• Ann Wood

6 Tips To Increase Savings with Frugal Living

On the surface, the idea of a frugal lifestyle often doesn’t sound appealing. The thought of living below your means and giving up things that you love, such as your daily coffee run, may sound draining. A frugal lifestyle, however, doesn’t necessarily mean you need to feel deprived. There are simple choices we all can make that result in big-time savings. Here are a few tips to help you live frugally, and gain better financial security.


1. Eliminate Unutilized Expenses

While a gym membership and streaming service subscription are worth the money if you use them, they may be an unnecessary expense if you don’t. If you are only going to the gym once a month, it may not make sense to continue paying a monthly gym fee.


2. Opt to Cook Rather Than Order Takeout

Ordering takeout can be a convenient luxury for those of us with busy schedules, and we all can appreciate the concept of delicious food delivered right to our doorstep. Takeout, however, is more expensive than purchasing groceries. If you have the time, you can rack up major savings by cooking. Planning your meals in advance and sticking to your grocery list can also help you more accurately budget. A good cookbook can be a great investment to enhance your meals and make the most out of your ingredients. Make cooking a favored new hobby, while saving on your overall food bill.


3. Seek Free Entertainment

The coronavirus pandemic has forced all of us to get creative when looking for entertainment. While many establishments remained closed, there are various fun (and free) activities available in many communities, including libraries, parks, and museums. The internet also has ample resources, including online classes, that can provide free entertainment.


4. Do it yourself

Many of us tend to outsource simple tasks that we can do on our own simply because it’s easier. Instead of paying someone else to clean your house or mow your lawn, perhaps try doing it yourself. If you feel really miserable, of course you can continue paying for these services. Many people, however, find these tasks to be easier than they perceived them to be. By performing some jobs yourself, you can free up room in your budget and allow yourself to splurge a little extra on something you love, or create extra savings.


5. Thrift

Between tag sales, thrift stores, and groups such as Facebook Marketplace, there are plenty of ways to find fun and useful things. Used items, such as furniture or clothes, are often in great condition and are a fraction of the price than they would be new. You’ll also be contributing to a more sustainable environment through recycling.


6. Be Conscious of Impulse Buys We all tend to make purchases we don’t entirely think through from time to time. One helpful tip to prevent impulse buys, is to wait 48 hours after seeing an item that you want to buy (but don’t necessarily need) before deciding whether to purchase it. Often, the 48 hours gives us a chance to rationalize whether we really want to make the purchase or not.


Sources:

https://www.fool.com/the-ascent/personal-finance/articles/4-frugal-living-tips-for-2021/

www.developgoodhabits.com/frugal-living/

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