If you’re looking for only the best and the most effective tips for frugal living, then you have come to the right place.
Today, we have a lot of ways to earn money. From taking part-time jobs to try out freelancing, there’s no wonder that most of us are able to earn at least some amount of money.
But, we find that by the end of the month, all our funds are gone, and the worst part? Sometimes, we don’t even know where!
Now, imagine if we could just make some slight changes in our lifestyle and save more than 1000 bucks! Wouldn’t that be a great thing? With the help of a frugal lifestyle, you can surely achieve this!
This post is all about the best tips for frugal living.
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Tips For Frugal Living
What Does It Mean to Live Frugally?
To quote Henry David Thoreau, ‘We make ourselves rich by making our wants few.’
So, if you want to live frugally, you need to prioritize your needs and wants. Then, focus on spending mostly on your needs than the wants.
For instance, if you have morning coffee every day at an expensive cafe, you might at least be spending $10 right? Now, it may seem like a small number but, if you calculate it for a month, it actually makes up $300!
Now imagine if you simply have it at home? Most of the ingredients might come below $100. Thus, helping you save around $200.
This is what frugality stands for. It is not about becoming stingy and cheap but rather finding out sustainable and reasonable alternatives for extravagant expenses.
12 Effective Tips For Frugal Living
Given below are some of the best tips for frugal living that can help you prepare a road map for this new journey.
1. Think Long Term
One of the best tips for frugal living is to think of the long term rather than the short term.
Millennials, like you and me, often have a habit of living in the present and making decisions based on that. However, if you want to spend frugally, it is time that you think of the future as well.
So, whenever you make any purchases, think if they’ll benefit you in the long term rather than buying it on simply a whim! Ask yourself questions like, ‘Will I use this thing for more than a few days?’ or ‘Is this thing going to benefit me in any way?’.
Trust me, once you start thinking long term, you are legit halfway there.
2. Quality Over Quantity
In a world of Black Friday Sales, try to limit yourself!
Now, I want you to think of all those expensive clothes at the back of your closet you have only worn once.
This is one of the major problems of every spendthrift person out there. We often find ourselves hoarding clothes, makeup, or sandals, that are on sale without thinking if we’ll even wear them more than once.
But, if you are planning to live frugally, it is time that you go for quality over quantity. Keep in mind that one comfortable, and good-quality product is always way better than 10 others. You’ll probably cherish it much more and find yourself using it in creative ways!
3. Look Out For Coupons and Deals
You will be surprised by how many coupon cut-outs are available in magazines or even newspapers.
So, if you find either one of them, don’t ignore those because they can definitely help you save a few bucks here and there. After all, a dollar saved is a dollar earned.
Moreover, if you are desperately wanting an item that costs a lot, wait for some good deals.
But, stay cautious that you only spend on things that genuinely matter to you rather than every other product that is on sale! Here, you need to learn the difference and prioritize.
4. Don’t Let Debts Pile Up
Debts are the bane of existence! So, if you’re planning to save up then now is the time to pay them off rather than letting them pile up.
Remember that debts aren’t always bank-related. Sometimes, they also stand for the money you owe to your friends or family. So, make sure you pay them off right away rather than waiting for the perfect moment.
Once you don’t have that load, you will definitely see more money in your savings account getting credited rather than debited.
5. Start Reusing and Repairing Things
Do you know why most frugal people have a stress-free life? It is because they are quite independent themselves in everything they do, including repairing and reusing things.
For instance, if your phone has a minor glitch, rather than changing the model altogether, why not try to repair it?
Moreover, there are so many YouTube videos available online that can help you in repairing whatever you want! All you need is some time and you can definitely save the costs of repair or buying something new.
6. Make Your Outings Inexpensive
If you are a party person or even an outdoor person, there are still ways to live frugally.
You can always try to make your outings inexpensive. Do you know how? Well, how about going to the park with a home-cooked meal rather than an expensive restaurant! Here, you can easily save up on those costly restaurant meals.
Moreover, even if you do go to a restaurant, you can skip out on those overpriced mocktails and desserts.
So, it is all up to you and how you can have fun without spending extravagantly.
7. Let Go of Everything That You Don’t Need
If you feel like you have a lot of clutter in your room or apartment, let go of it!
While it may seem like you’re going to use it again, the truth is 90% of the time, you won’t. So, if you have a free weekend, clean your room and try to find all those things you’re no longer using. This can also help you in becoming clear about things you absolutely do not require.
Now, you can either donate those things or if you’re trying to build up your savings, you can try to sell them off and earn a few dollars!
8. Analyze Your Expenses
A lot of us are unaware of where our money went. But, now is the time to introspect. So, the first thing you need to do is to get that bank statement (for any cards) and see where you have spent your money.
You can also prepare a rough estimate of the things you have bought for this month, including groceries, clothes, etc.
Once, you know where you have spent your money, see where you spent the most. For instance, if you’ve spent a lot of money on food (inevitable!), then try to cut back on those expenses for the next month.
Similarly, if it is shopping or any gadgets, make sure you prevent spending on them too extravagantly from now on.
9. Don’t Get Influenced Too Easily
While social media is an amazing platform, it also has its own set of limitations. It is because due to social media, you may find yourself overspending money on things you don’t need.
To give you an example, sometimes, you may find your favorite influencers or YouTubers promoting products. Now, even if you never thought of buying them before, you may have the urge to buy them now.
But, hold on! It is important that you don’t fall for those marketing gimmicks. Instead, think whether you actually require that product or not. If you’re leaning more towards ‘no’, scroll further and try not to think of it again!
10. Go For Second-Hand Products
Frugality isn’t always about money-saving but also about finding more sustainable options.
There are plenty of second-hand products available in the market today. There are thrift stores that offer second-hand clothes, accessories, sandals, and what not! In fact, you can also get second-hand books at an inexpensive rate!
If you’re a techie, you can consider buying second-hand gadgets that are in a good condition rather than brand new ones.
11. Don’t Become Too Brand Conscious
Yes, it is always good to buy good-quality stuff rather than the cheap stuff.
However, it is high time that you stop believing that most of the high-end and expensive products last for eternities. So, if you find any reasonable but good-quality option for the same product, try to switch to that!
If you’re confident about yourself, you can make any basic brand look like Louis Vuitton!
Now, you can also help small businesses by buying things from them. They’re cheaper than top-tier brands but definitely more durable than basic brands.
12. Surround Yourself With Frugal People and Stay Motivated
It is important that you always surround yourself with frugal people.
It is because people who tend to overspend may also drag you down with them. They may want to go out to the most expensive restaurants or sometimes, even expect expensive gifts! So, even if you have such people in your life, stay put and don’t give in to the peer pressure.
If possible, you can also try to build a bond with frugal people as they can actually help you to save money and may even give you some tips!
To stay motivated throughout your frugal journey, consider listening to podcasts like Frugal Friends Podcast or read books on frugality.
Final Thoughts
Living frugally isn’t difficult once you make up your mind, draw a rough road map, and lastly, follow the above tips for frugal living to give you the most of your journey!
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