Adopting a frugal living lifestyle lets you save by getting freebies, using secondhand products or coupons. It helps you use your money on things you value most: living debt-free, saving for retirement and investing in yourself.
So, to start living frugally, these are some tricks that you can use to save money.
Some habits are good, others no so much. Spending on frivolous items is not a good habit to have. Indeed, unnecessary expenses will drain your budget faster than a speeding bullet.
Many people may think using coupons will somehow make them a cheapskate. But, who cares? Using coupons or store loyalty programs are a great way to save money and build loyalty at the same time.
There are times when you have to look your best, but only for a short time. You can also rent other things, such as handbags, jewelry, or even camera gear online. Doing so will save you hundreds, if not thousands of dollars a year.
For this frugal living tip, consider starting a wishlist. Sites like Amazon offer consumers the opportunity to invite friends and family to see your wishlist, and at their discretion. Then, they can buy you something from your list.
If you want to save money, knowing where you spend your money is critical. With this frugal living tip, consider tracking your last three months’ expenses on a budget spreadsheet. Then, you’ll have a clearer idea of where you can cut.
Saving money in one account makes it easier to spend it. So, for this frugal living tip, consider spreading the money in various savings and checking accounts at different banks. And to supercharge this strategy, set up withdrawal limits. That way, you won’t be tempted to use the funds.
Organizing your bills by hand is a near-impossible task. To overcome the problem, add a bill payment reminder to your phones’ calendar. Then, your phone can automatically remind you before the due date.
Do you know all the $20, $30, or $40 monthly subscriptions that hit your credit card each month? For this frugal living tip, audit your credit cards for the monthly subscriptions you don’t use. You can save thousands each year by finding free alternatives.
If you try everything possible but find it hard to curb your spending, consider leaving your cash and credit cards at home. Doing so helps you avoid unnecessary expenses like buying coffee or snacks on your way to work and unnecessary costs during the day.
If you find yourself having trouble sticking to your grocery list, consider weekly meal planning, and create a shopping list around it. Also, look for cheap, no-name alternative items to buy.