Frugal Living Tips
The frugal lifestyle has received a bad rap because of the assumptions around it. Frugal living is about learning how to live on less or on what you need. Being intentional about where every penny in your account goes is vital. Frugal living is about prioritizing things that matter to you and cutting back on things that don’t contribute to your financial success. Frugal living can mean different things for different people. There are so many benefits that come with frugal living, you can retire early and achieve your financial goals.
Here are some frugal living tips and strategies to help you get started on this new path!
1. Budgeting
Even before your paycheck or your source of income hits your account, you should know how you plan to spend every single cent. You can use the 50/30/20 budget rule to help you create a budget. This is one of the important frugal living tips because this way you focus only on the important expenses. Budgeting helps in compartmentalizing your expenses and your priorities. By always having a plan and a budget you can avoid wasting money and overspending on unnecessary items.
2. Repay Your Debt
If you’re in debt, you should focus on clearing your debt. Cheap loans and debt can have you living paycheck to paycheck for the rest of your life. You have to be careful before you borrow money. Every time you take a loan that is not guaranteed to make you money in the future, you rob your future self. Come up with a get out of debt plan. Once you clear your debt you will free up more money that you can save and invest towards your financial goal.
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3. Change your mindset
Frugal living is mistakenly assumed to be cheap living. However frugal living is buying items after researching and ensuring they’re good quality and affordable at the same time. People also think it’s denying yourself good things but it’s all about prioritizing and spending money on things you need. Everything happens on a mental level before it manifests on a physical level. Changing your mindset on frugal living will help make it easier for you. To change your mindset you can try affirmations, set financial goals, and remind yourself of these goals every day.
4. Automate Your Savings Account
When it comes to saving, just go cold turkey and automate your savings. This way you will be forced to work with what remains. A common mistake people make is saving what’s left after expenses. Having a standing order will make sure you save. Set up a savings account where your savings will be deposited after they’re deducted from your account. Ensure that your savings account is not easily accessible. You can save in a fixed account or in a low-risk money market account.
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5. Start a side hustle
Find a way of making more money. If you have a 9-5 job look for something to do between 7 and 11 PM because that could make all the difference when it comes to your finances. If you’re unable to find a job try and develop new skills that eventually you can monetize or can earn you that promotion you’ve been longing for at work. The more you earn the more you can save for future investments. Start a side hustle, an online business, and in this digital era, you can operate online and still be successful.
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6. Sell Stuff You Don’t Need
Rearrange your house and closet. If you no longer use items in your house you might as well sell them and make some money while at it. If you have home decor or furniture you no longer use or no longer fit your style. You’ll be surprised how many items you don’t need. Start selling the items you no longer need in your house. You’ll be surprised by how much you can make off of this. You can then use this money to repay any debt you may have or save the extra income.
7. Thrift & Buy Second Hand
You can buy almost everything second-hand or used. When you shop at thrift stores you can get lucky especially with home decor. You can buy renewed kitchen appliances, cars, clothes, and even baby products. This will save you a couple of bucks but at this point, every penny will count.
8. Technology
You don’t need the latest iPhone or Macbook or iPad. The latest technology should be a luxury. If your current gadgets are working you should learn how to work with them. Do not struggle to impress people with the latest technology at your expense. Remember frugal living is all bout buying what you need. When the time comes and you want to replace your old technology you can always trade-in or sell it and buy it.
9. Meal Plan
There’s always an underlying temptation to eat out at restaurants or to meet up with friends at restaurants. The best way to reduce your food expenses is to have a meal plan. Meal plans help you save money. You don’t have to buy lunch in the office. You can pack your preferred meal from your meal plan and a few snacks to avoid spending more on food. It’s easier to reduce your food expenses with a meal plan.
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10. Cut Back on Retail Therapy
We have all been culprits of impulse buying and a little retail therapy. However emotional spending can take a toll on your finances. Identify your triggers and come up with alternatives or how to deal with your emotions so as to avoid splurging.
11. Slash your entertainment budget
Entertainment expenses have the potential of causing a huge dent in your budget. Keep your entertainment costs at bay by choosing alternative options. This is one of the vital frugal living tips. Instead of meeting friends out for dinner you can host dinner parties, have matinee movies in the house, or just movies with popcorn. You don’t have to keep going to the club. You can host parties at your place. The liquor store is much cheaper than bottle service at the club.
12. Home Fitness
A gym membership can cost quite a pretty penny. However, if you work out from home you can save tons of money. There are so many free workout programs you can try out. A personal favorite is Chloe Ting and you know her workouts are effective because of the multiple reviews.
13. Grow Your Herbs
Save some money by growing your own herbs in the comfort of your kitchen. Most herbs are not high maintenance so they can thrive in low light. You can grow your own mint, parsley, dill, thyme and so much more. This is one of the more interesting frugal living tips you can adopt.
14. Buy in bulk
This is one of the crucial frugal living tips. Bulk shopping can save you tons of money. When buying in bulk go for products that have a long shelf life. These are things like tissue paper, soap, detergent, dry foods like rice, lentils, beans and so much more. If you buy fruits and vegetables in bulk you might waste and lose money as opposed to saving money.
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15. Discounts & Coupons
Before buying anything do your research online and check for any sales, discounts, or coupon codes that they may have. You might also want to compare different stores for the same product so as to get the cheapest one. This is a great way of saving money.
16. Subscriptions
Create a list of all your subscriptions and analyze what you really need. If you have multiple entertainment subscriptions try and reduce them to at least two of the ones you use the most. These subscriptions have a way of adding up.
17. Reduce housing expenses
Housing expenses consume a huge part of everyone’s expenses. If you can reduce your housing expenses you can save so much more. Consider moving to a smaller apartment as a way of reducing costs. Or if you live alone consider renting a room to make extra income or to contribute to your housing expense. You can also consider moving to a different location altogether if it’ll help you save a couple more coins. Reducing house expenses can contribute majorly to reducing your overall expenses and in turn increase your savings account.
18. Skip the Beauty Parlor
The beauty parlor expenses can be quite high. So why not skip the parlor and make your own nails at home. There are multiple inexpensive DIY nail kits online and hundreds of tutorials online. This way you can save a great deal of money. If you get your hair done at the salon, you can invest in the tools and do it yourself in the comfort of your own home.
19. Frugal traveling
When going on vacation, travel frugally. There are lots of affordable Airbnbs across the world. Hotels can get really expensive especially during peak seasons. If you’re planning your vacation, opt for a rental or an Airbnb, this way you can still have a great vacation while saving some coins
20. No Spend Challenge
Sometimes it’s easier to stick to something if it’s in the form of a challenge. If you’re not sure where you’re money is going, why not try to do a low-buy or no spend year? If a whole year intimidates you, try a no-spend month to start with and go from there.
21. Replacing Things Too Often
It’s much easier to dispose of items rather than buy reusable products. This is a habit that will keep you broke. You don’t need paper towels to wipe your kitchen, invest in microfiber towels for your kitchen. They may not cost a lot but calculate how much you use on paper towels and you might change your mind. If you can fix something then fix it as opposed to buying a new one. This goes a long way when it comes to saving money.
22. Make Your Own Coffee
Most people spend a lot of money on their morning coffee. Make your own coffee at home. Buy a budget-friendly coffee maker and brew your own coffee. This will save you tons of money. While at it you can choose to make your own breakfast at home or prep and grab it as you leave the house.
23. Reduce Car Expenses
Car expenses can be very expensive in the long run. From maintenance, service, car parts repair, insurance and so much more. If you can walk or bike to your destination this would be the preferred option. However, if you can’t invest in a car you can afford based on all the expenses it accrues.
24. Take Care Of Yourself
This is one of the most important frugal living tips. Take care of yourself to avoid any lifestyle health conditions. Drink water on the regular, exercise on the regular and eat healthy. This reduces any chances f you getting any lifestyle diseases. Healthcare is very expensive.
25. Clear Financial Goals
Have clear financial goals as you embark on this frugal journey. If you want to stop living paycheck to paycheck, what’s the ultimate goal? To be a millionaire or to be financially independent? Define your goals and make a plan and a target. Having clear and concise financial goals will keep you motivated to stay frugal.