7 Simple Money Hacks That Help Frugal People Build Wealth Without Sacrificing Comfort

It’s hard to be frugal in a world where we want to live comfortably — but it’s not impossible! Many frugal people have cracked the code and found ways to have their cake and eat it, too. Here are seven simple money hacks you can use to supercharge your savings and investments without ever feeling deprived of the finer things in life.

Automating Savings

Create recurring transfers to your savings or investment accounts. This method is a “pay yourself first” strategy that allows you to save before you have the opportunity to spend. It’s an effective way to build wealth without pinching pennies, and once you get used to it, you’ll hardly notice the difference.

Using Cashback and Reward Programs

Use cashback credit cards and rewards programs for daily purchases. If you use these wisely by making sure you pay off the balance each month, you earn money back on purchases you were going to make anyway. And that means you are actually helping reduce your expenses while still shopping as you normally would.

Creating a Flexible Budget

Developing a budget is key. But it’s just as vital to build in a fun, discretionary spending category. You can still enjoy life and not neglect your finances by being flexible! Make adjustments to your budget as needed, taking in account unexpected costs or opportunities. It’s even a good idea to make a separate “catch-all” category for these expenses to build that flexibility into your budget directly.

Focusing On Quality, Not Quantity

Invest in high-quality items that will last longer than cheap stuff that will need replacing repeatedly. While this method may involve a larger cost upfront, it’s ultimately less expensive and creates less waste over time. This is important to do on a small scale, like with fast fashion, but it can save you even more money when you focus on larger purchases where buying a quality item could save you hundreds or even thousands down the line.

Embracing DIY

Learn to do simple repairs or projects yourself rather than hire a professional. While there are some projects you don’t want to go alone (looking at you, electrical wiring), many are relatively simple to accomplish with a tutorial, patience, and the right tools. This can lower expenses while also giving you a sense of satisfaction knowing you’ve provided a service for yourself.

Meal Prepping and Planning

Planning meals ahead of time and cooking at home can help save money on your groceries. Cook in large batches and steer clear of takeout; it doesn’t seem like a traditional “hack” because it’s basically just cooking, but you’ll be surprised how much you’ll save when you cook more yourself.

Negotiating Bills and Subscriptions

Taking the time to often look at your bills and subscriptions can help you negotiate a lower rate or seek out a better deal. Most service providers are open to giving you a discount in exchange for keeping your business, and you may find subscriptions you no longer use that you can just cancel outright.

Read More: