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Most people spend their entire lives trying to earn enough money to fund their dreams, only to find themselves living paycheck to paycheck and paying off debt. Sounds like a drag, doesn’t it? What if there was a way to save enough money in a couple of years, freeing up time for you to truly start living your life?
All goals such as paying off your student loans, buying a house before you’re 30, or even adapting to a more minimalist lifestyle can be achieved with one basic habit – frugal living. Maybe not be frugal forever, but after several years of strictly following this habit, your bank balance will reflect the difference!
To live as cheaply as possible is no easy feat and certainly not something everyone will find worthwhile. It needs fierce self-control and a clear vision in mind to hold back on spending money and saving every last penny. Want to give extreme frugality a try? Check out some of the most practical and creative ways to save money below.
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1. Extreme Cutbacks
Frugal living often varies from person to person. What works for someone might not be the right fit for you. To start with, make a strict list of things you can cut back on and start from there. It can be anything from magazine subscriptions to lavish food items you can go without. For example, you may not mind wearing the same set of clothes weekly, so you can cut down on your shopping spend. Or perhaps even raid your best friend’s closet and host an outfit exchange party!
2. Buy in Bulk
Most frugal living stories start with people buying groceries in bulk. Things like detergent, toilet paper, and soaps are needed regularly, hence it only makes sense to stock up on these items when sold at slashed prices. We suggest tripling or even quadrupling the quantities if you find a price you cannot resist.
3. Use delivery boxes as organizers
While social media may paint a rosy picture of buying organizers and containers to keep your stuff streamlined, the real price tag on those items can be massive. Easy alternative? Use cartons and boxes in which you get things delivered to your doorstep. This option is both money-saving and sustainable!
4. Coupons are underrated
Experienced shoppers know the real value of coupons. Every great brand online has an algorithm that triggers a special coupon code if you keep things in the cart rather than hit buy immediately. Wait for that special coupon email or message and then make your purchase. Be wary of extreme couponing, though since that may delay necessary purchases that you need regularly.
5. Thrift stores are a godsend
If you’re a trendsetter and cannot compromise on fashion, be on the lookout for thrift stores. Take some time out to go shopping and hunt for all the pieces you like. You never know, you may find some incredibly fashionable items at a fraction of the cost.
6. Use a credit card for extra reward points
Though most frugal people are against using plastic to buy stuff, it’s actually a boon when used correctly. Familiarize yourself with the reward system of your credit card so you can use it to make the necessary purchases. People have saved hundreds of dollars on flight tickets since they basically come for free after a certain spending threshold is reached. On top of that, you can also let some close friends and family pay for their shopping with your card so you get the reward points for free!
7. Frugal gifting
One of the few unusual frugal tips for people who love festivals and gifting is to cut down on spending on gift cards and bags. Rather than spending $7 on greeting cards, invest in blank stationery sets for as little as 15 cents per card and write personalized notes. Your friends and family would certainly prefer a heartfelt note over a store-bought generic claim. Also, you can always reuse gift bags to avoid paying $5 for the same.
Personally, I love giving DIY money gifts. No, I don’t just hand over cash to the person. The money is presented in a unique way, like an origami shirt, a box of fries, or a chocolate box of money!
8. Dumpster dive for second-hand furniture
Given the age we live in, people tend to discard old furniture just because they “grow bored of it.” Use this to your advantage by dumpster diving for second-hand furniture, which can help you save at least $800.
9. Online is not always cheaper
While the platforms would want you to believe that they have the cheapest prices out there, it’s better to check out local supermarkets. They often have better produce, and you can always ask for a markdown on items close to their expiration date.
10. Cable and streaming
Having both of these entertainment options is certainly a luxury, but it has no place in a frugal living system. You can save over $700 a year by cutting your cable connection and choosing to go for a walk or perhaps to a library to spend your leisure time. This is a particularly savvy frugal living tip for seniors since they spend most of their time with their peers in community centers or on walks.
11. Use free library services for leisure
With that said, an average person spends about $2,000 a year on entertainment, be it movies, concerts, or eating out. At the same time, cutting down costs doesn’t mean cutting down on happiness. The solution is to just look out for cheaper yet creative ways to spend your time like the offerings at your local library, which may include free tickets to events and even DVD rentals.
12. Declutter and sell
What could be better than freeing up space in your home while making a few extra bucks? Declutter your space regularly and get rid of things you have not used in months. Want to go one step further? Challenge yourself to a 100-item lifestyle where you only keep the 100 most essential items and sell the rest off on eBay or to your neighbors. Witness your bank balance multiply henceforth!
13. DIY for the win
As opposed to spending thousands on shelves and racks from Ikea, you can do easy woodwork yourself and save as much as $100. Use the leftover timber pieces from a home renovation project or borrow some from your neighbor to fashion shelves for your books and other decor items at home.
14. DIY repairs are not that difficult
DIY projects can be fun, especially when the entire family chips in. You don’t always need to call a handyman to fix minor things around the house. Invest in a few good tools and you can make such repairs yourself.
Pro tip: Check out YouTube for a gold mine of instructional videos with the step-by-step process.
15. Stop using paper towels and tissues completely
It’s not just good for the environment but will help you save up to $115 a year. Paper towels and tissues can easily be replaced by a cotton handkerchief that can be washed and reused. You can even use old newspapers to clean windows and other surfaces.
16. Travel frugally
Though most strict frugal people will detest traveling and say it’s a waste of money, we understand it can be a fulfilling experience once in a while. To travel frugally while embracing money saving habits, one can consider booking tickets up to a year in advance. Early bird tickets are usually the cheapest and the same goes for hotel bookings too.
17. Look for hostels or motels
You can most likely find comfortable accommodation at about half the price if you look for hostels or motels in the same locality. Hostels are the best choice for solo travelers since they give them a chance to meet like-minded people. Motels can be your go-to choice if you’re with your family.
18. Try Facebook Marketplace for tickets
Yes, you heard that right. If someone is unable to go through with their travel plans at the last minute, you would often find them selling their tickets at discounted rates on Facebook Marketplace. Take advantage of this situation and perhaps plan a last-minute trip with all your bookings taken care of!
19. Try the 30-day rule
With the advent of technology and social media, we have everything at our fingertips. Most impulse purchases are instantly regretted by up to 48% of buyers. Don’t want to be one of them? Try the 30-day rule where you add an item you feel like buying to a list unless it’s a necessity, and wait for about a month before making the purchase. This will ensure you only buy what you need.
20. Become a Product Tester
You can get free branded products delivered to your doorstep if you sign up as a product tester for brands like L’Oreal, Nike, and Amazon, among others. Product testing companies will send you products and pay you to write product reviews! Talk about a double bonus, right?
21. Freeze your herbs
Tired of buying herbs and spices monthly? Try buying them in bulk and freezing them with olive oil in ice cube trays. This helps keep the herbs fresh for weeks and more money in your pockets.
22. Hunt for platforms giving away items for free
Most people, while moving away or decluttering their spaces, give away their items for free on platforms like eBay and Craigslist. Be on the lookout for such listings, and who knows, you might find treasure tucked away in the corners of such platforms.
23. Make your own toiletries
Many household items when combined together can completely replace detergents and deodorants. While baking soda, coconut oil, and cornstarch work surprisingly well as deodorants, you can blend vinegar, baking soda, and lemon juice to replace cleaners that help shine your windows and other surfaces.
Pro tip: Use soap nuts (also called Sapindus) for washing clothes which is cheaper and more efficient.
24. Use a bucket instead of a shower
An average shower can waste up to 30% of water usage, leading to a drastic impact on your pocket as well as the environment. Try replacing showers with a bucket bath and reuse the water for flushing the toilet or even watering the plants.
25. Meal planning and prepping every meal
Did you know that an average person spends more than $2,000 a year just by ordering food from restaurants? Imagine all that money saved by just meal plans and prep that can be done on weekends for the entire upcoming week.
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