History is one of life’s greatest teachers. So if you’re interested in mastering the art of frugality, there’s no better place to look than at what’s worked in the past.
Here are five examples of “old-fashioned” tips that still work wonders for managing your finances today.
Consider the Long Road Ahead
Life is a marathon, not a sprint. Too many people aren’t concerned about the financial ramifications of their current situation on their future.
One of the best ways to get yourself into a frugal mindset is to be more future-focused with your money. How will you handle retirement? What’s your plan if there’s an emergency? These should be easy questions to answer, and if they aren’t, it’s time to sit down and see where you can make some changes.
Switch Up Your Spending Approach
Most frugal people aren’t afraid to spend money — they’re afraid to waste it on something that doesn’t serve them. If you aren’t already frugal-minded, start by thinking about quality over quantity. For example, don’t bother with fast fashion that falls apart after a few wears. Invest in higher-quality pieces that will last decades.
Yes, this often involves investing more up front. But that’s the beauty of frugality: it’s about making sensible choices, not about seeing how much you can squeeze out of your bottom line even if it means buying something subpar.
Become an Informed Consumer
Companies want your money. They want your attention so they can eventually get your money. It’s just the way of capitalism; it doesn’t have to be inherently bad, but it’s important to know that even though these companies will spend billions of dollars to influence you, the decision on where to spend your dollars lies with you.
Many resources (like this blog!) help empower consumers to keep their ear to the ground about everything from price-match policies to product warranties. Don’t just buy things without a second thought. Give it a third or fourth thought to be sure.
Buy Used
Many consumers are wary about buying used things. What if it’s too used? But in reality, so many people sell or give away perfectly good things because they aren’t willing to make simple changes or repairs. So you’re often getting products that have zero or minor defects at a much better rate.
This gets even easier when you’re an informed consumer, because you’ll know what to look for, where to shop, and what items are worth looking for used vs. new.
Reassess and Reevaluate
Let’s say you’re already doing many of the things on this list, yet you still don’t feel the full frugal fantasy you envision for yourself. That means it’s time to do something everyone should do every 6-12 months: audit your spending and make adjustments. Every good frugal person knows to revisit their finances now and then.
Don’t hesitate to cancel services you aren’t using or looking for better rates for insurance throughout the year, but be intentional about it at least once a year as a financial wellness check-in.
