There is a lot to learn about frugal living, and you can almost always learn something new from other frugal lifestylers.
Whether it’s grocery hacks, DIY tricks, or simple lifestyle shifts, the smartest savers have picked up some genuinely life-changing habits.
Here are some of the best tips and tricks shared by those who have mastered the art of spending less.
Switch to Reusables
One of the most impactful changes anyone can make is ditching disposable household items and switching to reusables for as many things as possible: dishcloths, dish scrubbers, cloth napkins, hankies, dryer balls, water bottles, rags, cotton rounds, menstrual products, real plates and forks, reusable zip-lock bags and containers, washable Swiffer pads, and dusters.
It’s amazing how much money you can save by making the switch, and as a bonus, it’s one of the easiest ways to reduce your environmental footprint at the same time.
Surround Yourself With Like-Minded People
The company you keep has a surprisingly strong influence on your finances.
Having frugal friends makes it easier to find cheaper options at restaurants, share costs on travel, and enjoy social life without overspending.
Some of the most fulfilling social lives are built around hosting at home, for example, friends dining at each other’s houses, everyone bringing a dish and drinks, with movie nights, music, and dancing in the living room.
Dining out becomes a treat rather than the default. Parents even bring their kids along to save on babysitting fees. It’s proof that a rich social life doesn’t have to come with a hefty price tag.
Choose Your Partner Wisely
One of the most consequential financial decisions a person makes is choosing a life partner.
A life partner should have fairly similar goals and habits. This is someone who will make or break your financial future.
The same logic applies to social circles. Spending time with people who are constantly trying to “keep up with the Joneses” will inevitably have a negative effect on your own spending habits.
Invest in Good Quality
The old adage “buy once, cry once” still holds true today. Buying good quality, whether new or used, will save you more in the long run than buying cheap and replacing items after a few uses.
Thrift stores, used appliance dealers, and estate sales are excellent sources for high-quality items at a fraction of the original price.
As one seasoned saver put it, the elderly have already learned the value of buying quality items, and estate sales are where you reap the rewards.
Know the Difference Between Wants and Needs
Just because something is on sale doesn’t make it a need. A practical approach is to buy a cheaper version of something first and use it until you’ve saved up for the version that will last a lifetime, like a KitchenAid mixer.
It’s also worth remembering that more expensive doesn’t automatically mean better quality.
On the flip side, never replace anything that isn’t broken and continues to function as intended.
This principle applies especially to cars, cell phones, and televisions, categories where the urge to upgrade often outpaces any real necessity.
Buy Second-Hand
Buying second-hand is one of the most reliable ways to stretch a dollar.
Thrift store shoppers save about $150 monthly, roughly $1,760 annually, according to CNBC. Buying used clothing, in particular, can bring the cost in line with or below sale prices on new items.
The same logic applies to cars.
The average American spends $6,000 per year on owning a car, but buying a reliable, less-sought-after vehicle that’s five to seven years old and driving it for another 10 years can save upward of $50,000 over a decade.
The Controversial One: Ditching Health Insurance
No roundup of extreme frugal tips would be complete without at least one eyebrow-raiser.
Some frugal lifestylers have gone as far as completely dropping health insurance, especially when premiums climbed as high as $500 a month. The reasoning: the out-of-pocket cost of an actual doctor’s visit, lab tests, and medication can come out to less than the monthly premium.
That said, this approach carries serious risk, and those who take it openly acknowledge that if anything major happens, they’re in trouble.
It’s a gamble, and one that most financial advisors would caution against but it illustrates just how far some people are willing to go to cut costs.
Read More:
- 15 Tips for Frugal Living on a Tight Budget
- 12 Not-Very-Obvious Signs That Someone Is Rich
- 9 Best Coupon and Cashback Apps That Cut Your Grocery Bill Fast
