Frugal living is often associated with being cheap with your money. Generally, it is believed that hoarding money, buying low-quality products, and spending less and less money are the criteria for frugal living. Like most things, this is misinterpreted, and the meaning of ‘frugal living’ is a false concept.
Frugal living is a strategic way of handling money to adopt an efficient lifestyle. It demands a person to think and analyze the costs and benefits of spending money rationally. When you’re practicing a lifestyle that involves frugal living, you become conscious of spending money on things that matter and cutting back on spending money on things that can be avoided or not necessarily needed.
A frugal life teaches people how to budget properly, avoid unnecessary costs and debts, and become organized with money. When applying frugal living tips, it does not mean that you cannot buy expensive goods and services or any high-quality/high-end brands – it simply means spending money wisely and smartly to save up for the future.
If you’re looking into adopting a frugal living, then below are ten tips you can follow:
Budget your money
Creating a budget helps you keep in check the spendings you can make and how much savings you have made. For frugal living, a budget allows you to see where you can cut down on costs and adjust other spendings in the same budget.
Make use of any sort of discounts
Using discounts on purchases is not a shame at all. To create a frugal living, this is a very efficient method of saving money where possible, without causing harm to anyone or anything. You can always save money by using coupons and not letting them expire or throw them in the trash. Reward points are also an easy utility to cut back on costs.
Waiting for sales to buy a certain item is also a smart move, and all in all, just utilizing sales to the maximum is a smart way to save money when you can pay less for the same item.
Manage your meals
This is also a form of budgeting – except, in this, you learn how to allocate your resources on food alone. Managing your meals means creating a weekly/monthly planner of your meals. It allows you to look ahead of time and see how you can allocate your money to each meal and how much money can be allocated to other things like coffee, milk, and restaurant meals.
Planning early permits you to not spontaneously eat take-out or going out for food. Therefore, that saves a lot of money you otherwise would’ve spent without realizing its loss.
Know what car you can afford
Buying a car is almost everyone’s dream. But when trying to adopt frugal living, it’s essential to realize when you can afford to buy a luxurious car and when you have to critically manage your money around it. When buying a car, you should stick to the one that you can afford without having to pull many strings here and there.
Moreover, it’s important to also be able to keep up with its expenses, such as its insurance. With insurance, too, make sure to pick the best possible plan for your car and yourself.
Shop what you need and can afford
Shopping impulsively or because it’s ‘therapeutic’ is a tendency of all humans. However, it must be overcome if you’re trying to achieve a frugal living. Buy what you need instead of shopping impulsively, and take your time to think before making a purchase.
Additionally, stay within the budget and purchase what you can afford. This way, you can keep a check on the status of your money with you.
Create a smart traveling plan
Traveling is quite expensive, but it can be made affordable if tried, leading to frugal living. When deciding to travel, make sure you do thorough research and pick a relatively cheap destination. Moreover, look for discounted or cheap flights and hotels you can book, and make sure to use promo codes too. You can also use credit card awards for flight booking.
Additionally, indulge in activities free of costs, such as parks, sightseeing, and outdoor landmarks. Some cities also have assigned days with free entrance in museums, so do your research.
Be wise with your wardrobe
It’s easy to want a lot of clothes, shoes, bags, and to have the fanciest wardrobe we can have. But unfortunately, spending on wardrobes contributes to a lot of the ‘unnecessary’ spending previously discussed. To avoid this for frugal living, rummage through your wardrobe – and in the depths of it, you’re sure to find some items that you wore only once, a long time ago.
Therefore, find those items to use again and properly organize your closet. Likewise, re-use your things as much as you can – there is absolutely no shame in that! And before a shopping spree, go through your wardrobe to know what you need, so that you don’t end up shopping for unneeded things.
Review your subscriptions
Most of the time, people subscribe to magazines, shows, TV cable, auto-shipping, etc., because it seemed useful to subscribe at that moment. However, they tend to stop paying attention to all these subscriptions over time and become too busy to unsubscribe.
Hence, sort through your subscriptions, keep what you use, and unsubscribe to those you don’t need. Therefore, you’ll save a lot of money by not having to pay for extra subscriptions – healthily embracing a frugal living.
Avoid going out for celebrations
Going out for celebrations is always a given. However, it may be what is stopping you from applying frugal living. It would be more efficient if parties were hosted at home, instead of paying huge bills for fine dining.
This would have you save money and enjoy some quality time with others since public places are usually loud and rushed. To make it even more frugal, you could also host a pot-luck party where everybody has contributed and is engaged.
Invest in a water filter
To carry out a frugal living, stopping your purchase of bottled water is a must. This not only contributes to environmental concerns but also takes up a lot of your budget. So it is safe to say that installing a water filter is a good investment because of its cost-effectiveness.
It’ll provide you clean drinking water without having to pay a ridiculously large amount of money for bottled water.
Frugal living is certainly not being selfish with your money; it’s only for financial protection. What’s the harm in that? So if you’re considering saving up to meet the demands of frugal living, then follow the tips mentioned above!