A frugal lifestyle doesn’t mean that you don’t do the things you love, it’s a lifestyle where you choose wisely, spend less and still manage to enjoy your life. I’ve learned a few strategies over the years that actually contribute to my wallet – but not at the cost of my lifestyle. These are a list of my savings habits (from easy shopping tips to smart money strategies) without compromising quality. If you are looking to save money without losing happiness, here are my 10 money saving tips that actually work.
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Set & Maintain a Budget
The first way to save is to know where your money is going. With a monthly budget, you know exactly what you’re spending on necessities and luxuries. Once you know how much you spend, it’s much easier to put limits on yourself. I’m accustomed to keeping track of what I spend and adapting when I need to. Just this practice alone has saved me from spending too much many times than I can say.
Embrace Meal Planning
Planned meals are the next big thing to cut back on food expenses. Rather than go grocery shopping in panic, I plan a week’s meals, compile a list and stick to it. So I don’t waste money & food. Cooking at home also saves me the trouble of grabbing takeout – which adds up quickly. Dinner planning can be a bit more time consuming at first — but it is worth the cost (and your health).
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Stock Up (When it Makes Financial Sense)
When it comes to pantry goods such as rice, pasta & canned foods, bulk shopping can save you hundreds of dollars — but only if you’re going to use all of it. I avoid the bulk goods that are quickly wasted or that don’t go with my cooking. Bulk purchases reduce per unit costs and store trips. It also works well for home supplies.
Use Cash-Back and Reward Programs
Cash-back apps and credit-card rewards are a quick and convenient way to make money. For purchases of groceries, gas or even online purchases – cash-back apps reimburse you with a percent of the purchase price. The same thing happens with my rewards points on my credit card — the points accumulate and I get paid for making normal purchases. Just don’t spend too much money just to get rewards!
Shop Second-Hand
Thrift stores, consignment stores & marketplaces are all sources of cheap clothes, furniture and home accessories. I have saved thousands of dollars on good quality stuff by re-buying them instead of paying full price.
Cut Back on Subscription Services
It’s easy to accumulate subscriptions when there is streaming, apps and membership everywhere. I always take a look at my subscriptions and unsubscribe to those I don’t use enough to pay the price. This slicing down to just the most used services has actually saved me an incredible amount of money each month. Moreover, it makes me more cautious about what I consume and less tempted to go on a subscription flurry.
DIY Whenever Possible
Easy repairs and renovations save me time, money & give me the happiness of being able to repair things myself. When it comes to home repairs, cooking or even gift giving — it is often cheaper for me to do it myself than hire someone. I primarily follow YouTube videos to learn new things, and practice has saved me hundreds of dollars already.
Use Energy Wisely
Utility costs can be very costly, so I do my best to keep them affordable. Simple measures such as turning electronics off, lighting my home with LED bulbs & lowering my thermostat have been helpful. Also – I wash in cold water and dry laundry in the sun when possible. With these low-cost energy saving techniques and a little effort – I am able to reduce my monthly energy consumption a considerable amount,
Delay Large Purchases
If I feel like I want to purchase something that is costly, I give myself 30 days to wait. Typically, the compulsion passes and I conclude that I never needed or wanted the thing after all. When I wait until the last minute, it saves me from buyer’s remorse and means that I only spend money on things that I truly care about.
Buy Quality Where It Matters
Frugality doesn’t have to mean getting the cheapest product. Sometimes investing a bit more up-front on quality shoes, kitchen gadgets or cookware is well worth the money in the long run. Cheap things tend to break faster and have to be replaced — whereas the high quality ones last longer and function better. And I’ve found that buying quality pieces when it counts ultimately ends up saving me money in the long run.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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