Living frugally has become a bit performative. Especially with social media, everyone is eager to show how much they saved with couponing or “hauls.”
But there are some frugal living tips that are boring, not sexy or fun, and quite discreet. When you follow these discreet tips, even your close friends won’t know. And if you play your cards right, you can save enough money to become a millionaire—all in secret.
If you want to improve your financial situation, you should adopt these frugal living habits.
Stay in Control of Your Money
You should always know where their money is and where it’s going. The easiest and cheapest way to do this is by making and keeping to a budget.
But many successful people know not just to have a weekly or monthly budget — they budget for vacations, large purchases, and anything else that can help them have more control over the end goal.
Practice Self-Discipline
Not everyone who is good with money is naturally good at it. Many successful people have to fight the urge to spend just like anyone else. And that means that you can do this also. You can actively practice self-discipline, pausing before making impulse purchases and taking a breath before spending extra for convenience. Doing this will help you save even more money.
Eliminate Debt
Debt is one of the things holding you back from financial freedom. Prioritize paying off debt so you aren’t shackled to paying hundreds to credit card companies just to keep your head above water.
Paying down debt is one of the best ways to build wealth.
Create Safeguards and Backup Plans
You need all of the following:
- Well-stocked emergency funds
- Retirement
- Savings accounts
- Investments
And you should have one of each! If you want to be successful, start by building one of these financial parachutes for yourself. It will take time, and it’s not as fun as posting a cool car on social media, but it’s definitely worth it.
Learn Financial Literacy
Successful people know they don’t know everything. They go out of their way to seek answers, and they take advantage of free resources like blogs to improve their understanding of the finance world.
Do this for yourself. Learn how to manage your finances, invest, and properly keep your money.
Spend Less Than You Earn
Whatever your income, spend less than that. This is pretty basic, but it’s easier said than done. Know how much you can comfortably spend, and then spend less than that. No one needs to know, but you will be discreetly building wealth.
Avoid Gambling
Gambling is an addictive trap that can drain your bank accounts if you aren’t careful. Calculated risks through investing are one thing, but throwing your life’s savings away in a casino, in a risky investment, or in crypto, based on a gut feeling, is quite another.
Set Goals
Budgeting and financial planning are much more challenging if you don’t have goals to meet in the future. Ask yourself what you’re saving for and how you want your finances to look in six months, a year, and even five years.
Don’t Succumb to Lifestyle Inflation
Lifestyle inflation happens when you see an income boost. You feel like you deserve to spend more because you’re making more. However, successful and frugal individuals know this can be a never-ending cycle; it’s not the secret to satisfaction, so avoid it and invest in yourself instead.
Value Your Time
Time is money, and you need to understand the value of both. Whether this means you’re not wasting time at a job that doesn’t pay you enough or spending your free time making extra cash on the side, it’s time to know your worth and build on it.
