Do you want to live a frugal lifestyle? Are you interested in learning more about frugal living tips and exactly what that means? Then this article might just be what you are looking for.
I believe that being frugal means different things to different people, it’s a very individual thing. Some people may choose to be frugal because they want to pay off debt while others choose frugal living to save money. When it comes to living frugally there isn’t a one size fits all solution.
Frugal living can often be misconstrued as a lifestyle of sacrifice and scarcity but that couldn’t be further from the truth. Being frugal doesn’t mean that your life will be boring or that you will be miserable. Frugal living can enrich your life and open you up to so many more experiences and adventures.
What does frugal living mean?
Frugal living means that you are careful and intentional with where you spend your money. A frugal mindset means that you prioritise spending money on the things that matter to you while saving money on the things that don’t.
What frugal living means to each person is completely different, some people might choose to buy everything second hand while others might go without a car to save money. Being frugal can be totally flexible and it’s up to each person on how they want to approach this style of living.
What are the benefits of frugal living?
There are so many benefits to living a frugal life the main one being the freedom it allows you to reach your financial goals. Some other benefits include:
- Early retirement
- Becoming debt-free
- More money for savings and investments
- Financial security
- Better prepared for a financial emergency
- Simple living
- Learning new life skills
- Less stress
Does frugal mean cheap?
Absolutely not, frugal and cheap are two very different things. Frugal means choosing to spend money on the things that are important to you while cheap means buying things at the lowest cost possible without a thought of quality.
Frugal people will consider their purchases intentionally to optimise their spending, they will look at the bigger picture. Cheap means that people don’t like spending money and will look for the lowest cost and the price of something is the main focus.
Quite simply, frugal focuses on value while cheap refers to cost.
Is frugal living worth it?
Yes, I certainly think so anyway. Frugal living can help you achieve your financial goals and live the life that you want. There may be some sacrifices you will make along the way but the benefits far outweigh them.
How do I live a frugal life?
Getting started can be quite daunting and it might seem like you need to overhaul your whole life but this isn’t the case. If you want to start living a frugal lifestyle you could choose one or two frugal tips and try those first. If those work and they feel comfortable then try a few more.
Go at your own pace and remember that even the small changes all add up to getting you closer to your financial goals.
10 Frugal Living Tips
Here are some simple frugal living tips that should help you on your way.
Make A Budget
Making and sticking to a budget is a sure-fire way to reaching your financial goals. You need a plan for your money, you want to know exactly where it’s going. A budget will give you the freedom to be in control of your money.
Some people think having a budget is restrictive but it’s the opposite, it’s flexible. You can tweak it to suit your lifestyle and change it if it’s not working for your situation. No matter what your income having a budget will help you better manage your money and puts you in control.
Having a budget will also help you to see where money can be saved, and will also ensure that you have enough money to last each month.
Meal Plan
One area that you can always save money on is groceries, having a good solid meal plan is the key. Planning in advance what meals you and your family will eat means you know exactly what you need to buy. Meal planning also reduces food waste which is good for not only your wallet but for the environment too.
Take an inventory of your cupboards, pantry, fridge and freezer and build a plan around what you already have. You can also make use of any leftovers by freezing them or using them for lunch the following day.
Cut Expenses
Take a good look and spring clean your monthly outgoings and expenses and see if you can reduce or completely cut anything out. You might be able to negotiate lower rates for rent or utilities or get a better deal on mobile contracts.
Don’t be afraid to shop around for better deals or ask existing providers for better rates. It certainly does not pay to be loyal to any one provider.
Are all your monthly subscriptions necessary? Or could you live without one or two of them and save some money?
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Pay Down Debt
The biggest barrier between you and your financial goals is your debt. You should make it a priority to pay down any debt you have and not take on any new debt.
Frugal living can help you live within your means which will free up money to direct at paying the debt.
Buy Used
When planning a purchase always think about if you could buy something used first. You could save so much money buying second-hand lightly used items whether it be furniture or clothing.
There is already so much waste, we live in a throw-away society so why add to that? Save yourself lots of money by using charity and thrift stores, Facebook Marketplace or eBay.
Low Spend Challenge
To kick start your frugal living journey why not take part in a low-spend or no-spend challenge? Make a list of rules that you want to stick to for a month, including things that you will and things that you won’t buy.
Keeping a record of your daily spending will help keep you on track with your challenge and is also useful for finding areas where you might be overspending. Any money that you save from this challenge can be paid towards debt or put into savings or investments.
Frugal Fun
Instead of spending money on entertainment or day trips look for ways you can have fun for free. Getting outside and exploring your local area with a picnic is a great way to have frugal fun. You could also visit the library, a museum or a free local event or attraction.
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Make Do & Mend
Living a frugal life really makes you realise that you can be happy with what you have already got without needing to spend money. This mindset helps you to think of ways to repurpose or recycle before purchasing anything new. It also teaches you to fix things instead of automatically throwing them away and buying new ones.
You can learn to fix things yourself by watching an online tutorial, it’s never too late to learn a new skill.
Around The Home
You can save lots of money by making small changes around the home. Start by making sure your home is well insulated so you are not losing heat, simple things like thick curtains and draught excluders can help. You could also make sure you are switching off any lights or appliances when not using them.
Swapping to energy-saving lightbulbs and other energy-saving appliances can help too. Doing things like this might only make small savings but they all really do add up.
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Up Your Income
Could you increase your income at all? There are so many ways that you can make extra money, from getting a part-time job to completing surveys or mystery shopping.
You could make money selling your unwanted items either online or at garage sales and flea markets.
There are also money-saving cashback apps that can get you discounted or even free groceries or other household items. Any money saved this way can go towards increasing your savings.
These frugal living tips should have given some ideas of a starting point, give some of them a go and see what works for you.
Do you already live a frugal lifestyle? What have you found has worked for you? If you are just starting your frugal journey let me know what you are going to try first.
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