Want to get a fast track to financial independence? These 24 frugal living tips can help you get there and fast!
Head to the Local Library
Way too many people overlook the value of their local library. They’re often known as a community’s primary source of books, but libraries have evolved to offer a wealth of resources beyond just reading materials.
Today’s libraries provide free access to movies, music, classes, and community activities, making them an excellent source of entertainment and education. You can save money on books and media while also discovering new interests and hobbies, all with the help of your local library!
Use and Reuse Containers
Saving and repurposing jars, tubs, and other containers was a common practice in the past. People would find creative ways to reuse containers for storage, organization, and even crafts. This habit is making a resurgence as more individuals seek to reduce waste and save money.
Instead of tossing out empty jars or plastic containers, consider how they can be repurposed. Glass jars can be used for storing dry goods, homemade sauces, or even as planters for small herbs. Plastic tubs can serve as organizers for toys, craft supplies, or office materials. By reusing containers, you not only save money on storage solutions but also contribute to a more sustainable lifestyle.
Dry Clothes Outside or On Racks
Clothes were typically dried on clotheslines or racks before the invention of the modern dryer. It’s on its way back in vogue as people become more conscious of their energy consumption and environmental impact.
Air drying your clothes helps you significantly lower your electricity bills while also preserving the quality of your garments. Hang drying can also impart a fresh, natural scent to your laundry. Seriously, it’s like the wind and sun impart this fresh outdoor smell that feels so nostalgic.
So, whether you have a backyard, balcony, or even a small indoor space, incorporating hang drying into your routine can lead to some surprising savings.
Make Your Own Household Cleaners
Commercial cleaning products are a relatively new concept. Households relied on simple solutions made from pantry staples. Ingredients like vinegar and lemon juice can be combined to create natural cleaners that are safe for your home and the environment, and better for your wallet. You can also customize your cleaners as you like, whether it’s a few drops of essential oils to give off a specific scent or more or less of ingredients to achieve a particular cleaning strength.
Automate Your Savings
Eliminate the guesswork from your savings goal. Delete the notifications reminding you to put money aside. Stop being tempted by money that isn’t meant for spending. You can do all three of these things by setting up automatic withdrawals so money goes directly into your savings every payday (or whenever’s convenient for you).
Get a High-Yield Savings Account
Make those automated transfers count for more with a high-yield account. These have higher interest rates and aren’t hard to open, but might have withdrawal restrictions. That’s a good thing; remember, this money isn’t for spending, anyway. These accounts are best reserved for money you want sitting for years; think more retirement than next year’s family vacation.
Mess With Your Thermostat
In winter, lower the thermostat a few degrees and put on a sweater. Do the opposite in summer. Our bodies are masters of adjusting to the elements, so it won’t even be uncomfortable for long, and you’ll save a ton on energy throughout the year. Most people don’t even have to do much; even a few degrees makes a difference, and you can gradually increase or decrease it so your body has time to get used to things.
Shop Your Pantry Before Grocery Shopping
Before you head to your grocery store, see what’s in your pantry, fridge, and freezer first. We’d even say it’s smart to build your entire meal plan around what you already have. This eliminates food waste and can even inspire you to try new recipes. It’ll also prevent you from buying a duplicate can of chickpeas when there’s already one sitting at home.
DIY Minor Home Repairs
We don’t suggest using a YouTube tutorial for the major stuff, like your electrical or plumbing. Yet most people are too quick to get someone to do something that would take less than an hour and minimal effort if they had the right tools. So before you schedule an appointment, do a quick search and see how easy this really is, so you aren’t taken to the cleaners.
Pay With Cash More Often
Using cash for discretionary spending is one of the best ways to hack your psychology into being smarter about money. The physical limitation of your “allowance” keeps you honest about what you actually want to buy. And if you aren’t a big physical cash person, at least don’t overly rely on credit cards, especially for the fun stuff, as this can have the opposite effect.
Use Credit Cards to Your Advantage
Speaking of credit cards, those of you with responsible spending habits should be leveraging them! Many cards offer sizable rewards for using them for everything from groceries to travel expenses. The catch is that you have to pay them off each month. If you can’t promise yourself you’ll do that, then this isn’t the tip for you.
The Envelope System
Before credit cards were the norm, people managed their budgets with cold, hard cash. This led to a powerful, psychological money hack: the cash envelope system. This system involves a series of envelopes you label for different things, like groceries and rent. You put whatever money you need in that envelope, and that’s it — that’s all you get for the month. It’s visual budgeting that still works just as well, and even forces you to be more deliberate and mindful with your purchases.
Using What You Have
“Waste not, want not” was the motto of our grandparents. And they had a good reason: we’re too quick to waste things because it’s too convenient to replace them, even if it’s more expensive. They didn’t have the luxury of buying new things whenever they wanted, and to be honest, most of us don’t either. So apply this mindset to everything and get creative with what you have before you worry about what you don’t.
Fix It, Don’t Replace It
This is similar to the hack above, and is a symptom of our throwaway culture. Why bother fixing a coffee maker when I can just have another one delivered the next day? Because it’s cheaper — much cheaper — to fix it yourself. There’s not much “hack” or “secret” here; just don’t treat fixable things as disposable.
Make Things from Scratch
There was a day when food had to be made from scratch. And sure, it’s nice to have modern conveniences, like getting sushi in forty minutes. But this is arguably one of the most common ways people waste money: they don’t cook at home enough (or at all, in some cases). Cooking from scratch is almost always cheaper, and it’s a valuable life skill that you can always lean on to improve your diet and your finances.
Shopping Secondhand
Thrift stores aren’t a new concept, even if the younger generations have just started to embrace them over the past few years. Our grandparents often shopped here first. They knew that a gently used (or even pretty used) item had just as much value as a brand-new one, just at a fraction of the cost.
Save Before You Buy
Credit wasn’t always a thing. Back in the day, our grandparents had to actually save money if they wanted something. The simple habit of saving before you buy ensures you can afford it outright and prevents you from taking on high-interest debt. It also teaches you patience, which is something many of us could use a little extra of when it comes to our saving and spending habits.
Learn To Take Inventory
Restaurants often take inventory of what’s in pantries and fridges so they don’t buy too much food for the upcoming week. You can do the exact same thing. Building your meal plan around existing ingredients is one of the best ways to make sure you’re using everything efficiently and before it expires.
Build Your Plan Around What’s On Sale
Most people decide what they want to eat, then go to the store to buy the ingredients. You’re gonna do the opposite from now on. This involves checking the weekly sales to see what you can pick up. Use these sales, like a deal on chicken thighs, throughout your meal plan. You can search recipes based on what the store’s pushing and see what looks good to you.
Use More of Each Ingredient
Are you throwing away veggie scraps, unused herbs, and chicken bones? You’re throwing money away, plain and simple. Let’s look at rotisserie chicken, which is a meal prep Swiss army knife. You can use the meat in multiple ways, like chopping some up into chicken salad and eating some of the breast meat with roasted vegetables, and then using the bones to make a rich broth for free.
Eat Less Meat
Your reliance on meat is sending your grocery prices sky-high. Even if you’re not ready to commit to a vegetarian lifestyle, simply making a conscious effort to eat less meat will make your next grocery receipt significantly less shocking. And if you are eating meat, reduce the amount per meal and stretch it with vegetables and healthy grains.
Shop Seasonally
Seasonal produce not only tastes better, but it’s actually cheaper, too. That’s because there’s often an excess from the harvest, lowering prices to make it easier for the stores to get things off the shelves. A good example is how in the summer, you’ll find great deals on berries, corn, and zucchini. In the winter, root vegetables like potatoes, carrots, and squash will be more affordable. This makes your diet more varied, too, so you’re less likely to get bored with whatever you prep.
Use Your Freezer
Even the best meal preppers find themselves with too much of something. That’s never a bad thing if you have space in your freezer. Maybe you made a soup that makes 12 servings, but you know there’s no chance you’ll eat it all. Great: pop half of it in the freezer and enjoy it next week.
You can do this with bones and vegetable scraps for making broth or even fresh herbs, putting them in ice cube trays with olive oil to create an easy-to-access puck that adds a punchy flavor to any dish in seconds.
Grow Your Own Food
Gardens enable you to grow fresh fruits and vegetables right in your own backyard. This was once the norm, especially in the past. But today, the concept of growing food at home is making a comeback, and for good reason.
A garden can significantly reduce your grocery bills. And the more effort you sow, the more benefits (and delicious produce) you reap. You don’t need a giant backyard to start, either; container gardening or vertical gardening can work wonders in small spaces. Homegrown produce also often tastes better and is free from harmful pesticides, so it’s a healthier option overall.
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