Want to know the best frugal living tips that everyone should be using to save money? Follow these simple tips to change your spending and saving habits today!
It can be overwhelming when you think about how you need to start saving money. If you are anything like me, you spend a ton of time researching what you need to do to get started. As someone looking to gain financial freedom, I’ve analyzed my expenses and figured out where I can save money. I’ve put together these frugal living tips to help you start saving money to build your own wealth.
You are going to learn about all of the frugal living tips from budgeting, cooking meals at home, renting out rooms, getting discounts for things that you already buy, and more.
After learning about all of these money-saving tips, you will be well on your way to your own financial freedom.
This post is all about the best frugal living tips that everyone should know.
Best Frugal Living Tips
1. Create A Budget
You can’t save what you don’t track. Budgeting is essential to getting ahead financially. Living beneath your means and investing what you save is the best way to work towards financial freedom.
Creating a budget does take a bit of initial effort, but once you’ve established a healthy budget, you can repeat it monthly and make small adjustments when needed.
There are plenty of free tools out there to help you budget. You can check out our Guide To Budgeting For Beginners to get some tips on starting your budget.
2. Cook Meals At Home
Food can be a sneaky but costly expense. I challenge you to go through the last month and add up the total cost of all of the food that you’ve had from restaurants or delivery orders. These costs don’t usually seem that bad when you look at one item. But adding them up can tell a different story.
Cooking meals at home is a fantastic way to live frugally and save money. If you already know how to cook, then this can be a pretty easy transition. Are you not already handy in the kitchen? Consider following some easy recipes from youtube or subscribing to meal services.
I personally have used HelloFresh and the $5 meal plan to help me plan out meals and learn how to cook. I highly recommend trying one of those services out or finding one that fits you and your lifestyle.
You can use your kitchen and meal prepping to connect more with your spouse or other family members. Cooking together is tons of fun!
3. Renting Out Spare Rooms or Unused Space
Did you know that the largest expense for most people is their mortgage or rent? We love trying to find creative ways to cut into those costs.
You can easily offset a portion or all of your mortgage/rent by renting out a bedroom or multiple rooms. Think of how much money you could save if you could completely pay for your own housing costs! You also have the advantage of picking your roommates if you own the property.
If you don’t own your home, you can become a roommate to save money. Renting a room should be much cheaper than leasing an apartment or home for yourself.
Do you have a garage or storage area that you don’t use? There are existing services that you can use to store other people’s belongings and get paid.
Check out the following companies for renting out your space.
4. Get Rewards For Things That You Already Buy
You can receive rewards or cashback just from buying certain items. Why not get some money back in your pocket if these are things that you are already purchasing. These programs and apps can offer discounts, rebates, and points.
Here are a few apps to check out.
5. Pay Down Existing High-Interest Debts
Paying interest sucks! If you have existing credit card debt or other high-interest debts, you should put together a plan to pay these down. After you’ve paid it off, use the money that you were paying down these debts to build up emergency savings. Those savings are needed so that you don’t have to use your credit cards for surprise expenses.
Paying down credit card debt can be a way to start learning how to save money. Only use your credit cards when you can receive points or cash back and pay it off at the end of every month.
6. Trade Down To A Cheaper Vehicle
Do you currently have a high car payment? Consider selling or trading in your existing vehicle for something that’s not so expensive.
My wife and I love to find vehicles that are 3 – 5 years old with low mileage. That seems to be the sweet spot for us. We’ve purchased 2 used vehicles with low mileage, and the combined car payments are equal to a large payment on a new vehicle.
Make sure to budget vehicle repairs if you do buy a used car.
7. Downsize Your Home
It’s common to buy a larger home than what you need. Look into smaller properties in your area that fit your lifestyle. You could potentially save hundreds of dollars a month by reducing the size of your home and thus your mortgage as well.
If you can’t downsize, you can always look to rent out a room or unused space.
8. Pay Yourself First
When paying bills, it’s easy to pay yourself last. If you budgeted in a certain amount to save, you should always put that money away first. It’s common to sacrifice your savings over paying bills and other expenditures. But, when you don’t pay yourself first, you take away from your future and any gains you might make on investments.
Related Content: Why You Should Always Pay Yourself First
9. Fix Something Yourself Instead of Hiring It Out
Are you or a family member capable of working on your vehicle or home? Are there tasks that you can do, but you usually hire them out?
Look into fixing some of these types of issues yourself. You may need to sacrifice a little bit of your time, but you can continue to save money when the same problem arises once you have that skill.
10. Work Out At Home Instead Of the Gym
Gym memberships can be costly. Sometimes we join and only go a few times and keep paying the monthly bill. I would look into working out at home or seeing if you can leverage free things in your area. I like to hike, bike, and run on trails near where I live.
If you can’t get outside, see what you can do indoors. I ride my spin bike and do yoga when I can’t get out of the house.
Figure out what works best for you, and stick with it!
11. Cancel Subscriptions
We live in a day and age where there seems to be a subscription for everything. It’s easy to sign up for one and rarely use it or completely forget that you are a member. I’ve fallen victim to this a few times myself.
Keep track of all of your subscriptions so you can easily look at which ones you no longer need or use. Just like dining out, these costs will add up quickly. Make sure to budget in subscriptions that you do intend on keeping.
12. Rent Out Your Vehicle
Did you know that you could rent out your vehicle to other people?
You could easily make the vehicle pay for itself by renting it out for a portion of the month. Check out the calculator at Turo to see how much you could get for your car in your area.
Make sure to budget extra maintenance costs if you rent it out and put more miles on it.
13. Sell Things That You No Longer Use
Do you have a bunch of stuff sitting around collecting dust? I guarantee that someone is willing to buy it from you!
With so many online marketplaces available, you could easily make a few bucks. Check out the marketplaces and apps below to try and make some money off of your old stuff.
14. Refinance Loans While Rates Are Low
Lending rates are at all-time lows right now. You could potentially save hundreds or even thousands of dollars just by refinancing into a lower rate. Look at any loans that you have and compare your rate against the current rates. Also, get in touch with a lender to see what type of rate you would qualify for.
We recently refinanced our rental property and our primary residence, and we will be saving over a thousand dollars a month just from switching to the lower rate.
Make sure to do your diligence and research before refinancing. You could end up paying more interest over the long term by pushing out your loan terms.
15. Shop At Discount Stores
We all love to wear nice clothes and gear. That doesn’t mean that we need to pay a small fortune to look good! Go check out some discount stores in your area the next time you need to pick up something new.
You might be surprised at some of the quality and looks of the items you find at discount stores.
These are a few of our personal favorites here at Self And Wealth.
- TJ Maxx
- Home Goods
- 5 Below
16. Make Coffee And Drinks At Home
I drink a ton of coffee! Especially while working from home. It’s easy to grab a coffee when you get out and about. Make a coffee in a to-go cup before you head out so that you aren’t tempted to stop and grab one.
I love going to my local coffee shops. Instead of purchasing daily coffees, I buy a majority of my coffee beans from local coffee shops. That way, I get to enjoy the same coffee quality when I make a cup at home.
I’m a big fan of craft beer. Craft beer can get very expensive! So I started homebrewing to save money on beer. It does take a little bit of money to get started. If you have the time and the patience, you can make delicious beer at home and save money.
My wife and I have made our own wine as well. We just made a Super Tuscan that turned out really good!
17. Make A Grocery List And Stick To It
Have you ever gone to the grocery store without a detailed list? This is a recipe for blowing up your grocery budget!
Make a thorough list of what you need from the store before you head out. Only allow yourself to purchase 1 or 2 items that didn’t make it onto your list. This will keep you from getting to the register and ending up with a larger grocery bill than normal.
Always look in your fridge and cabinets before you create your list. You might find that you have an ingredient that you were going to add to your list. This also helps you meal plan and use anything before it goes bad.
Use These Frugal Living Tips To Start Saving Money
Now that you are armed with all of these tips you can apply them to your daily habits to start living more frugally. Try to combine a few of these to build your wealth faster!
Living frugally is a choice that anyone can make. At Self And Wealth, we are living frugally to obtain financial freedom.
What is your reason for living frugally and saving money?
Hi, I’m Richard. I’m passionate about figuring out how to make my money work for me and getting outdoors into mother nature.