Frugality isn’t about cutting things out of your life that will make you miserable and self deprived. It’s about cutting costs on expenses you don’t necessarily notice, or on things that don’t hold much value in your life. It is also about seeking out less expensive ways to have the things that are meaningful and valuable to you. This allows you to save more money in order to put it towards paying off debt or building up a large amount of savings, giving yourself more financial freedom.
If you want to make a change in your life, look at the following ways you can implement frugality into your habits.
- Switch to a cheaper phone plan, only pay for what you actually use, nothing more.
- Get rid of your home phone all together and just use your mobile.
- Cut out TV. You don’t need it, it is a waste of time and money. Instead watch free movies and programmes online using a laptop or pay for a Netflix subscription instead.
- Buy store brand products.
- Cut down on buying coffee from a cafe every morning. Instead, save it for a treat for the rough mornings or invest in a coffee machine so you can make it at home instead.
- Save power in the house by using energy efficient light bulbs.
- Cut down or stop buying takeaway food. Use it as a treat for once a month. Even though the cost may be small at the time, it adds up very easily!
- If you live near enough, consider walking to town/work/friends houses. It will save you on petrol.
- Move somewhere with cheaper rent.
- Stop buying so many clothes. Have a basic wardrobe with staple items. A few casual and a few nice pieces for going out.
- Dont replace something unless it is broken. You don’t need the latest I-phone or the newest TV. It’s not a necessity.
- Plan your meals and use cheaper ingredients that go a long way such as brown rice or lentils, as well as making some meals ‘meatless’ to save money.
- Look after your belongings. Take care of your clothing, house, furniture and car. The longer things last, the better. Also, sometimes it is better to buy a more expensive item to ensure it is good quality, rather than something that will need to be replaced regularly, as it saves you money in the long run.
- Instead of always going out to brunch or dinner with friends, try to do cheaper activities instead such as window shopping, hosting a clothing swap, hosting a potluck dinner where everyone brings an item to contribute, going for a walk or hike, or checking out free activities within your town/city such as visiting museums or attending local cheap or free events.
- Make meals in bulk which also saves a lot of time.
- Use a fuel efficient car.
- Look after your health! It will save you on medical bills in the future.
- Make DIY gifts for people during Christmas and Birthdays instead of store brought items that are overpriced, or wait till a sale is on and buy the item in advance.
- Find things to keep yourself occupied instead of spending money. Instead of going shopping in the weekend or spending heaps of money at nightclubs and bars, find a cheap or free hobby that can keep you busy.
- Track your expenses for one month and see where the majority of it is going. Aim to cut down on things that you didn’t notice and pay more attention to it in the future. Check out my post ‘Why You Need To Do A Monthly Financial Review’ for more information.
I hope you have found the above tips helpful. There will be more to come in future posts!
Comment below what your best tip is that has helped you to reach your financial goals!