Ways To Save Money With Frugal Living Tips

Frugal living is a lifestyle that focuses on saving where you can and spending only on what adds value to your life. It’s about being resourceful and intentional with the money you’re given. It’s a privileged lifestyle choice that can help you meet financial goals and some say, live a more fulfilled life. Frugal living is often associated with its close cousin: cheap. However, frugal living isn’t about being cheap. It’s connected to major lifestyle choices like minimalism, homesteading, and retiring early. You may also hear about frugal living from debt-free communities who are supporting those trying to eliminate their debt once and for all.

The frugal lifestyle has these three common characteristics:

Getting comfortable rejecting societal expectations: It’s about saying no to societal expectations about what is cool or on-trend.

Finding value in every dollar that leaves your account: Frugal living asks that your money only goes towards what you and your family value.

Remaining conscious about needs versus wants: The last characteristic of a frugal lifestyle is about examining spending practices on a regular basis and exercising restraint.

Here are some frugal living tips from the Great Depression era that remain relevant today, along with concrete examples of how you can apply them in your modern life:

Track Your Spending: Keep a record of your expenses to understand where your money is going. Use budgeting apps or spreadsheets to monitor your financial transactions. For example, you might use apps like Mint or YNAB to track your spending habits.
Avoid Borrowing Money: Borrowing money often leads to interest payments and debt. Instead, save and budget for your purchases. For instance, if you want to buy a new laptop, save up for it over a few months rather than financing it with a high-interest credit card.
Use Cash: Just like during the Great Depression, using cash can help you manage your finances better. Allocate a specific amount of cash for your weekly expenses and stick to it.
Reduce, Reuse, Recycle: Apply this principle beyond physical goods. Consider reusing items like glass jars for storage or recycling paper and plastics. Also, reduce energy consumption by turning off lights and appliances when not in use.
Make Do and Mend: Before replacing broken items or clothing, try repairing them. Sewing up a tear in your jeans or fixing a leaky faucet can save you money in the long run.
Be Self-Reliant: Rely on your skills and abilities as much as possible. For example, learn basic car maintenance to avoid costly mechanic fees or take up DIY home repairs.
Save Money on Food: Adopt frugal eating habits like meal planning, buying generic brands, and using coupons. Avoid dining out frequently and cook at home more often to save money.
Grow Your Own Food: Start a small vegetable garden in your backyard or on your balcony. Growing your own produce can significantly reduce your grocery expenses.
Reuse Food: Store and use leftovers creatively, and find ways to repurpose food scraps. For example, turn vegetable peels into homemade vegetable stock.
Barter and Trade: Connect with friends and neighbors for skill swaps or trade items you no longer need. You can exchange services like babysitting, tutoring, or pet-sitting instead of spending money.
Preserve Your Own Food: Learn to can or freeze surplus fruits and vegetables when they are in season to enjoy them year-round.
Hand-Me-Down Clothing: Pass down gently used clothing to younger family members or friends. You can also explore thrift stores for affordable clothing options.
Homemade Gifts: Get creative with gift-giving by making personalized gifts like homemade candles, artwork, or baked goods, rather than buying expensive presents.
Entertain at Home: Host game nights, movie marathons, or potluck dinners at home instead of going out to costly restaurants or entertainment venues.
Walk or Bike: Whenever feasible, choose walking or biking over using a car or public transportation to save on commuting expenses and stay healthy.
Buy in Bulk: Purchase non-perishable items, such as rice, pasta, and canned goods, in bulk to take advantage of cost savings and reduce packaging waste.
Make Your Own Cleaning Supplies: Create DIY cleaning solutions using common household items like vinegar and baking soda. They are often as effective as store-bought cleaners and cost much less.
Plant a Garden: Cultivate a variety of fruits, vegetables, and herbs in your garden to cut down on grocery costs and enjoy fresh, homegrown produce.
Learn Basic Repair Skills: Equip yourself with basic repair knowledge for fixing appliances, clothing, and household items. Online tutorials and workshops can help you acquire these skills.