The word frugal is often misconstrued as a negative one. However, although a frugal lifestyle can seem like a sacrifice in quality, it doesn’t have to be. Instead, you can choose to be frugal in ways that will add more value to your life. Let’s dive into what it means to be frugal. Plus, check out our frugal living tips to get started!
What does Frugal Living Mean?
Frugal living is the act of being very intentional with your spending. If done properly, you’ll be able to prioritize the things that matter to you most. You’ll prioritize spending money on those things that matter and cut back on spending in other areas. Luckily, frugality can mean very different things to different people.
Frugality does not need to mean trading your favorite Lucky Charms cereal for the generic store brand. It does not need to mean living without napkins. And it does not need to mean forgoing adventurous vacations in favor of a staycation.
Is Frugal living worth it?
Yes! If you are tired of letting money control your life, then frugal living is worth it. However, it is critical to look at the positives. If you only look at the sacrifices that come along with frugal living, then you will have a difficult time staying on this path. Of course, you will have to give things up along the way. But these sacrifices on your journey can add up to larger benefits down the line. Remember, you are choosing to be frugal in order to enjoy the things you prioritize. If you keep your priorities in mind, it may not be as difficult to live a frugal life!
1. Accept frugality and stop believing the myths
Many people think that happiness comes only from spending money. However, that is a sad way to think about money. Yes, money can help improve your life, but it’s not everything. And, if not managed well, it can lead to debt, stress, and more. Being frugal isn’t always what happens when you are out of options.
Sure, there are times when people must buckle down and spend less than they usually do, like if you are living paycheck to paycheck. However, living a frugal life can go beyond cutting things from your budget. It can be something that isn’t just a short-term solution– it’s one that you can benefit from for the long term.
There are many reasons why a person may choose to be frugal, such as:
- You want to avoid debt.
- You want a simpler life.
- You know that you can still have fun while being frugal.
- You want to appreciate everything and anything around you.
- You want to stop trying to impress others.
2. Stretch Your Food Budget
Frugal foodies here’s your recipe for eating well on a budget. Just add a dash of creativity, a dollop of planning, and a healthy dose of ingenuity. Cooking, and even growing, your own food can help you stretch your budget further. And simple tricks like splitting entrees and hitting happy-hour specials can help you dine out on a dime.
If you are anything like me, then meal planning doesn’t sound enjoyable. A combination of kitchen fears and laziness led to a lack of meal planning that was burning a hole in my budget. Instead of ordering lunch every day, just eat what you’ve cooked at home. The savings really add up quickly. Check out our 30-day meal planning challenge to find some inspiration.
Frugal food tips
- Plan your meals in advance.
- Grow your own herbs and vegetables.
- Opt for less-expensive cuts of meat.
- Buy store brands and generic labels.
- More ways to save money on groceries.
3. Rent, Don’t Own
Sometimes you only need to use an item briefly to make a good impression. In that case, consider renting rather than buying. You can rent designer clothes through Rent the Runway, or try Mine for Nine to get fashionable maternity wear. There are also rental companies for baby gear, jewelry, and handbags. These websites will let you borrow specific items for a certain number of days at a set price.
The place you decide to live doesn’t have to break your budget. You can rent a room from someone, live in an apartment, a tiny home, a mobile home, etc. But, this need becomes a want with overspending and thinking you need something way above your means.
Decluttering and downsizing your home to simplify life has many benefits.
- Save money. In some cases, a bigger home can cost more due to higher utility bills, more clutter being bought, higher insurance, more maintenance, and repairs, etc.
- Have less clutter. The bigger your home, the more likely you’ll have empty rooms. Be more mindful of what we buy.
- Spend less time cleaning. A larger home is going to take a lot more time to clean than a smaller one.
4. Repurpose the fabulous clothes you already have
Do you love to shop? Do you consider having nice clothes and shoes a part of your fabulosity profile? If so, you probably already have a closet full of items that you hardly wear. Instead of going out to buy another pair of shoes that you’ll only wear once and forget, consider shopping in your closet.
There’s probably a bunch of clothes and shoes lost in the back of your closet, begging to be worn again. Organize your closet so that you can find some of these hidden treasures. Learn to repurpose the fabulous clothes you already have before spending unnecessary money on things you don’t need. You can be fashionable, even on a budget!
5. Find savings on household expenses
Before you call the handyman, consult YouTube. There, you can learn how to do tasks as varied as fixing a leaky faucet or remodeling your bathroom. Getting frugal at home can also mean examining your monthly bills for ways to save on electricity, water, cable, and even your cell phone bill. The more you save on those expenses, the more you can spend on (or save for) what’s important to you.
Frugal household tips
- Save on your cell phone bill with automatic payments.
- Get free TV with a digital antenna.
- Use YouTube tutorials to be your own handyman.
- Refresh your cabinets with new paint and hardware.
6. Evaluate transportation cost
Transportation costs, whether for a car or a monthly metro pass, fall squarely into the “needs” category of most budgets. Find more room in your budget by lowering what you spend on getting around every month.
- Refinance your auto loan. You can lower your car payment by qualifying for a better interest rate or extending the length of your loan. You’ll need a track record of on-time payments spanning six to 12 months.
- Sell your car. You will typically get more for your ride if you sell it versus trading it in. And you can use the proceeds to pay off all or most of your current car loan. Then, buy a less expensive model, preferably a used car, which won’t lose value as quickly as a new one.
- Evaluate whether you even need a car. If the answer is no, sell your car and use the proceeds to pay off your existing car loan. What you save in monthly insurance, gas, parking, and maintenance costs will be more than enough to cover public transportation.
7. Purchase at the right time and spend on high-quality products
There are sales cycles that allow consumers to estimate when prices may be lower, and some categories of goods reliably follow certain pricing patterns. For instance, fitness products are often cheaper in January, home prices generally peak in the summer and the weeks leading up to Black Friday in November are generally prime time to buy electronics.
In addition to buying at the right time, be perceptive about how you spend your money. Buying an expensive item that you’ll use frequently could cost less overall than if you end up buying a series of cheaper goods that don’t get as much use. Plus, you’re more likely to use something that works well or wear clothing that fits you right.
8. Stop wasting money impressing others
As you probably noticed, there was a common theme above– in order to be frugal, you need to stop caring about what others think about you. However, for many people, that’s simply just not the truth. Many people constantly spend money to impress people and to keep up with the Joneses. This may mean buying a nicer car than you can afford, moving into that McMansion, and more.
Now, no one says you can’t buy nice things. But you need to be realistic with your spending and truthfully tell yourself whether you need or even want that item, or if you are just trying to impress someone else. No one cares about what you have or what you’re trying to show off. No one likes a show-off anyway.
9. Budgeting Frugal Tips
Writing and following a set budget will save you more money each month. If you’ve ever written a budget that you thought was perfect but ended up going down the drain. However, as we continued to practice budgeting, we were able to eventually save a lot each month. Being intentional with spending is bound to save you money that you can put towards debt, bills, or even that trip to Europe that you’ve been dying to take.
It’s harder to part with cash than it is with a debit or credit card. Plus, if you pay with cash then you can’t go over budget because you won’t have the money to spend more. We have used cash with our budgeting system for over 8 years and it helps keep our spending in line.
10. Be happy with what you have.
If you’re able to read this blog, then you probably have a better life than many other people in this world. It’s important to realize that not everyone has access to a computer, an internet connection, or a comfy spot to read from. So, the next time you think that you can’t survive without something, be honest with yourself about whether or not that’s actually true. This doesn’t mean that you can’t enjoy life and have a good time.
The power of frugality means that you can still live a great life while on a budget. Money doesn’t have to dictate how much you enjoy life. There are plenty of ways to live an awesome life while saving money. Yes, you can still see your friends, have fun with your loved ones, and more– all while staying on a realistic budget.
Conclude
Leverage these frugal living tips to save more money! Living frugally doesn’t have to be a sacrifice. Make an effort to think of frugality as a way to fully enjoy what you care about in life. When you have your money under control, it can be easier to spend on things that matter. Try out a few frugal living tips at a time to find out which works best for you.
