20 Tips for Frugal Living
It is that time of the year when everyone is making their New year’s resolutions. Whether you have been able to keep last years’ resolutions or not – there is always hope for the next one. So, for all you guys out there who have resolved to save more in 2018, Forthemommas is here to help live frugally.
Living frugally allows you to not only spend less than what you earn, but also allows you to earn less. You can use the difference in income to pay off debt, save or invest. If you need to earn less, this allows you to choose to work less, or work more but retire early. You have more options with a frugal lifestyle. It’s not as hard as you may think to still enjoy a great life while living more frugally. One where you spend time with your family, have great conversations, read and get outside to do things that are fun and healthy. It allows you to focus on what’s important and spend your free time the way you want. Here are 20 Tips for Frugal Living that still allow you to enjoy life.
1. Downsize. You may be able to afford a larger house, but that doesn’t mean you should live in one. Buy as small a house as you can while still being comfortable. You can save thousands a year with a smaller house and smaller mortgage. And, if you eliminate clutter, you don’t need a large house.
2. Get a smaller car. Again, you can save thousands with a smaller car that is less expensive and more fuel efficient. Be comfortable, but don’t overdo it.
3. Rent instead of own. Buying isn’t always the better investment. If you calculate your mortgage interest, the cost of insurance and maintenance, buying can be much more expensive than renting. And if you rent, save money and then invest the difference. You can end up well ahead in the long run.
4. Buy used. Shop around at garage sales, thrift stores and online classifieds for furniture and other household items. Ask around, see if someone you know may have an extra of something they’re not using and don’t need so they’d be happy to give it to you.
5. Eat out less. One of the biggest expenses you probably incur is eating out. The average person spends over $2,000 a year on eating out. Save money by preparing your own meals. Create a weekly menu, then buy the groceries, and cook dinner every night. And as an added bonus, leftovers make a great lunch the next day.
6. Brown bag it to work. Instead of eating out, pack your lunch.
7. Reduce your wardrobe. Plan your wardrobe so that you can mix and match tops, pants, skirts and jackets to create completely different outfits. Use accessories to add a touch of color and style.
8. Stop impulse buying. Before buying something on a whim, ask yourself if you really need it, when and how will you use it? Take a moment to think through a purchase.
9. Use a 30-day list. To help curb impulse buys, create a 30-day list. When there’s something you really want to buy, put it on this list, with the date you added it. Make a rule that you can’t buy it for at least 30 days after you put it on the list. And stick to it.
10. Get rid of cable. You can save yourself hundreds, even thousands, a year by breaking up with your cable provider and signing up for an online streaming service.
11. Go to the library. Instead of buying books, check them out of the library.
12. Frugal gifting. Gifts don’t have to cost a lot of money. Look for ways to do it cheaply, by making a gift.
13. Drink water. High calorie sodas, coffee, alcohol and juices tend to cost a lot, and the cost adds up over time. Drink water to save money and calories. Flavor your water with fresh fruit for an added health bonus.
14. Batch your errands. Instead of running an errand or two every day, plan them out and get them all done at once. Plan the most efficient route to save gas and time.
15. Stay home. Find all kinds of fun activities you can do at home. Plan a movie or game night.
16. Stop using your credit cards. Credit cards make buying too easy and you usually end up buying too much when you use them. And if you’re not paying your bill in full every month, you’re paying a lot of extra money in interest.
17. Cancel subscriptions. Magazines and newspapers are all available online now.
18. Do it yourself. Instead of hiring someone to do something, try doing it yourself first. It may take some time and effort, but it’s satisfying and much cheaper. If you don’t know how to do it, search online. YouTube is full of instructional videos.
19. Reduce convenience foods. Frozen foods, prepared foods and junk food are not only more expensive than something you cook yourself, but also less healthy.
20. Plan ahead. It’s easy to say but hard to implement. Make a habit of thinking ahead to things that are coming up in your life and how you can save money. For example, if you plan your meals in advance and create a grocery list, you can shop while you’re running your errands. If you know there’s a birthday coming up, you’ll have time to make a gift in advance instead of last minute
shopping.