There are some frugal living rules that have been around for a long time. Unfortunately, recently more and more people have stopped following these rules, and the result is… not pretty.
Even though inflation and the cost of living have risen tremendously, so has luxury and impulsive spending.
These 8 frugal rules were abandoned too soon and need to be brought back.
Never Shop Hungry
I’m sure your mother told you this, but it’s a good rule. Never grocery shop hungry because you will certainly overspend on snacks. Keep some crackers or nuts in your car or purse for a snack while you run errands.
Being hungry when you shop for anything, not just groceries, can also lead you to overspend because your self-control is low and you have a harder time making decisions when you are hungry. So eat a snack and push off the trip until you can eat.
You can download a free menu planner and shopping list now to help you plan.
Pay Yourself First
Paying yourself first is one of the most basic frugal rules, but so many people still don’t do it. Make it a habit to set aside money for savings before you have a chance to spend it. If you can automate this, then it’s even better.
Don’t Upgrade Unless Necessary
You don’t need the upgrade. Companies do their absolute best to convince you that newer is better or that somehow your life will be transformed if you upgrade to the latest version and edition of whatever they are selling. It’s not necessary, and you don’t need it.
Save Before You Spend
Spending money can be fun. New clothes look good, traveling makes good memories, and it’s fun to experience new things, but you need to save money and reach certain financial milestones (like having a $1,000 emergency fund) before you can even think of spending money on frivolous purchases.
Buy Quality Once
Those cheap hauls from Shein, Temu, and Amazon? They are costing you money even if it’s so “cheap”.
Besides all the ethical considerations of overconsumption and of buying from some of these companies, most of these products are cheaply made and won’t last. Spend a little more and buy quality items, and then keep them for a long time.
Avoid Lifestyle Creep
As you start making more money, or the people around you make more money, it can be super tempting to start spending more money.
These incremental lifestyle creeps are a surefire way raise your standard of living beyond what you can comfortably afford. Hold back on your lifestyle until you are financially secure, and even then, do it in small increments.
Keep an Emergency Fund
Having an emergency fund is so important. This should be one of your main financial priorities. Life happens, and things can go wrong as quickly as you can blink. So save the cash and be prepared.
Live Below Your Means
Last but not least, is one of the most famous frugal rules and basically the definition of frugal living: live below your means. Whatever amount of money you make, you should spend less and save the difference. The bigger the difference, the better off you are.
