Adopting a frugal living lifestyle lets you save by getting freebies, using secondhand products or coupons. It helps you use your money on things you value most: living debt-free, saving for retirement and investing in yourself.
14. Take Advantage of Available Loyalty Programs
Many people may think using coupons will somehow make them a cheapskate. But, who cares? Using coupons or store loyalty programs are a great way to save money and build loyalty at the same time.
13. Consider Renting Over Buying
There are times when you have to look your best, but only for a short time. For example, say you’re attending a wedding. In this case, consider renting your tuxedo rather than buying it. Designer clothes are expensive, and if you don’t wear these types of clothes often, why buy them?
12. Start a Wish List
Have you ever received gifts that you either gave away to someone else or returned for something else? A recent study showed that 34% of gifts get returned to the store. Indeed, it’s because friends or relatives have no idea what you like or dislike.
11. Track Your Expenses
If you want to save money, knowing where you spend your money is critical. With this frugal living tip, consider tracking your last three months’ expenses on a budget spreadsheet. Then, you’ll have a clearer idea of where you can cut.
Saving money in one account makes it easier to spend it. So, for this frugal living tip, consider spreading the money in various savings and checking accounts at different banks. And to supercharge this strategy, set up withdrawal limits.
9. Organize Your Bills
Everyone has bills to pay. Frugal living means knowing all the bills that need to get paid at the end month. For example, if you’re late paying a bill, you might get hit with a late payment fee or interest.