Part of frugal living is to know how to use your money properly. But sometimes, that isn’t just enough. So, I’ll provide some saving money tips to help you on your frugal journey.
Oh, your bank account can also thank me later.
#1: Create a Budget
You might be tired of hearing budgets all the time, that’s fair. But to grasp and truly use this tool can help you tremendously in frugal living.
Senator Elizabeth Warren made an easy way to budget, it’s called the “50 – 20 – 30” rule. Spend roughly 50% of your after-tax income on your needs and other obligations. The other 20% should go towards savings or paying off your debt. The remaining 30% should go on everything else you might want.
#2: Don’t Eat Out All The Time
This one might be an obvious saving money tips, but sometimes, people may not realize how much eating out all the time can cost you. Of course, it’s more than fine to go out and dine occasionally, but keep an eye on your finances.
Let’s say you eat out daily on the weekdays at a price of $20 per day. The week alone will cost you $100, while your monthly cost will be $400, and your yearly cost will come out to a total of $4,800. So, think twice before you decide to go grab a bite.
#3: Buy Energy Efficient Appliances and Items
Here’s another solid saving money tips. Buying energy efficient appliances will save you money in the long run as they use less energy in comparison to other models on the market.
Some items that you can find that are energy efficient include: clothes washer and dryer, refrigerators, dishwashers, and bulbs. Now, how frugal living is that?!
#4: Use Public Transport or a Bike!
If you don’t live too far from your work and the weather conditions aren’t too crazy, it might be a nice idea to take the public transport to work.
If you’re in the mood to exercise, think about biking it. Both of these options are doable, can save you money, and also help the environment.
#5: Cancel Cable, Use Streaming Services
Cable TV nowadays is pretty expensive. On the other hand, you got streaming choices readily available to you such as Netflix and Hulu.
Both of these have a cheaper monthly payment and will save you money in the long run. Or, you can also use YouTube (My personal choice).
Here’s some links to popular streaming services:
#6: Make Coffee at Home
Here’s another easy saving money tips for you. Make your coffee at home. Sure, you’ll need to buy a coffee maker to do that and coffee pouches, but that one-time purchase can be cheaper than buying out every day, especially if you’re a fan of Starbucks.
#7: Want to Buy Something? Wait For The Right Time!
If you’re eyeing something that’s on the market and really want it, just hold on for some sales to come.
Usually, most stores do have discounts around seasonal promotional periods. Or, you can try to find discount codes and apply it to your purchase.
#8: Quality over Quantity
I’m sure you’ve heard this phrase before, and it applies to frugal living. Sometimes, spending a little extra on quality can save you money over time. So, maybe pitch in a little extra on your next purchase.
#9: Understand FOMO
FOMO stands for fear of missing out and it’s a marketing technique used to grab your attention. So, don’t jump on the gun right away when you hear something and make sure what you’re buying is right.
#10: Review Your Budget
Apart of frugal living is to review your budget. Whenever you get the chance, look over how much money you have spent over the past week or month. This will also give you a better idea of how your finances are looking.
Saving Money Tips: Have Any Tips You Want to Share? Leave a Comment!
This was a short list of frugal living tips that I believe will save you money. It’s not an exhaustive list, so if you want to share anything you might believe will help people, let us know in the comments!