Being a boomer on a budget doesn’t necessarily mean being cheap or opting for things that compromise your quality of life or happiness. You can still thrive and enjoy a financially secure life by living frugally and being mindful of your spending.
Here are 14 frugal living tips to help you embrace a sustainable financial future.
Master the Art of Finding Good Deals
Does your local credit union sell discounted gift cards? Are you eligible for military or veteran discounts? Can you get a few bucks off by downloading rebate apps? If you answered yes to these questions, you must take advantage of these discounts. They can help you save money on gifts, groceries, and other household items.
Skip the Frequent Takeout and Make Your Meals at Home
Going to a restaurant for dinner is more convenient and easier than cooking at home. However, frequent dining out and takeouts can be expensive. Research estimates that the average American spends at least $3,000 annually dining out. You can spend a fraction of that shopping for groceries and meal planning for the week.
Don’t Be Afraid To Haggle
Being a boomer on a budget involves finding options and leveraging skills that can save you money. Don’t be afraid to bargain to save a few bucks. Knowing the right time and place to bargain without being aggressive is the trick.
Repurpose and Reuse Fairly Used Items
Get creative with used items instead of rushing to buy new ones. Old jeans can be repurposed into shorts, worn-out towels can be used as cleaning rags, glass jars as candle holders, and mason jars as planters for tiny plants.
Save Even the Smallest Amount
Did you skip Starbucks this morning? Have you got a discount at the grocery? Save these smallest amounts in a piggy or a savings account. Over time, these small amounts accumulate, and you may have enough to fund your dream vacation or buy the appliance you’ve been eyeing.
Embrace DIY Projects
Learn to repair simple things at home to save money. For example, you can fix broken Christmas lights. Get a zipper fixed back on track, seal a leaky pipe, replace a standard light switch, or unclog stuck drains. YouTube has plenty of tutorials on things you can fix.
Live Close to Where You Work
You might spend a lot of time commuting to work daily. Do your research and find an affordable place near your work or close to where your children go to school to save time and reduce fuel expenses.
Batch Your Errands Into One Day
Forget about running several errands on different days. Apart from wasting time, you also waste money on fuel going back and forth. Consider batching all your errands into one day to save money and time.
Workout at Home
Consider dropping that expensive membership if you only go to the gym occasionally. You can save money by working out at home and reducing the commute time to the gym. Exercising at home also allows you to focus, as there are fewer distractions and crowds.
Cap Your Spending on New Items
Forget about buying a new item you’ll only use once or twice. You can purchase high-quality kitchen appliances, clothes, furniture, cars, etc., at affordable prices in flea markets, online marketplaces, garage sales, or thrift shops.
Skip the Impulse Purchases
Did you go window shopping and get that expensive purse? Did you go to the grocery store, and now you’re $100 more than your budget? It’s time to skip the impulse purchases and shop with a list. Set a budget for every purchase and avoid spending on frivolous items.
Cut the Cord
That expensive cable or satellite TV subscription could cost you hundreds of dollars annually. Do away with expensive subscriptions and opt for more affordable streaming services like Hulu, Disney, Prime Video, or Netflix. You can also choose free streaming services to cut down costs.
Declutter and Sell Excess Items
I know you love that old cable your grandfather gifted you, and you can’t seem to let go of those clothes that no longer fit. Unfortunately, all these items you no longer need may be cluttering and cramping up your home. Consider decluttering and selling these excess items in a garage sale or online marketplaces to earn more money.
Don’t Be Afraid To Spend on Things You Enjoy
Do you enjoy a latte or a dinner out with the family? Plan and budget for these treats. Allow yourself to enjoy the niceties every once in a while. It will help you live meaningfully and stay on track with your financial goals. Splurging occasionally gives you the discipline to know when to save and the time to indulge.
Ditch Your Expensive Credit Cards
We all love the convenience of purchasing whatever you want with a credit card whenever you want. But if you’re looking to live on a budget, use cash instead of a credit card. That allows you to re-evaluate all your purchases, which saves money. Some stores are also willing to give discounts to cash buyers.
Plan and Budget
Living frugally does not mean sacrificing the little joys and comforts. With proper budgeting and planning, you can still splurge on things you love while being mindful about spending on necessary purchases. We hope these tips help you understand where to reduce your expenses so you can enjoy a financially sustainable future.
