Do you tend to spend a lot of money without thinking? Do you have a hard time saving money? Would you like to start having a more frugal life?
We know saving money can be difficult at times, so we here are some simple, frugal living tips you can start using right away.
Some people, either consciously or unconsciously, end up spending more money than what they have. Their lifestyle costs more than what they earn and it is not surprising for them to have regular money problems. This can be difficulty in paying bills, an increasing amount of debt, or living paycheck-to-paycheck.
If this sounds like you, start applying a more frugal philosophy to your life.
Don’t worry, regardless of what you earn, you can start being more frugal so that you don’t end up spending all the extra money you earn. If you aren’t able to save money currently, you’ll be stuck in your journey towards financial freedom.
Through this article, we’ll teach you some simple, frugal living tips while also showing that it isn’t challenging to focus your life on frugality and taking control of your finances.
What is Being Frugal?
Living a frugal lifestyle consists of spending money responsibly and intelligently. It is about avoiding spending money on irrelevant stuff to reduce your expenses. Instead, only spend your money on useful things that bring happiness and purpose to your life.
Everyone likes spending money, especially since you work hard to earn it. However, sometimes people like to make excuses and end up purchasing things they don’t need just because they want to.
Embracing a frugal philosophy will help you stop any bad habits you have that are affecting your finances. This way, you will be able to concentrate on your long-term goals while also spending less in the short-term.
You will discover that the frugal lifestyle will provide you with several tools that will allow you to achieve happiness by using less money. These simple, frugal living tips will be useful for your future if you dedicate yourself to them.
Being Frugal vs. Cheap
Often times, people use being “frugal” and “cheap” as synonyms but they actually have subtle differences.
Frugal people understand that paying more does not mean they will get better or more valuable things. They look to minimize their spending while maximizing the things that bring them enjoyment and happiness. Being frugal means saving money while also getting the best value from your investment.
Cheap people focus on spending as little money as possible, no matter the cost. Being cheap is to avoid spending money for the sake of saving as much as possible, often at the expense of value.
For example, being frugal would mean that you search for the best value by using sales, coupons, and buying an older model that is less expensive. Being cheap would be to buy a second-hand, worn out version, or to not buy it at all.
Why Learn to be More Frugal?
When you decide to spend less money on extra things, you will be able to use that money for your future. This can be be saving and investing for something significant, like college, a house, a child, or retirement.
Overall, being more frugal will help you achieve your financial goals while not giving up on all aspects of your lifestyle. Some of the benefits of learning to be frugal include:
You will learn to be disciplined. This will help you to control impulse buys and excessive spending that doesn’t help your bigger goals. Committing to being frugal helps you to improve your discipline so that you can do more in life.
More opportunities will be available for you. By being able to save more money, you will be able to do more things. This can be retiring early, going on a trip, or sending your children to college.
You will have a better quality of life. Instead of giving up everything to save money, you will find ways to cut expenses while still doing the things you love. Instead of cutting out all traveling, learn to travel on a budget using the least expensive options.
How Do You Learn to be More Frugal?
If you have never tried the frugal lifestyle before, you may think that it will be challenging. While it may take a little time to get used to, the good news is that anyone can start to be frugal with minimal effort.
To start, learn the difference between wanting and needing
Some things are indispensable to our everyday lives, such as water, food, clothes, and housing. Without these things, we wouldn’t survive, and that’s why we need them.
Wanting something is anything else that makes us happy or fulfills a purpose that isn’t absolutely necessary. The difference is that wants are expenses that can be cut out completely while needs can only be minimized.
For example, we need to eat but we want to do so in a five-star restaurant. We can minimize our food expenses by eating in but can’t eliminate it entirely.
Before purchasing a new product or hiring a service, you should ask yourself first if you’re making the right decision. Could you obtain similar satisfaction by purchasing something less costly?
Simple, frugal living tips you can start applying to your life right now.
Here are some simple, frugal living tips that will make it easier to save more money and reach your financial goals. We recommend you to start with those you find less challenging, and you can add more once you start feeling more confident.
Control Your Expenses
Controlling your expenses is crucial if you want to start having a frugal lifestyle. It can be challenging at first, but if you don’t know where your money is going, you won’t be able to save anything.
Before starting to adopt a frugal lifestyle, please take note of all your monthly expenses. Analyze them and start looking at the numbers. Identify the areas where you can reduce your expenditure without having a significant or major impact on your current lifestyle.
This exercise is great for beginners and it will help you realize how much money you’re spending on your daily life. Once you’ve found out how much you spend, you’ll realize how costly some of your habits can be.
Use Less Electricity
Saving on your electricity is a good way to start having a frugal lifestyle since it is pretty easy to do. You can start by turning off any lights that you’re not using at the moment. Do the same thing with any other electric appliances, like fans or coffeemakers.
Air conditioning is a big user of electricity in the summer, so consider keeping your home a degree or two warmer. Instead of trying to cool your rooms to 70 degrees, set your thermostat to 75 to save money.
Although the dryer was invented to make our lives less demanding, you can save electricity by hanging your clothes to dry. The same thing applies to the use of your dishwasher or your washing machine. It would help if you only used them when it’s full.
Shop Around for Deals
Don’t settle for the first offer when you are looking to buy something. Make the effort to comparison shop to see if you can find it cheaper anywhere else. There may also be periodic sales or coupons that could be used to save money. Especially for the big purchases, the extra effort can add up to serious savings.
For example, you can save money on your professional clothing for work by shopping online. It is easier to compare prices and see if there is a website that offers the same clothing for less money.
Save Money on Food
We are not saying you should eat bad-quality products, but you should avoid going to restaurants as much as possible. We recommend cooking homemade meals most of the time so that you can minimize expenses. Eating out can be costly, so look for ways to do it yourself.
This includes not wasting any leftover food from meals and eating it for another meal later on. Buying food in bulk can be a good way to cut costs but make sure you preserve the food appropriately so that it doesn’t spoil.
As for your drinks, a juice or a soda may seem like great options but water is healthier and less expensive.
Buy Used Items
Instead of buying something new, look for a used version to buy instead. In most cases, you can find a cheaper, used alternative that works just as well as a new model. Lightly used clothing, books, cars, and toys can all be found cheaper than buying straight from the manufacturer.
Don’t Try to Impress Others
Some people commit the mistake of spending money trying to impress a friend, a relative, or some other person. Stop worrying about what others think of you because, in reality, it won’t change the opinion of people who truly know you.
People may even start disliking you for bragging and trying to show off by spending excessive money. We are not saying you should stop buying attractive things for yourself but you should only purchase what you truly need.
You can buy whatever you want but you shouldn’t allow others to impose their consumerism on you. Buying things just because everyone else is doing it or because you think it will make you popular is not a way to be frugal.
Bottom Line
At the end of the day, being frugal will help to save money while still providing value. Instead of cutting things out completely, try to find ways to reduce your costs. If there are excessive costs that you don’t really need in your life, then that could be a good option to save money.
Being frugal is a lifestyle change that will help to put you on the right path to reach your financial goals.
