It is crucial to make the most of your money now more than ever because living expenses are skyrocketing in the US, UK, Canada, and other countries. The easiest method to achieve this is to concentrate on leading a frugal lifestyle.
Frugal living practices are sometimes mistakenly associated with a dislike of spending money; in reality, they should be associated with concepts like "value for money" or "common sense."
So, in the interest of common sense, we have retrieved the following penny-stretching advice by delving far into our memory vault.
So grab your wallets, because here are thirty frugal living strategies that you may not be using yet!
What is Frugal Living?
Unlike what many people think, being thrifty does not mean being tight or self-centered with money.
Instead, it is the process of using a thoughtful, knowledgeable approach to decide where and how to spend your money to get the most out of it.
Having stated that, it is important to remember that the practice of frugal living is subjective to each individual due to its essentially contextual nature.
Living a frugal lifestyle requires customization on your part.
That is to say, the goal should be to achieve the same standard of life in the most cost-effective way feasible, rather than eliminating all costly activities like taking vacations.
For instance:
Is it possible to avoid signing a contract and maintain your preferred TV package at a lower cost by using flexible streaming alternatives like NOW?
Is there any supermarket or small store where you could purchase the same amount of groceries for less money?
You must ultimately choose your own route to frugal life.
And if you do, you will quickly discover that keeping your existing lifestyle and making financial savings are not mutually exclusive.
How much money can you save by living a frugal lifestyle?
Living frugally can save you money, but it all relies on what you are ready to give up and what you actually need to survive.
For instance, a single person living frugally is probably going to be able to save more money than a frugal family.
But one thing is certain: leading a frugal lifestyle can increase your financial independence if done correctly.
In actuality, you can benefit from the savings in other areas of your life, even if it is just an extra £50 each month.
The top 30 hacks to maximize your savings living frugally
1. Creating your budget
Making a budget is obviously essential for anyone looking to cut costs.
That being said, spending an hour or two sitting down, creating a budget, and clearly identifying areas where you can save money is a great approach to begin living a more frugal lifestyle.
Be ruthless, record every expense you make—from groceries to toilet paper—and identify any areas where you think you could cut costs by a few pounds.
Once you have, it is critical to adhere to your spending plan.
While occasionally treating yourself is acceptable (in fact, we highly recommend it), keeping to your budget will minimize its negative effects on your finances.
2. Grow your own food
Growing veggies on your own has becoming more popular in this post-pandemic era.
Taking care of your own crop of seasonal vegetables, if you have the outdoor space, can significantly reduce your food expenses.
Planting a herb garden on your sun-trap windowsill can be relaxing as well as financially lucrative, even if your home has no outdoor access!
3. Buy a cheap meal recipe book
We will not mention names, but a number of your favorite chefs have joined the frugal living trend in recent years and written a ton of excellent recipe books for people who choose to live simply.
Therefore, even if you believe that your tastes are upscale, there is probably a recipe book out there that will satisfy your opulent tastes while saving you further cash.
It is just up to you to find it.
4. Bake your own bread
Similar to cultivating your own vegetables, baking bread yourself can be a long-term, cost-effective miracle for (whoever?).
It is true that the initial cost of a bread maker and ingredients will be slightly higher, but nonetheless, this is an investment.
With time, you will discover that using ingredients purchased in bulk allows you to make more loaves of bread and save more money than you would if you were to buy bread from a store.
If the cost of ingredients is a concern, consider making your own sourdough starter.
The only thing left to do is remove what you need to produce a new loaf and feed the yeast so that it grows again—there is only one winner!
5. Buy Secondhand items
The modern world has an unhealthy craving for the "new."
An annual fashion trend hits the market, and a new phone is released every year.
Nonetheless, a lot of the time, reconditioned and used products are just as good as their brand-new equivalents.
In addition, most electronics manufacturers provide a "like-new" restoration service.
Thus, the next time you are in the market for a new phone or coat, check out their reconditioned selection or stop by the neighborhood charity shop.
For a little portion of the cost, you could purchase an excellent new item.
6. Sell your clutter
Everybody has it.
Selling your clutter is a great way to earn a little extra money and assist someone else in purchasing used products, whether it be old electronics or material goods we will never use again.
Thankfully, there are many of solutions available for those strong individuals who can manage to part with their junk, ranging from musicMagpie to eBay.
So, accept it and sell your stuff for money.
7. Walk or use cycle whenever possible
It is obvious that walking and cycling are good for your health and the environment.
Reducing the use of progressively more costly public and private transportation options, however, can be a significant fuel-saving strategy.
It may be time to give up the railcard and leave the vehicle keys at home, regardless of whether you are heading to work or just dropping to the shops if they are close by by bike or foot.
8. Make your won detergent
Cost of laundry detergent can be prohibitive, especially for large households with several weekly washes.
In light of this, one of our easiest money-saving suggestions is to use an Ecoegg or manufacture your own detergent (recipes may be found online).
If you do this, you can save a significant amount of money for your family and instantly reduce the cost of clean clothes.
9. Try to dry your clothes naturally
The simplest of our money-saving advice would be to hang your laundry outside.
While tumble dryers and radiators work wonders for drying clothes in the cold, they also use a significant amount of electricity.
Therefore, if you have the space, hang your laundry outside when the weather gets bright and windy; you will be surprised at the money you save.
If you do not have any outdoor space or it is winter, use these ways to dry your items inside.
10. Re-dye old clothes
Why spend money on a new pair of jeans when you can restore your old, faded pants to like-new condition?
You can easily get fabric dye online, so feel free to get creative and try it out.
What could possibly go wrong—you were going to throw them out anyhow—after all!
11. Planning Meals
Yes, indeed, this tip reminds me horribly of school dinners, but those days of eating sponge cake and macaroni cheese are long gone.
Rather, you are in control, and you can have excellent meals at a reasonable price if you prepare your own food.
Additionally, planning ahead and cooking your meals reduces the likelihood that you will order an expensive takeout on the spur of the moment or pay for what you eat during your work lunch break.
Plan, prepare, and increase your savings.
12. Buy a good freezer
Since the freezer is our thrifty friend, meal planning and preparation should go hand in hand with it.
More precisely, you will quickly build up a supply of inexpensive meals of your own if you want to prepare big batches of freezable meals once or twice a week.
Basically, the goal of frugal living is to stretch your money as far as possible; similarly, buying a freezer and cooking in bulk allows you to stretch your food as far as possible.
Consider soups, frozen veggies, pasta sauces, and chili con carne!
Every one tastes as nice when thawed as when it is fresh.
13. Don't waste food
One of the most important problems facing modern global society is food waste.
Though we produce more than enough food to feed everyone on the planet several times over, over 6.5 million tonnes of food are wasted annually in the US, UK, and Canada alone.
So, when creating your shopping list, make sure to stock your pantry.
By doing so, you will be able to stop squandering money and needlessly purchasing more of what you currently own.
saves food, money, and—as an added bonus—the environment!
14. Buying in bulk
Purchasing in bulk is a tried-and-true money-saving strategy that many of us have been using for many years.
Almost everything, including clothes and groceries, is less expensive when purchased in quantity.
Therefore, bulk retailers like Costco are your buddy if you can live frugally!
15. Track Sale Offers
Consider if you really need that item right now or if it can wait.
Although sales are hard to forecast, there are certain that you can count on, like Black Friday and the January deals.
Thus, allow it to wait if it can.
In this manner, you may get your new item and save a ton of money.
16. Track your expenses
It might be a liberating realization when you realize that you have the power over your bills.
This is because it is the company's responsibility to maintain your business. As your existing contract is about to expire, give them a call and do not be scared to bargain.
The same applies to insurance and TV subscriptions. Take a look at the Sky offers for current users.
There is no rewards for guessing which option they will pick if you tell them you have found a better offer elsewhere. They will either have to lower their pricing or risk losing you to a competitor.
Just remember that being aggressive will not help you. Instead, try to be polite.
17. Off-season Travelling
During busy travel periods, airfares can double or even triple, so make sure to carefully and yes, frugally plan your trips.
The off-season is ideal for both staycations and vacations, since it can result in savings that can be applied to insurance premiums or your family's budget!
18. Make gifts yourself
It is not uncommon to see making your own gifts as a low-cost means of avoiding spending money on occasions like birthdays and weddings.
If you do it well, though, a handcrafted gift is more meaningful, unique, and authentically you than a pricey, store-bought item—all while saving you money.
Thus, if you have the time and aptitude, do not hesitate to work hard.
19. Drink Homemade Coffee
Cafe culture has taken over the world's cities, and as a result, innumerable chains and independent stores that demand exorbitant prices for a quick caffeine fix have a firm hold on our cups.
Make your own coffee instead of buying it from the store, and you will save at least $3 a day, or more than $15 a week and more than $60 a month!
20. Home Workout
Just on YouTube, there are thousands of free HIIT and at-home training videos.
Therefore, put your expensive gym membership away, buy a few pieces of equipment, and work out in the back room.
More importantly, increased likelihood of exercising means simpler access to a workout!
21. Avoid making rash purchases.
Everyone has an impulsive side, but more importantly, everyone has some willpower, therefore do not be scared to use it.
Over time, you might save hundreds or even thousands of pounds if you can break the habit of spending money late at night.
Put your laptop aside and put the cellphone down; you do not need the yellow coat or those microwaveable shoes.
22. Avoid fines
For people who already have to struggle with crushing credit card debt and other bills, late fines or hidden costs can be fatal.
Therefore, making sure you will not pay any extra fees on top of your pre-arranged installments is one of the best things you can do when planning the payback of your debts.
Consult a financial expert if you are concerned about late payments and unstated costs.
Over time, it might save you hundreds of pounds.
23. Use finance automation
It is a good idea to automate your finances once you have worked out a budget to prevent reverting to previous spending patterns.
There are a number of ways to go about this, but setting up direct debit for your home payments, automating daily tasks, and setting up retirement savings with your job are good places to start.
To observe how your funds build up for a particular event or a rainy day, you should even consider automating your saves.
24. Avoid spending on libraries
Are libraries still in use today?
Indeed, they do, and they have changed with the times more than you may imagine.
By registering for a library card, you can access an extensive collection of books, movies, periodicals, music, and much more. By using your local library, you can potentially save a significant amount of money on home entertainment.
They may even offer a section dedicated to money-saving advice!
25. Be careful with Subscriptions
A simple method to save even more money is to review your subscriptions.
Therefore, consider these questions: how frequently do you play to Spotify? Do you really need an Amazon Prime membership? Is LinkedIn Premium worthy of the money, that you have a job now?
Keep a close look out for memberships that automatically renew because this is a great method to cut costs significantly!
26. Do part-time job
The majority of us are too busy with our 9–5 jobs to take on a part-time job, but if you have the time and energy, it can be a great opportunity to save some extra cash and significantly impact your road toward frugal living.
Furthermore, you can make money from the comfort of your sofa thanks to the abundance of legitimate work from home employment options that are currently available.
High-paying remote jobs are more common than you might imagine, and they save you money on transportation expenses.
27. Payoff debts ASAP
Of course, paying off your debts can be a significant financial commitment.
But not paying them can be even more of a barrier to those looking to save costs because of interest rates and extended payback schedules.
In light of this, we would advise, if at all feasible, giving priority to paying off debt, including credit card debt, and seeing this as the beginning of a frugal way of life.
The monthly payments you once received are instantly released after you are paid in full, allowing you to save or use them elsewhere in your life.
28. Invest in good insulation
Energy costs are skyrocketing, and in addition to the climate benefits of insulating homes when feasible, doing so is a great method to reduce energy costs.
It is easy enough: you can reduce the amount of energy and money you spend on heating and maintaining the warmth in your home by installing loft and cavity wall insulation, double or triple glazing, and other improvements.
29. Downsizing your home
Children moved out?
When you just need one bedroom, why are you spending so much money heating three?
Relocating to a smaller home can result in substantial financial gains from the sale of your larger residence, in addition to significant expenditure savings.
The decision to move out of your house may be difficult, but it may also be a big investment in the long-term advantages of affordable living.
30. Cut off unnecessary spending
We return to the beginning of our list of frugal living advice with our final tip.
Be harsh while you are creating your budget for economical living.
Adopting this strategy can help you quickly identify what you really need and what, to be honest, you could live without.
For instance, how frequently do you watch sports channels? Do you really need three cars? Do you really need to pay that gardener?
Being harsh may be a liberating experience and can show you where you can make immediate savings on your monthly expenses and obligations.
Being truthful with oneself is all that is required.
Things to understand:
Does living frugally mean being "cheap"?
No, living frugally is living more sensibly within your means, not as cheaply as possible. It is about making better financial decisions than not making any at all.
Therefore, even extremely frugal living just means keeping your spending in a more economical way rather than necessarily sacrificing them in order to accumulate lower expenses.
How can I reduce my bill costs?
There are many methods you can reduce your bill costs.
One great approach to save money is, for instance, to renegotiate your bills and subscription services, including television bundles.
Additionally, you can significantly lower your monthly expenses by putting procedures in place like downsizing your home, drying your laundry outside, and insulating your home.
What is the best advice for living frugally?
Budgeting is, in our opinion, the most important frugal living strategy.
All of our other suggested advice will become clear once you have determined exactly what you need and what you can live without.
For instance, you may immediately begin cutting costs once you have established budgets for food, TV, electricity, and transportation.
The first step towards living frugally is creating a budget, which you can stick to and save a ton of money on.