Inside: Want to save more money each month? Consider these things frugal people do to maximize their savings.
Want to grow your savings account?
Consider embracing some of the things frugal people do.
Frugal people have mastered the art of spending less and saving more. While living frugally does take effort, it is achievable.
By living a more frugal, cost-conscious life, you can find ways to stow away more cash for a rainy day, your next big vacation, or purchase, or whatever financial goals you hold.
Maximizing your savings does take effort – and in some cases, can be a big adjustment from your current spending habits, but the end result is well worth it.
7 Things Frugal People Do to Save More Money
Not sure what steps you can take to embrace frugality and boost your savings?
Consider implementing some or all of these ideas into your regular routine and see how it improves your finances.
1. Look for deals and discounts.
An easy way that frugal people save more money is by taking advantage of deals and discounts.
Need to buy groceries? Make your meal plan for the week based on what’s on sale. Check your local grocer’s app for coupons for even more savings on everything from toilet paper and paper towels to snacks and essentials like milk and eggs.
Need an oil change? Do a quick Google search to find a digital coupon.
Booking a hotel? See if you can find a “stay two nights, get one night free” deal.
There are deals and discounts out there for virtually every product and service – it’s just a matter of finding them and using them to your advantage.
2. Cook meals at home.
One of the biggest ways frugal people maximize their savings is by making meals at home instead of ordering delivery or grabbing food at restaurants.
Eating out is expensive. Between the cost of the food, drinks, tax, and gratuity, it’s easy to drop way more money than you’d like on a single meal – in some cases, enough to cover the cost of home-cooked meals for a week.
Ordering delivery? That’s often even more expensive thanks to delivery fees and a tip.
While cooking meals at home can be time-consuming, it’s a far more cost-effective option than relying on restaurants to keep your family fed.
By meal planning, meal prepping, and leveraging leftovers, you don’t have to spend a ton of time in the kitchen and can feed yourself and your family nourishing, healthy, and delicious meals.
And if you do opt to eat out on occasion, consider how you can still save money while enjoying your meal out.
3. Buy used, not new.
Shopping for used stuff instead of buying everything brand new is one of the things frugal people do to maximize their savings – and still get what they want.
You can buy pretty much anything used. Clothes, home gym equipment, cars, electronics, furniture… the list is endless.
Virtually anything you buy second-hand is going to come at a pretty good discount from its new counterpart, making it an effective way to save money.
And between thrift stores, online marketplaces, buy and sell apps, auction sites like eBay, flea markets, and garage sales, you have a ton of different options to buy used instead of new.
There are certain things to avoid when buying secondhand, but overall, it is a great option for most things.
Not only will it cost you less, but it’s also more environmentally friendly than constantly buying new goods.
4. Shop around when making big purchases.
While big purchases only roll around once or twice a year for most of us, they can take up a big chunk of our budget and put a serious dent in our ability to save money.
When it’s time to buy a car, replace the fridge, tackle big home repairs, or plan a family vacation, shopping around might take a little time and energy – but it will pay off in a big way.
Instead of going out and buying the first thing that checks the box for their immediate need, frugal people shop around when it’s time to make a big purchase.
By comparing prices and options at a variety of retailers, you can often score whatever you’re looking for at a substantial discount.
Depending on the item, you can look for coupon codes, discounts, or price matching to reduce the cost of your purchase as you compare prices from various sources.
Negotiating may also be an option, and be willing to walk away if the deal doesn’t work for you. You can save a lot of money by simply standing your ground.
5. Avoid impulse shopping & buying unnecessary items.
Many of us are guilty of impulse shopping. We see something we like – and we buy it. It’s as simple as that.
The instant gratification that comes with swiping your card and getting whatever it is you’re craving feels great, but you won’t feel the same way when you’re reviewing your bank statement later.
A study was done a few years ago that found that the average American spends over $18,000 per year on unnecessary items.
To avoid becoming part of that statistic, wait to buy. Instead of letting yourself immediately purchase anything you want, embrace frugality and think carefully about your decision.
If you have a budget, ask yourself if that purchase fits within it. If you don’t, a good strategy can be forcing yourself to wait at least a week before buying whatever it is you want.
Not only will that time give you an opportunity to reflect on whether or not you really want it, but it’ll also give you time to shop around and see if you can find it for a better deal.
Being more intentional with shopping will help to prevent buying things that would become clutter in your home while saving you money in the process.
6. Evaluate your payments regularly.
Many of us take a set-it-and-forget-it approach to our monthly bills and subscriptions. We sign up for a service or commit to a payment – and we rarely, if ever, look at it again.
The result?
Many of us are paying for monthly subscriptions that we don’t ever use.
We’re paying higher rates for things like insurance because we don’t regularly shop around and get new quotes.
And we’re facing household bills that increase over time with no understanding of why.
By simply keeping a close eye on your bank account and monitoring your monthly payments, you can stop overpaying and maximize your savings.
Frugal people pay attention to their outgoing payments and charges and are willing to simplify to save more money.
7. Pursue low- and no-cost hobbies.
It’s easy to go out and spend a ton of money having fun – but in many cases, you can have just as much fun without spending a ton of cash.
Many frugal people have found ways to cut costs when it comes to entertainment. Some low- and no-cost hobbies you can enjoy without buying a lot more stuff include:
Reading. Head to your local library and pick up a few books to read, or sign up for your library’s free app and download books to your e-reader.
Walking. Fresh air is always free! Put on your sneakers and a good playlist and head outside for a walk around the block, or explore a local nature trail or park.
Listening to podcasts. There’s a podcast about virtually anything and everything!
Meditation. You can find guided meditations on the Calm app or use YouTube to get started.
Playing games. Board games and card games might come at an initial cost, but you can enjoy them again and again.
Volunteering. It’s a great way to meet new people and do something good for your community.
There are plenty of simple things you can enjoy in your life right now that don’t have to cost you a thing.
Final thoughts on becoming more frugal
People who are frugal know how to distinguish their wants from their needs. They focus on the essentials and do their best to avoid buying unnecessary items.
When they do need to get something, they consider alternative options such as borrowing or purchasing secondhand.
Practicing frugality can have a few downsides, such as taking up more time, and it can become problematic when taken to an extreme. However, most of us could improve our finances by adopting more frugal habits.
Which of the things frugal people do will you work on first? Leave a comment and let me know!
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