7 Cheapest Ways to Live and Save Money

Last Updated by Neiko Johnson on 
August 14, 2021
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Are you looking for the cheapest ways to live and save money?

You have choices but it all comes down to increasing your income or finding ways to spend less.

By finding ways to save money on your living expenses, you can stop living paycheck to paycheck and have more money to reach your financial goals.

We are going to go into detail on the ways you can find alternative housing and save money. Some of these ideas may be different than what you are used to.

Later in this article, we will explore the tips you can use to find places in your budget that give you savings.

Keep reading to learn the 7 cheapest ways to live and save money!

1. Live With Roommates

The most common way for people to live cheaply and save money is by having roommates. For example, if you find an apartment that costs $1,000 a month, you could cut that in half by splitting the rent with another person.

Also, you can drive your monthly costs down even more by finding multiple roommates. That includes housing expenses that you share with others and even food at times.

Certainly, not everyone is big on having roommates. But, to live cheap and save money it's something to consider.

2. Live In A Duplex

House hacking is an option that is becoming more popular amongst millennials. House hacking is when you live in one of the units of your investment properties and have the renters pay your mortgage and utilities.

Renting out a room in your house or basement is also considered house hacking.

You have to purchase a duplex building prior to being able to house hack. This means you must have your finances in order before you can take advantage of having your renters cover your expenses.

This is especially helpful for people who live in expensive housing markets.

3. Live With Friends Or Family

You may have someone in your life who has extra space in their home that you can use for housing. Simply asking a friend or family who has an extra room could save you money.

You may be able to rent a room at a friend or family house for a lot cheaper than leasing an apartment.

However, the arrangement will only work if you and that person are clear on the expectations on the front end and agree on the details prior to you moving in.

Ultimately, finding people you can live with is crucial!

4. Live A Minimalist Lifestyle

Most people in America tend to over-consume and live with more than they need.

This also includes housing where someone could live minimally instead of traditionally. In fact, it means changing your living situation and cutting back on the newest appliances and most expensive furniture.

If you are looking to live cheap and save money then a minimalist lifestyle may be what you need.

More and more people are starting to live a minimal lifestyle as they realize they don't need much to enjoy life.

This is a creative way to change your perspective on housing and how you approach spending money.

5. Live Without Cable Or Subscriptions

Living without cable or subscriptions won't make you rich but it can help you create new habits to start saving more money.

You probably have some expenses that are not necessary and can be cut. Take time to analyze your monthly budget and see what adjustments can be made.

You can use automated services to help you determine what services you are overpaying for or that can be canceled. Trim saves users on average $625 and only takes 2 minutes to sign up. Trim does the hard work to save you money so you can feel good about your spending.

Minor expenses can hurt your budget if you are living paycheck to paycheck and can add up over time.

Be aware of where you spend your money by creating a detailed budget so you are in control of your money.

6. Eat Out Less And Cook More

Saving money can seem hard but it does not have to be. Planning your meals ahead of time is a great way to live cheap and save money daily. The $5 Meal Plan is a great option.

This monthly service provides you with pre-made weekly meals and shopping lists sent directly to your email inbox.

All of these meals are created to help you save money while still enjoying good food. Get access to delicious meals for only $5. This is a huge savings opportunity and allows you to save time.

You will know what you need to buy at the store and reduce stress from having to figure out what is needed for your meals.

This service will help you have more time with your friends and family or things you enjoy.

You can try out the $5 Meal Plan for free for 14 days. If you don't want to continue using the service after that you can simply cancel without any fees.

7. Buy In Bulk and Use Cashback Apps

Buying in bulk is one of the cheapest ways to live and save money. You can do so online, at stores like Sam's or Costco.

You will be able to better budget when you buy in bulk and have more necessities taken care of.

Buying in bulk will allow you to make fewer trips to the store and cut down on time spent leisure shopping, which can lead to impulse purchases.

Another great way to live cheap and save money is by using cashback apps such as Rakuten and Swagbucks. You can save money by simply shopping online as you already do.

Conclusion

Trying to live cheap and save money is not easy for everyone. It may be appealing and something you want to give a try but you need a plan.

Decreasing expenses and increasing income is the ultimate path to building wealth. You can do more things you enjoy when you have money.

At the end of the day, how you choose to live is your personal decision. Think carefully about what changes you make and how they will impact your life.

Are you looking to decrease your living expenses? Why or why not?

Article written by Neiko Johnson
Neiko is a personal finance expert and Co-founder of Secret to Finance. Along with his wife Alexis, they learned how to get out of debt and pay off $360,000 in 36 months.

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