Mastering the art of frugal living has become essential for most average Americans looking to stretch their dollar further and build a secure financial future. With the rising cost of living and expenses outpacing our income, there’s a need to find creative ways to ensure sustainability while still saving money.
Read on as we explore 14 frugal living tips average Americans need to know to help them attain freedom and financial stability.
Take Advantage of Free Resources
Whether it’s entertainment on a Saturday evening or events to attend, there are plenty of free things to do to help you save money. During summer, you can organize picnics, a beach trip, a nature walk, or free community events with your friends and family looking for low-cost hangout ideas.
Instead of bowling, you can organize board games or movie nights at home. The library has plenty of free resources like magazines, movies, and books to explore.
Work Out at Home
Gym memberships are expensive, with the average cost being about $50 a month. You can save on those costs by working out at home. YouTube, Nike Training Club, and Planet Fitness have workout tutorials that are easy to follow for both beginners and experienced athletes.
Eliminate Unnecessary Expenses
Technology has made shopping much easier and more accessible. You can find anything at the touch of a button, which can lead to impulse buying. Determine if what you intend to purchase is a need or want will help you reduce impulse purchases. You can also participate in a no-buy or no-spend challenge each month to find out where you’ve wasted money.
Fix Broken Items Before Replacing
Find out if broken items can be fixed before discarding or replacing them. You can learn a few repair skills for your torn clothes, broken chairs, leaky faucets, or loose screws on your electronics. That saves money and extends the item’s lifespan.
Shop For Items Off-Season
Shopping off-season allows you to enjoy great discounts on things you’d find expensive in season. For example, you can find quality winter clothes for less in the summer. Some vegetables and fresh produce are more affordable in season than in the off-season. Knowing what to shop for in which season will help you save some bucks.
Find Ways to Reduce or Save on Your Commute
The average American spends at least $5,725 annually on commuting, based on a 26-minute commute. By moving closer to work, you can save on costs like gas, vehicle maintenance, and repairs. Additionally, it saves you time and increases productivity, as you’re not stuck in traffic going to work.
Make Your Meals At Home and Shop for Groceries
Frequent takeouts and dining may seem convenient, but they waste much money that could go into your retirement savings or other essential purchases. If you’d rather not cook daily, shop for groceries once every two weeks and batch-cook your meals. Batch cooking saves you money and reduces the need to think of what you’ll eat or cook when you get home.
Negotiate Your Bills
Most bills, including your internet, cable, cell phone plan, and insurance premiums, are negotiable. However, you need to be creative to get the best deal. Research your company’s current prices and those of competitors in your area. Mention your consistent customer history and present the competitor’s offer.
Some companies offer lower rates if you sign up for a six-month plan. However, if your current provider isn’t willing to negotiate, consider moving to another provider.
Purchased Used or Lease Before Buying New Items
You don’t have to purchase new items every time. Camping equipment, machinery, video games, and college books can be leased instead of bought new. Alternatively, you can shop for clothing, baby toys, or furniture in consignment shops and thrift stores to stretch your dollars.
While there are items you prefer to purchase new, consider whether buying secondhand makes more economic sense.
Downsize to a Smaller Space
If you currently live in a big space as a small family, downsizing to a smaller house can help you cut costs on rent and utilities. That also works if you’re struggling to pay off the mortgage on a big house. Opting for a smaller home will reduce your mortgage payments. You’ll also have extra to allocate to other investments.
Find a Way to Supplement Your Income
Sometimes, you might cut costs in all areas but still need help to make ends meet. Finding a side hustle can help you earn some extra income. If you have a flexible work schedule, you can opt for a passive idea like affiliate marketing or a second job like dog walking.
Declutter and Sell Items You Don’t Need
Are you still hoarding kids’ toys from a year ago or clothes that no longer fit you? To make some extra cash, consider selling these items in a garage sale or online marketplaces.
Batch Your Errands
Avoid running a single errand daily and batch them into one day to cut gas costs and save time. Paying bills and purchasing some items online will also save costs.
Coupon Creatively
Clipping coupons and going through sites wastes time and energy. However, you can enjoy great discounts by finding coupons that match your shopping needs, pairing coupons with items on sale, and avoiding buying unnecessary items.
Embracing a frugal lifestyle doesn’t mean you have to sacrifice quality by getting the cheapest items. It’s about making wise financial decisions that align with your financial goals. Incorporating these frugal living tips will not only save money.
