The term frugal is sometimes misinterpreted as a negative term. Even though a frugal way of living life might be commonly perceived as a reduction of quality, be rest assured that it is not. Instead, you might choose to save money in order to make a positive impact on the quality of your life. Let's explore in detail what frugal living truly is and what it looks like. To get started, browse over our frugal living suggestions!
What does it mean to live frugally?
Frugal living entails being very thoughtful with your money and the way you save and spend it. If you do it the right way, you will be able to value the things that are most important to you. You will spend money on the most important things to you and reduce expenses in other areas. Fortunately, different people interpret frugality differently. Frugality does not have to mean substituting store-brand cereal for your beloved Lucky Charms cereal. It is not necessary to go without napkins. It does not have to mean skipping out on exciting trips in favor of a staycation. The nice part about being thrifty is that you can customize your approach. It is completely your choice on where to splurge and where not to.Is frugal the same thing as cheap?
Now you may be asking: does frugal mean the same thing as cheap? Certainly not! Cheap should not be mistaken for frugality — cheap means going to the shop and purchasing the cheapest item without regard for quality. Frugality entails evaluating your desires and deciding to cut costs on things that do not matter to you. For example, to be able to afford your next vacation you could cut down on your impulse buying.Is living frugally really worth it?
If you are wondering if it is genuinely worth it to live frugally, I say yes! Now let me tell you about it. If you are wary of letting money rule your life, frugal living is a worthwhile endeavor. It is, nonetheless, vital to consider the advantages as well. You might have a hard time keeping on this path if you focus on the compromises that come with frugal living. Naturally, you would have to give up certain things along the road. However, the sacrifices made will definitely pay off in the bigger plan of things. Remember, you have chosen to be thrifty to appreciate the most important things to you. It may not be that difficult to live a modest life if you bear your priorities in mind!The benefits of living a frugal life
First and foremost, living a life of frugality will enable you to gain greater financial freedom by hastening the completion of your financial goals. Allow for the truth of cause and effect to take root. This implies that whenever you decide to cut costs on anything, you may put the cash toward essential things. The most excellent aspect is that you will get to choose what is most important to you. Perhaps you will save your newfound money for early retirement. Maybe you'll set it aside to help you achieve your goal of living aboard a sailboat. Alternatively, you may use your savings as a safety net to pursue a profession you genuinely enjoy.How to begin your journey of frugal living
If you have never tried to live this way before, it may appear challenging at first. That is completely fine! Do not be hesitant to alter things as you go. Understand that this will not be a one-size-fits-all method when you begin to test out various thrifty strategies and tricks. Instead, you will have to experiment with various frugal living strategies to discover how they affect you. You might not have a problem giving up eating out, but you might not be able to give up your preferred brand of shampoo. Simply have an open mind when trying out new thrifty techniques and strategies. You might have to do some trial and error runs to find the right balance for you. It is indeed crucial that you don't go overboard. Even though it is thrilling to aggressively slash your spending without mercy, making too many cuts could backfire. It could lead to you getting burnt out and not saving at all. Gradually adding new cheap tips and methods is a beautiful way to begin living frugally. Try them out and figure out how you feel about them. Keep one strategy and add another if you like it. If you dislike an approach, abandon it and try something new. Before you fully hit your thrifty stride, you might have to explore a variety of tactics.35 tips for living a frugal life
Here are some money-saving suggestions and strategies to get you started on your new journey to living a frugal life!1. Plan out a budget for yourself
Budgeting and sticking to it are essential for financial success. Budgeting is never anyone’s favorite task. However, it is necessary – like it or not. You may prioritize what matters and mercilessly cut out what doesn't within your budget. Remember that occasionally indulging in the things that make you happy is perfectly acceptable. Just make sure you put money aside for these purchases ahead of time. If you wish to go on a specific trip with pals, get a great purse or pair of shoes and start saving money. Fortunately, there are numerous ways that might assist you in budgeting success. Find out how to set a budget that fits here.2. Start making meal plans
If you are anything similar to me, meal planning does not appeal to you. My lack of meal preparation was blowing a hole in my finances due to a combination of culinary anxieties and laziness. I was pleasantly delighted by the savings when I took a chance and started meal planning. I do not order lunch every day; instead, I eat what I have prepared at home. The savings of $10 to $20 per day quickly mount up. For some ideas, consider checking out our 30-day meal planning challenge.3. Cook in large amounts
Similarly, finding the will to make dinner after a hard day at work might be difficult. Unfortunately, I frequently succumbed to fast food, which really only served to harm my wallet and waistline. My dinner routine has been drastically transformed thanks to bulk cooking. I now cook in bulk according to whatever is on sale that week. On Sunday afternoons, I usually cook enough to preserve several pieces. I simply pull these meals out from the freezer and reheat them over the week. My wallet and waistline both value this decision greatly. Imagine how much money could you end up saving if you spent some time in the kitchen? When you do not have to cook every day, you can discover that you genuinely enjoy it. Here are some terrific frugal supper ideas!4. Take stock of what is in your fridge and storage
I have to admit, I keep an embarrassing amount of food in my pantry at any given moment. However, the majority of people have a proportionate amount of food in their cabinets. Take inventory of your resources. Cook up a meal out of whatever you may have in the cupboard or refrigerator. I have recently decided to cut down at least one weekly grocery store trip per month. My goal is to use up all the leftover ingredients in my kitchen within that week. You might be shocked at how inventive you can be in this space.5. Coupons – go crazy with them!
Groceries can prove to be expensive, even if you may shop in bulk. Take advantage of coupons, which you will discover if you seek hard enough. On each trip to the store, you may well be able to save a few bucks here and there. Those savings might rapidly add up!6. Sell off the stuff you don't need anymore
Many of us may be guilty of having a little too much clutter around in our homes. It may be time to clean up this clutter if you have collected an extensive collection of luxury, a ton of stuff your children have outgrown, or an overflowing bookshelf. With a bit of effort, that mess may be turned into income. Facebook Marketplace, eBay, and Depop are all excellent sites to start selling.7. Buy second hand
If you have the opportunity to purchase something used, take advantage of it. You could save a lot of money by buying previously used things. Look through your local secondhand shops and online marketplaces for the item you require at a lower cost.8. Return the stuff you don't need anymore
Examine your most recent purchases. Is there anything you do not definitely require? Go back to the shop or return the item by mail to get your money refunded. Even groceries can be replaced. Yup! You read that correctly: grocery stores will accept damaged food and non-perishable products for return.9. Repurpose your already existing closet
Do you enjoy shopping? Do you think having great clothes and shoes contributes to your fabulousness? If that's the case, you undoubtedly already have a wardrobe full of clothes you never wear. Try shopping in your closet rather than heading out to purchase a new pair of shoes that you will only wear once and then forget about. There are probably a bunch of clothes and shoes lost in the back of your closet. All these articles are begging to be worn again. Organize your wardrobe so that you can find some of these hidden treasures again. Before splurging on things you don't need, learn to repurpose the stuff you already have in your closet. It is possible to be fashionable on a budget!10. Buy a car you can actually afford
A car is a massive investment. It is one of the most significant investments you will ever make. As a result, it is crucial for you to choose a vehicle that you can afford. Do not be fooled by a gleaming car's shine. Instead of that, figure out how much you can genuinely spend before going to the dealer.11. Walk or bike around whenever you can
Although having a cheap car is convenient, walking and biking are far less expensive. Take advantage of every chance to walk or ride your bike. You will save money on petrol and get some exercise at the same time.12. Don't be afraid to explore the choices for your insurance
Insurance can be pretty costly. Not having adequate insurance can seriously jeopardize your financial objectives. Selecting the appropriate options for your life and budget is crucial. Make sure to look around for a policy after you have a more precise knowledge of what insurance you require. You can save thousands of dollars by looking around.13. Swap your light bulbs for LED bulbs
LED bulbs utilize a fraction of the power that traditional bulbs do. They also last far longer. You will save up a significant amount of money on your power bill over time. Make the transition if you can.14. Get your savings and investments automated
It is critical to automate spending targets after they have been established. Otherwise, you run the risk of reverting to your old spending habits. Getting your retirement savings automated via your company is an excellent place to start off. After that, you might want to think about setting up automated payments for as many of your expenses as possible. Examine your finances for innovative ways to manage your finances.15. Explore a library near you
A library is an incredible resource for free learning and entertainment. Of course, they have a large selection of books. On the other hand, most libraries also include enormous compilations of movies, magazines, and other materials. Please sign up for a library card in your region if you've not already. You may even be able to sign up online, and you can use applications like Libby and Overdrive to access your local library's collection of books (including audiobooks). The sheer volume of free resources that are available to you will astound you. You can find our most excellent personal financial, business, and professional book recommendations on our ultimate book list.16. Check up on your subscriptions
Here's something to think about: do you have more subscriptions than you actually use regularly or need? Spend some amount of time going over your subscriptions and figuring out which ones are worth keeping and which ones are not. Not only will you save up on a significant amount, but you will also enjoy the subscriptions you decide to keep.17. Stay in for those date nights
Date night does not have to entail an expensive meal or a trip to the movies. It might be a family game night or a stroll around the neighborhood. Find unique methods to spend time with your partner whilst staying within your budget.18. Look for a part-time job
Getting a part-time job is a reliable method to boost your savings. While you can find work in your neighborhood, working from home is more flexible. Focus on finding a work-from-home job if you already have a 9 to 5 job. There are numerous intriguing possibilities. Finding something that fascinates you is critical. Otherwise, finding the stamina to work after a long and arduous shift at your day job can be challenging.19. Pay off your debts
Debt depletes your resources. Your number one priority must be paying off your debts. You will not ever want to go back once you have eliminated debt from your life. You can get out of these financial binds by finding inexpensive methods to live within your means.20. Avoid credit card debt
Credit card interest is costly, and credit cards make it easy to accumulate unnecessary debt quickly. It is crucial that if you use a credit card, you pay off your balance each month completely. It is advised not to use it at all if you are not able to cover it in full. Preventing credit card debt is one of the most crucial pieces of frugal living advice. Believe it or not, staying out of debt saves you a lot of money.21. Downsize! Downsize! Downsize!
There might be certain advantages to having a larger home. The expenses of living in a larger space, on the other hand, can quickly add up. You are paying for the additional space that you don't really need, as well as the associated costs. Downsize your living area to make it cheaper.22. Try out a low-buy or no-spend challenge
When something is presented as a challenge, it is often simpler to stick to it. Why not try doing a low-buy or no-spend year if you're not sure where your money is going? If a full year seems daunting, start with a no-spend month and work your way up.23. Use money making apps
There are multiple money-making applications that will help you earn some additional cash! You may get paid to take pictures of sunsets, deposit your spare change, or sell your smartphone photos. It has never been easier to make some additional cash.24. Buy in bulk
One of the economical methods for saving money on your food bill is to buy frequently used things in bulk, such as toilet paper, paper towels, and soap. When you buy in bulk, the unit price is usually lower, and you may make fewer journeys to the store. If you buy perishable food in quantity, remember to prepare it in bulk and freeze it to avoid waste.25. Leave behind your cable connection
Depending on your cable package, this is one of the many the frugal hacks that might save you a lot of money. If you spend $100 per month for cable, that's $1,200 per year! If you wanted to, you could quickly boost your emergency fund and begin saving for a luxury purchase. Instead of paying for expensive cable, save money by using a streaming service.26. Frugal traveling
One of the top frugal living strategies is traveling on a budget. Traveling during the "off-season" allows you to save a significant amount of money while still having a fantastic vacation. You can also save money in this method by eating out less and staying somewhere with a kitchen. Having a place like this can let you prepare at least some of your own meals. Booking inexpensive plane tickets can also save you hundreds of dollars.27. Skip the salon
Alright, I will admit it. We all need our pampering and beauty treatments from time to time. But even so, bypassing the salon whenever feasible will save you a lot of money. For example, if you get a manicure done at your favorite salon twice a month for $25 each, that's $600 over the course of a year! Now imagine if you cut down on these expenses – that $600 will be easy money! You could contribute it to your emergency savings as well. This is one of the more savvy budget tips that can help you reduce spending money rapidly, even if you cut it to once a month.28. Give handmade gifts instead of store-bought ones
Making instead of buying gifts will help you save up money. It matters not why you are getting a present. Maybe you just felt like it, or maybe it is the holiday season. Christmas is among the most expensive holidays, making it difficult for people on a tight budget to celebrate. Making gifts is far more meaningful and special than just buying something. Look for gift-making inspiration on Pinterest and YouTube.29. Start your very own vegetable garden
It might surprise you to find out that you can produce vegetables inside. You can save money by growing your own veggies and herbs. It matters not if you live in a flat or a house with a yard. Harvesting your own vegetables is not only a bit of unique frugal living advice, but it is also a lot of fun!30. Cut down on your electricity bill
There are numerous strategies to reduce your electric expenses. When it is not too hot outside, you can save money by using fans instead of air conditioning. You can also avoid using your oven to save energy on hot summer days. You can also save money on your utility bill by washing your clothes in cold water. There are numerous other ways in which you can cut down your electricity bill – you just have to find new ways.31. Have fun for free
Nothing makes a task simpler than making it enjoyable. Having fun with activities that are free of charge is among the most excellent frugal living strategies. There are other free fun activities available, including going for a walk, having a picnic, or enjoying a bonfire, to name a few.32. Cut back on expensive coffee
Coffee costs nearly $2,000 per year for millennials! That is not a small number. I do not suggest you give up your beloved coffee, but cutting back on your spending can benefit you. Even if you spend $20 per week on takeout lattes, that's still $1,040 per year. It is difficult to give up delicious coffee completely, but you may buy multiple kinds of coffee and cream and have your cuppa at home all the while saving money. This is another frugal living trick that can help you save a lot of money!33. Get fit at home
Americans are increasingly choosing to exercise at home — a typical gym membership costs around $58 per month, or nearly $700 per year. Home fitness videos may be found on YouTube, and exercising at home instead of the gym can save you a lot of money.34. Stop buying things on impulse
Thanks to e-commerce and online shopping, instances of impulse purchases have never been more common. Anyone can find anything and everything just at the press of a button. And even those midnight shopping sprees can add up to hundreds of dollars in the blink of an eye. One of the most essential frugal living strategies to help cut down your expenses and save money is to learn how to stop purchasing.35. Find out what you can do without
You should not always buy something simply because you can. Determine what you can live without as you attempt to stretch your expenditures. Regardless of whether it is momentary or permanent, saving more money can really help you out. It's okay to buy something expensive once or twice a year provided it doesn't disrupt your yearly savings and expenses planning.Use these strategies and tips to increase your savings!
Frugal living is not always a sacrifice. Make an attempt to see frugality as a method to enjoy the things that matter to you the most. It's simpler to splurge on things that really matter if your finances are under control. To determine which frugal living suggestions work best for you, try out a few at a time. Do not forget to take advantage of our fantastic and completely free courses and worksheets. They will assist you in your frugal living quest and help you achieve financial success!