35 Money-Saving Tips for Frugal Living
Simple Living: The Make-Do Mentality
Most of us have, in some way, attempted to rein in our lifestyle, live more frugally, and make do with less. To some of us reining in our lifestyle means to travel more simply; to others, it means an additional paring of the everyday budget.
Why should we rethink our spending habits? Should we make frugality a part of our normal life, rather than something put into practice when times are tough?
Living simply, or frugally, allows you to spend less than you earn. For years most of us have been spending more than we earn! Now what we save can be put aside to pay off that debt, save or invest.
Another way of looking at simple living would be that the less you spend, the less you need to earn. This could mean you can work less and spend more time with your family, or more time doing what you want to do. Or it may mean you can retire earlier.
Tips 1–10: Ways to Rethink Your Spending
1. Cut down on daily travel expenses. Could your family cope with one car? It's your most expensive item, and its value doesn’t appreciate. Share or carpool on school or sport runs, and do the same or use public transport to the office. This is a two-fold saving opportunity: the cost of a second vehicle and the gas.
2. Re-evaluate the home in which you live. Is it what you need? Even though you can afford a larger house, don’t buy one just because you don't have enough space. If you ensure that clutter does not build up, the space you need can be smaller and still remarkably comfortable.
3. Think also about renting your home rather than owning it. Calculate the interest paid on the bond, and the cost of insurance and maintenance. It may prove cheaper to rent, and you could be well ahead in the financial stakes in the long run.
4. Buy secondhand or used. If you truly need something, why not see if somebody has one they don’t use or look at craigslist.org or freecycle.org.
5. Eat out less. This is obviously one of the biggest expenses, as it is so much cheaper to cook your own food! Especially if you do a menu for each week, buy only what is needed, and incorporate leftovers into the following days’ meal.
6. Take homemade lunch—be it sandwiches, rolls or salad—to work in order to avoid that lunch expense which mounts up over a month.
7. Have a look at your shopping habits. Online purchasing can make impulse buying too easy. If you go to the shops or mall, ensure you have a list, firmly stick to the list, and then leave. Wandering around as a form of entertainment can end up costing you. Personally, I send my husband to shop for me, that way I get only what’s on the list and no extras!
8. Curb impulse buying by having a weekly list. When you want to buy something that is not a necessity, put it on the list with the date. Ensure you do not buy this article until seven days are up. It is surprising how something you absolutely needed becomes a "no I don’t want that at all".
9. Cut out cable: this will save money. Look at Netflix, or use your local library to rent DVDs.
10. Seek free entertainment. As often as possible, try concessions at the movies, or look for inexpensive family fun:
- Go on a hike
- Have a sunset picnic at the park or on the beach
- Go to a museum or a zoo
- Make playdough from scratch, or make hand-painted T-shirts
- Play in the rain and make mud pies
- Have kids make their own flower or vegetable garden
Tips 11–19: Exercise, Vices, Credit Cards
11. Exercise. This is extremely beneficial, but it doesn’t have to cost a lot. Walk, cycle and take the stairs instead of the elevator. I believe 10,000 steps a day will keep you quite fit, so purchase a pedometer and see what you can achieve!
12. Sell your clutter by holding a garage sale or putting it on eBay. It's amazing what people will buy.
13. Presents can cost a lot of money, but giving can be done inexpensively. Make something: cookies, a pie, or if you are "craftily blessed", a keepsake. Another idea is to give family members an experience as a gift: a trip in a hot air balloon, scuba diving lessons, a trip around a racetrack with a professional. Christmas is expensive, so start buying gifts early; that way, you are not courting a huge bill at Christmas.
14. Quit smoking. I know it is difficult, but I have done it, as have many others. Add up what your habit costs you annually, including the coffee, soda or beer that goes with it: probably around $2000 per year, depending on how heavily you smoke.
15. Drink in moderation. Cut down on the drinking for health as well as monetary reasons. Or perhaps you could brew your own beer?
16. Drink water to save on calories and save the cost of sodas, juices, and coffee.
17. Batch your errands. Try to do all your errands at once using the most efficient routes to save gas and time.
18. Use credit cards if you can make them work for you by paying them off in full every month. If you cannot do this, cut them up and pay them off.
19. Cancel magazine subscriptions. There is a wealth of information online, so only buy the magazine if there is something in that issue you need to read. Not every issue of every magazine is of interest to you.
Tips 20–30: Planning, Saving Energy, Cooking
20. Either do it yourself or make it yourself. If you are not sure, look it up online. Admittedly, some problems are difficult and require a professional, but most tasks around the home can be conquered with time and effort. You are rewarded with satisfaction and money saved!
21. Convenience foods: Frozen or microwaveable foods, or anything packaged and prepared, are, as you know, much more expensive. So try to replace them with fresh food and staples.
22. Travel frugally. Air travel is usually the most expensive and this cost can be reduced by buying in advance when a sizeable deal comes up. Train travel is excellent, and if you are hiring a car, shop around as hiring rates vary enormously.
23. Be careful with your cell phone: data bundles and SMS costs can be expensive. Regularly check your bill and see where you can cut back.
24. Maintenance: If you take care of what you have, it will last longer, and you will save money by not replacing items unnecessarily. If something requires regular maintenance, such as the car or the lawnmower, schedule the maintenance. Oil changes and servicing for your car will be most beneficial for the longevity of your engine.
25. Saving energy and gas. Think about what you can do to lower the power bill in your home; small things can add up to significant savings. Pull furniture away from radiators for better circulation; only boil the water you need in the kettle i.e., don't fill it for one cup of coffee. Switch of chargers when not in use as they do drain a small amount of electricity. Ensure the geyser is well insulated, and the temperature is not set too high, about 60deg C is sufficient.
26. Buy your casual clothes at sales or from the marked-down rack.
27. Make it a habit to plan ahead, and you can save a lot of money. Look ahead at birthdays and purchase presents at sales.
28. Cook ahead. If you have one free day a week, or month, batch cook food and freeze in dinner size portions. Ensure it fits in with your menu for grocery shopping, and that way there is something ready if you're busy or too tired to go shopping and then cook.
29. Sun-dry clothes instead of using the dryer. Hanging your clothes up on the line is reasonably quick, and the clothes last longer and smell fresher.
30. Try to make one or two meals a week meatless: pasta, vegetarian chilli, falafels with hummus and pitas, or some Thai dishes.
Grow Your Own and Save Money
Tips 31–35: Washing and Cooking Tips
31. Add washing soda to your washing powder to make it go further.
32. Use half the amount of washing product and softener in your machine. It works just as well and does not clog up your machine. I always add water to the softener bottle and mix it 50:50, water to softener. The clothes are happier, and softener lasts twice as long.
33. Slow cookers do save you time, money and washing up. Prepare the meal the night before, place in the slow cooker in the fridge overnight. Before leaving for work, switch on the cooker at the right temperature, when you arrive home, the kitchen smells of your delicious meal, and you don't have to cook!
34. Use lentils to bulk out dishes based on mince or ground meat. Oats are another good bulking food. Powdered potato can also be used to thicken soups and stews.
35. Pasta and risotto are inexpensive and fill one up. A hearty minestrone soup is a great way of using up leftover vegetables; bulk it out with macaroni. Polenta is another very cheap, delicious and nutritious staple.