Sometimes being frugal gets a bad rap, lots of people think that frugal equates to being cheap but this could not be further from the truth. Being a frugal person means that you are careful and intentional about where and how you spend your money.
By cutting out unnecessary spending and making informed financially savvy decisions you can live a very happy frugal life. There are so many areas where people tend to waste money or overspend but this can easily be rectified. I’m sharing 7 things frugal people never pay for to give you some ideas of how you could save money.
7 Things Frugal People Never Pay For
Interest
Lots of frugal people are debt-free or are on their way to being so, they avoid paying interest at all costs. They avoid having any debt that incurs interest choosing to save up for major purchases instead.
If they do have debt on credit cards they transfer to a better rate usually 0% for anywhere between 12-18 months. Making use of balance transfers means that every penny goes towards the balance which will pay off your debt faster.
Gym Memberships
They do not pay to exercise with expensive gym memberships but instead utilise free ways of getting fit. There are hundreds of free videos available on YouTube and you can also invest in exercise equipment to use at home.
Exercise equipment can often be found for cheap on the Facebook marketplace, Gumtree or Craigslist. Of course, you can always get outside for a walk or run which is totally free too.
Unused Subscriptions
Frugal people will often take stock of any subscriptions they have to make sure they get full use of them. This could include multiple streaming services you are paying for or a monthly magazine that arrives in the mail but you never look at.
Single-Use Products
Paying for single-use items is not only bad for the environment it’s also a big waste of your money. Products like paper plates, plastic cutlery and paper napkins mean that you are literally throwing money away with each use. Swapping to reusable items is so much more cost-effective and far less wasteful.
Entertainment
Frugal people know that you don’t have to spend money to have fun. When it comes to watching TV there are lots of cheap or free alternatives to expensive cable like Netflix, BBC iPlayer and Freeview. Books, magazines and audiobooks can be borrowed from the library.
Brand New Cars
In the first year of purchase, a brand new car can depreciate in value by up to 20% and up to 60% over three years. Frugal people buy used cars that are a few years old, have low mileage and are in great condition. They also take good care of their vehicles making them last for many years.
Poor Quality
The old saying ‘buy cheap, buy twice’ is very true, paying for poor quality products, goods or services is not cost-effective in the long run. Investing in better quality means you are getting good value for your money overall. This can apply to things like white goods, clothes, shoes or electronics. Better quality products often require less maintenance and they last longer too.
What would you add to this list? What things do you never pay for?
FOR MORE POSTS LIKE THIS SEE OUR FINANCE ARCHIVE.