Most people think being frugal is the same as being cheap. It’s not. You have to learn these frugal living habits to make it today! Frugality is about changing your spending habits to attain the important goals you set for yourself.
What does frugal living mean?
You live frugally by getting the most value for your money. Frugal living requires skills and ways of looking at things that help you take advantage of the money-saving opportunities in life. Frugality is more than just spending the least amount of money possible, it’s about making intentional choices with your everyday spending.
How do I start being frugal?
A good way to start living a frugal life is by prioritizing what’s most important to you. The truly frugal person makes the tips below into habit. These are techniques that can be learned in a matter of a day or two and made into new habits in a few weeks. Then they will save you money for you for the rest of your life.
1. Frugal living requires a knowledge of values.
How can you get a great deal on a car if you don’t know what a great deal is?
Get in the habit of educating yourself on prices, especially before you’re ready to buy anything that costs a lot.
It takes a few hours of looking on the Internet at listings for sale, for example, to know what homes are selling for in an area, but this is the knowledge that can save you thousands.
2. Learn from other people.
Most of us know someone who always gets the best deal on cars, boats, homes, or even groceries.
Why not ask them how they do it! One person will tell you that the cheapest coffee in town is $3 per cup, while another might say 50 cents.
Ask the latter about coffee shops. People near you are living a good life on half of what you make. Investigate that. See how others do things, and you’ll know your options.
3. Frugal living means always looking for alternatives.
You might have just as much fun taking a discount trip to Mexico as you would going to Jamaica.
Maybe you happen to enjoy pizza more than fine French dining. If so, why not skip the expensive restaurant and call Dominoes.
This isn’t about sacrifice, but about getting even more of what you really enjoy by paying less for cheaper alternatives that work just as well.
4. Pay cash.
What happens when everything you buy costs an additional 20% because of the interest you pay over the years?
You can’t buy as much! Everything is cheaper when paid for in cash instead of credit. If you want that new patio set, divide the price by the number of weeks you can wait to get it.
Set aside that much each week, and buy it for cash when you have the money. Not only do you save on interest, but you’ll often get a better price when you pay cash.
5. Tell people what you need.
Mention it in conversations. Many people get free or cheap things, just because they talk.
For example, a neighbor wanted to upgrade her living room debt and was thrilled that I would take her three-month-old couch off her hands for $30. I sure am glad that I mentioned I was looking for one.
You need to make this little trick a part of your frugal living habits.
Become a frugal shopper!
A frugal shopper has to learn these frugal living habits skills and ways of looking at things that help them take advantage of the money-saving opportunities in life.
There are eleven of these techniques below. You can learn them in a matter of a day or two, practice them for a few weeks, and then save money for the rest of your life.
1. A frugal shopper knows when it’s best to buy gently used items.
When you have the option to buy something used, do it. You can save a significant amount of money with lightly used items. Check around your local thrift stores and online marketplaces to find the item you need at a much better price.
Also, take a look at your recent purchases. Is there anything that you absolutely don’t need? Make a trip back to the store or ship that item back and get your money back.
2. Frugal shoppers should cancel all of their monthly subscriptions.
We’ve all signed up for a free trial and accidentally forgot to cancel after the trial period. Most types of monthly services or subscriptions need to go. Of course, keep subscriptions that are necessary.
For example, in this day and age, internet service is not a luxury, but a practical need for most people. However, most subscriptions are for things you can manage without for a few months or longer.
3. Frugal shoppers know how to budget.
Creating and sticking to a budget is fundamental to your financial wellbeing. Although budgeting isn’t necessarily fun, it is critical to living a frugal life. Within your budget, you can prioritize things that matter and ruthlessly cut out things that don’t.
Keep in mind that there’s nothing wrong with occasionally splurging on the things you like. Just make sure you’re saving for these purchases in advance.
4. A frugal shopper looks for alternatives for entertainment.
Maybe you’d have just as much fun taking that discounted trip to the Bahamas as you would going to Jamaica. If you happen to enjoy pizza just as much – or more, skip the expensive restaurant and call Dominoes.
Avoid the mall and the movie theater. Head to your local library to get your entertainment fix. These days, most modern libraries come well equipped with free internet service and loads of free DVDs to rent.
You can also find free entertainment at your local parks and museums. Nothing wrong with a game night at home either. You don’t have to spend to be entertained.
5. Frugal shoppers buy clothes on Thursday.
Retail clothing stores usually put out their newest stock on Thursdays in order to prepare for the weekend sales. A frugal shopper should go in on a Thursday morning, to find “current” clothing that is now discounted in order to make room for the new merchandise coming in.
6. A frugal shopper determines what thing they can do without.
Just because you can buy something doesn’t mean you should. As you work on stretching your dollars, determine what things you can do without.
Whether it’s temporary or permanent, this can really give you a boost by saving more money.
Why not set some intentions about your financial lifestyle and see how frugal living can bring you closer to your goals?
Remember that living frugally means making choices about your spending that help you reach your financial goals. It’s not always the easiest choice at the moment but it can lead to a more prosperous life in the future.
It’s essential that you read the tips above and implementing them because you have to learn these frugal living habits to make it today!
The truly frugal person makes these into habits.
Are you ready to get your debt under control? If so, check out the resources recommended to you by Inker Street Consumer Credit Advice.
- Household Budgeting: This guide will show you how to stick to your budget. So, soon you will have a monthly surplus, and you will see your savings start to grow.
- Debt Consolidation Strategies: When it comes to debt consolidation, you need to practice techniques that are a little unique and very much focused on getting you out of debt within a stipulated period of time.
- Debt Destroyer: Finally you can fully equip yourself with these “must-have” tools for busting debt and live a life without having to worry about debt collectors!
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