The great thing about being frugal is that even small changes to your spending habits can significantly affect your overall finances. You don’t have to give up everything you love to save money, either. Instead, you can learn how to get the things you love at better prices while also cutting down on the expenses that don’t matter all that much to you. As a result, you’ll save money while still having a high quality of life!
If you want to start living more frugally and still be happy, this article will provide you with some creative ways to do just that! But first, you may need to know the basics of frugal living and how it can make your life both simpler and happier!
Frugal living is a way of life in which you make choices that help you save money while living below your financial means. This includes being aware of the amount of money you make, how you’re spending it, and what you’re doing to achieve your most important financial goals!
Living a frugal life doesn’t mean giving up everything you enjoy or making extreme sacrifices. Instead, it means being creative and finding strategies to get the most for your money and the biggest bang for your buck!
The distinction between a frugal vs cheap person can be confusing. But in general, a frugal person is inventive and innovative, whereas a cheap person may prioritize speed, convenience, and price over all other considerations. In general, a cheap person will look for the cheapest option for everything they need. However, a frugal person will get the best option within a specific budget.
For instance, a cheap person may spend $10 on a fast-food lunch. In comparison, a frugal person may spend $15 on a loaf of whole-wheat bread, some sandwich meat, and vegetables. Even though the frugal person is spending more upfront, they’re actually spending less on a cost-per-lunch basis!
In this situation, the cheap individual chooses a quick fix and buys out of convenience. The frugal person also exhibits an eye for quality, the patience to wait for a reasonable price, and the tenacity to stretch a dollar in each instance. While the cheap person merely wants a quick fix, the frugal person’s approach demonstrates forethought and consideration.
Once you’ve started living more frugally, you might be surprised how happy you are. Here are some ways that living a frugal life can make you happier and help you manage your money better:
Although it can be difficult, leading a thrifty lifestyle is not impossible. Here are a few ways you can live frugally and still be happy!
Keep track of your income and expenses to ensure you are not overspending. This entails keeping track of all your bills and outgoing costs, prioritizing needs vs wants, saving a significant amount of money each month, and spending on your happy expenses.
For many people, the constant pressure to keep up with and pay bills on time prevents them from fully enjoying life. Rather than living in a state of stress, find more breathing room. To do that, stop overspending and pay down your credit card debt. Start using cash for all your purchases, and refrain from using credit cards any further. Avoiding credit card debt can help you stop wasting money on interest which in turn allows you to save more and work towards your goals!
If you owe creditors a substantial amount of money, you may be able to settle the debt for less than you think. But, before you do, make sure you do your research and are aware of the potential repercussions.
Do you frequently eat dinner out, grab breakfast on the fly, or depend on delivery for lunch several days a week? Especially if eating out is one of your major monthly expenses, you may find that adopting just one thrifty habit, cooking more meals at home may significantly impact your monthly savings.
If you dine out less frequently, you’ll save money. Not only that but you’ll have more control over the nutritional value of the food you consume! Incorporate time to relax and cook in the evenings into your schedule and check recipes online for new ideas.
If your schedule is hectic, preparing your meals in advance and even freezing large quantities of food will ensure you have a filling meal on weeknights without having to spend extra time or money preparing it.
You can accumulate money by making it a habit to buy more used goods. Consider purchasing used items whether you need clothing, glassware, other kitchen items, home furnishings and décor, school supplies, or even a vehicle.
Buying something new frequently results in paying full price, but buying something second-hand can result in significant savings and doesn’t always require sacrificing quality. Consider visiting your neighborhood thrift store or consignment shop the next time you need something. You might even find name-brand alternatives for a much lower price. Check out your local “buy nothing” clubs for even more significant savings.
Instead of shopping mindlessly, become more money conscious and plan your purchases in advance. You can save money on groceries, and other home supplies by creating a list and buying these items in bulk. To prevent waste, only buy what you need from grocery stores and be sure you have enough room to store it, too.
To keep yourself from buying impulse goods, consider introducing a waiting period. Taking a break before you make a purchase can be helpful, regardless of whether you have a history of shopping online or aimlessly wandering the mall and leaving with merchandise you hadn’t intended to buy.
Instead of buying on impulse, simply leave the store and write down the products you want to buy. Then, give yourself some time to research, consider the alternatives, and think these purchases over. If you still want them at the end of the waiting period, then when you buy you’ll feel more satisfied with the purchase you’re making. In addition, you’ll also be less likely to experience buyer’s remorse!
Many different websites offer discounts and promo codes. Before purchasing a big ticket item online, spend a few minutes searching for free shipping coupons and discount codes.
When it comes to grocery store savings, going with generic or store-brand products rather than name brands is a quick way to save money. Not only that, but you typically won’t notice any difference in quality either!
For instance, generic and name-brand drugs contain the same active ingredients. However, brand-name drugs often cost two or three times more than generic alternatives. By opting for the generic brand, you won’t just get the medicine you need, you’ll also pay a fraction of the price!
You can get excellent prices on clothing, furniture, sporting goods, and other items at local garage sales and thrift shops. Before purchasing, make sure to carefully inspect the things to make sure they are in good shape. As an added tip, plan your route in advance so that you’re time efficient and not spending extra money on fuel.
Cheap, trendy apparel from fast fashion labels, inexpensive but rapidly worn-out shoes, or poorly made furniture may save you money upfront. But in the long run, these tend to be poor investments that end up costing you more money by the time you consider the costs to replace them!
Buying cheap items is not always a great idea. Instead, invest in high-quality products that will last. This way, you can enjoy them for years to come! Also, sometimes quality items cost more, so you may need to budget and plan your spending accordingly.
Also, you’ll likely discover that cutting back on your shopping and limiting your purchases to a fewer number yet higher quality saves you money over the long run. In addition, this approach allows you to own nice things which may contribute to your feelings of having a high quality of life, too!
Using your local library can also help you save money if you routinely buy books, rent movies, pay for audiobooks, or even attend expensive events. Consider your library a place where you can access many different entertainment options without having to pay for them!
Many libraries now include contemporary amenities like free admission to community events, art museums, performances, and more. They also offer access to a “library of things,” where you may borrow useful products. To find out what free resources are available, be sure to check out your local library.
Getting the temperature comfortable in your home can be expensive. Energy bills are high when you pump cool air into your home in the summer and dial up the heat in the winter. However, cutting your thermostat back by a few degrees for a few hours each day will help you save money.
One way to do this is by installing a smart thermostat. With it, you can easily change the temperature settings of the thermostat from your cell phone no matter where you are!
Also, consider switching to energy-efficient light bulbs, unplugging chargers and appliances when they’re not in use, and switching off lights to save more money (and the environment), too!
You will save money on gas and maintenance by using public transportation. If you must use a vehicle, consider riding a bicycle or sharing a ride with someone. In some instances, like long-distance trips, it may even make financial sense to rent a vehicle rather than use your own!
Check your subscriptions and get rid of those you don’t use frequently or need. This includes gym memberships, subscriptions, streaming services, and other monthly fees that can quickly mount up. By removing them, you’ll reduce your monthly expenses, become more frugal, and will have more money in your bank account!
Many people struggle to be frugal with money because they spend extravagantly on entertainment. Instead, find inexpensive ways to entertain yourself. Consider going to libraries, parks, and museums. On top of that, most communities offer free activities and events throughout the year, too.
If you want to lead a more economical lifestyle, consider switching to a less expensive phone plan. By understanding your usage, making a few calls, and shopping providers; you’ll likely end up saving hundreds of dollars each year!
Most retailers offer loyalty programs that reward their frequent customers. By signing up at the stores you shop at most, you’ll be given exclusive coupons, specials, and other rewards that will help you spend less money!
Another way to live frugally is by bartering with your neighbors and friends. For example, you could mow a neighbor’s lawn or lend them a tool. In return, they may invite you over for dinner or give you a ride to your office. Either way, trading goods and services with other people is a great way to spend less and save more money!
Before you replace something that breaks, try to repair it. Things like electronics, furniture, and even appliances can oftentimes be repaired for less than you think.
Repairing is not only more cost-effective than replacing, but it’s also a fantastic way to cut down on waste.
Countless studies have found that it’s impossible to be both dissatisfied and appreciative at the same time. With that being said, showing gratitude for all things in your life is only going to make you happier!
Some individuals practice gratitude by writing in a gratitude journal first thing in the morning. Others choose to recite their blessings aloud each day. No matter what you choose, practicing gratitude will remind you of all the good things in your life and that is a surefire way to experience greater joy and happiness!
Unfortunately, too many people don’t live frugally. Instead, they choose to live beyond their means which causes never-ending financial stress, detracting from their quality of life!
Luckily, living a frugal life is simpler than you think and everyone can do it. Rather than stressing out about trying to keep up with the Joneses, commit to saving a greater percentage of your money. Not only will your financial position improve, but you’ll experience less stress and that will help lead you to a better quality of life!
Author Bio: Attorney Loretta Kilday has over 36 years of litigation and transactional experience, specializing in business, collection, and family law. She frequently writes on various financial and legal matters. She is a graduate of DePaul University with a Juris Doctor degree and a spokesperson for Debt Consolidation Care (DebtCC) online debt relief forum.
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