things yourself most of the time. We spend a lot of money paying other people to make repairs, slash the compound, make deliveries and others yet we can do them all ourselves at no cost.

In case you have the time to make things yourself, please do to save. You have nothing to lose despite the busy schedule for some days at work.

Most of the time nowadays I do things myself unless otherwise, and it has really helped me to learn a lot at no cost.

FAQs – Best Ideas to Live the Cheapest Way

Do I Need To Look Cheap While Living Cheap?   

No, even when you’re living cheap you don’t have to look cheap. There are many ways to live a good life while living cheap and no one can tell that you’re struggling.

You can buy cheap quality second-hand, rent a nice car instead of buying one, and also enjoy free entertainment for fun.

What Is The Best Idea To Live The Cheapest Way?

The best idea to use to live the cheapest way would be shifting to a cheaper state or going abroad to a cheaper country.

In such places, the cost of living will be lower compared to applying different ideas while still in the same location to save.

Closing

Living cheap is the best you can use to save money on a budget. All the ideas listed above are worth giving a try depending on the current situation and lifestyle you want to live.