Top 10 Frugal Living Tips

As the cost of living keeps rising and wages stay relatively stagnant, many people are struggling to get by. Figuring out ways to stretch your dollar further can help you and your family achieve financial wellness and reduce the stress you face on a daily basis.

Living frugally can’t erase all of your financial problems, but in many cases, it makes a big difference. Here are 10 frugal living tips to help you save money without feeling deprived.

Top 10 frugal living tips

Implementing these tips could save you hundreds or thousands of dollars over time. Whether you’re already frugal or focused on saving money for the first time, one or more of these frugal living tips might be helpful.

1. Make a budget and actually stick to it

If you’ve already been researching ways to save money, you’ve probably encountered countless people and financial articles saying the same thing, and that is to budget! However, there are many different ways to build a budget, and if you don’t have a lot of money management experience, you might not know where to start.

The good news is that a budget doesn’t have to be complicated to be effective. Many people begin with something called the 50/30/20 budget:

• 50% of income goes to needs
• 30% goes to wants
• 20% goes to savings and debt repayment

You can adjust the percentages as needed. For example, if you’re in a high-cost-of-living area, a 70/20/10 or 60/20/20 budget might be more appropriate.

Track every dollar you spend to make sure you’re staying on budget. Some people use spreadsheets, and some prefer writing everything by hand. Others use budgeting apps to track and manage spending.

If you create an account with Grant Cash Advance, you gain access to bills and spending tools. These make it easy to track your spending and manage your upcoming bills, and you can also get personalized financial insights to help you get closer to financial wellness.

2. Meal plan and cook at home

Together, meal planning and cooking most meals at home can help you save a considerable amount of money. If you don’t plan meals ahead of time, it’s easy to make impulse purchases at the grocery store. 

Having a meal plan helps keep your spending on track. It also makes it possible to stretch a handful of ingredients out over multiple meals. For example, if you purchase a rotisserie chicken, you might make chicken, rice, and green beans for dinner one night and then slice leftover chicken over a salad for lunch the next day.

3. Buy secondhand when possible

If you’re frugal by nature, you might already be buying secondhand. If you’re not, you’re missing out on a major opportunity to save money. You can find high-quality clothing, furniture, appliances, sports equipment, and almost anything else for sale at thrift stores and online marketplaces.

4. Maintain and repair appliances and other items

We live in a culture where it’s easy to discard something broken and buy a replacement. But if you know how to fix broken appliances and other items or are willing to learn, you’ll be able to save a surprising amount of money.

The internet makes this much easier. There are seemingly endless tutorials online to help you learn to fix almost anything. As a bonus, repairing something that’s essential to your household can give you a major sense of accomplishment.

5. Buy in bulk or buy ahead

You may have heard an old piece of financial advice, which says that just because something is on sale (or at least a good deal) doesn’t mean you have to buy it. However, if you find an essential item at a deep discount, it might be a good idea to stock up.

For example, if you see paper towels for 50% off and you have the space to store them, you might consider buying several packs at once. You’ll use them at some point in the future, and by purchasing in bulk during a sale, you’re saving money in the long run.

6. Always check the per-unit price

Many people with lower incomes get caught in a trap of paying more than they need to. For example, imagine you see two bottles of dish soap at the store. One is $10 for 16 ounces. The other is $18 for 32 ounces.

If you’re strapped for cash, you might reach for the bottle with the lowest total price. But the best way to really save money is to purchase the item that’s cheaper per ounce. If you buy the $10 bottle, you’re paying about 63 cents per ounce, but the $18 bottle is only 56 cents per ounce.

7. Sell things you don’t need

If you have clothes, electronics, or other items you no longer need or want, you might donate them. However, if you want to recoup some of what you spent, it might be worth selling them. Listing items on local marketplace sites or larger resale sites takes relatively little time, and it may generate a few hundred dollars or even more.

8. Save energy when you can

Saving a few dollars on your utility bill might not sound like a priority, but every bit of money you can save helps. Here are a few tips to help you save energy:

• Invest in a programmable thermostat
• Change air filters on schedule to avoid making your HVAC system work too hard
• Seal air leaks around doors and windows
• Use energy-efficient LED bulbs
• Unplug electronics when not in use

Saving energy can result in a lower utility bill, and those savings will add up over time.

9. Buy high-quality, durable items

It might not be feasible to buy a top-of-the-line item every time you shop. But many people trying to save money look for the least expensive item possible, and this approach can backfire.

Many cheap items aren’t very durable, so they may need to be replaced more frequently. For example, imagine you’re shopping for boots. You find a pair for $30, but they have holes in the soles by the end of the year. 

You might choose to keep replacing the $30 boots each time they wear out. However, it might be wiser to spend $100 on a pair of higher-quality boots that will last you five years or longer.

Always do your research before making a purchase. Expensive items aren’t always higher in quality!

10. Take advantage of free entertainment

You don’t have to spend money to have fun. Local parks, libraries, and festivals can be great places to make memories with family and friends. And in many areas, museums, zoos, and other attractions that charge admission periodically allow visitors in for free.

The benefits of being frugal add up over time

If you’re committed to saving money, it’s easy to embrace a frugal lifestyle. And if you have financial goals you’re working toward, Grant Cash Advance can help. We offer our members cash advances of $25 to $500 to help smooth out cash flow issues, and we also offer a number of money-saving tools and resources.

Want to learn more? Set up your account with us today!