Everyone has an opinion on how to save money, and advice on frugality often gets passed around like it’s gospel. But not all of it holds up under scrutiny. In fact, some of the most repeated tips are either outdated, impractical, or downright counterproductive. Let’s unpack some of the most common frugal living myths that people continue to believe—and why it might be time to let them go.
Thrift Stores Always Have Great Deals
Thrift stores have a legendary reputation for cheap, high-quality finds—but that reputation doesn’t always align with reality. Depending on the location, inventory, and turnover rate, shopping secondhand can range from a treasure hunt to a total bust.
Some stores are goldmines for designer labels at rock-bottom prices. Others? Mostly worn-out fast fashion is priced higher than it should be. Like with most things, “your mileage may vary.”
Avoid Credit Cards To Save Money
The “cash-only” mantra is well-meaning, especially for people who struggle with discipline. But blanket advice to avoid credit cards entirely can do more harm than good.
Responsible credit card usage—paying balances in full each month—can be one of the most effective ways to build a strong credit history. That’s something cash simply can’t offer, and when it’s time for a mortgage or car loan, it matters. Avoiding interest is smart. Avoiding credit entirely isn’t.
DIY Everything To Cut Costs
While do-it-yourself projects can sometimes be budget-friendly, the reality is that not every DIY effort pays off. Some tasks require specialized tools, hours of time, and a level of skill that can turn a “cheap” solution into a costly and frustrating mess.
Whether it’s home repairs or homemade laundry detergent, it’s important to calculate not just the price tag—but the time, effort, and potential do-overs involved.
Be Frugal With Time, Not Just Money
One of the most overlooked aspects of frugality is time. People often fixate on squeezing every penny without realizing they’re spending valuable hours doing something a professional could handle more efficiently.
Mowing your own lawn or deep-cleaning the house might seem frugal, but if that time could be spent earning more or genuinely relaxing, the tradeoff isn’t always worth it. Time is a resource just as finite—and precious—as money.
Black Friday and Boxing Day Are Automatically Great Deals
It’s easy to get swept up in the frenzy of big sale days, assuming every price slash is a steal. But these shopping holidays aren’t automatically frugal. In some cases, you’re being lured into buying things you don’t need, at prices that aren’t truly discounted.
The trick is to know the price history of what you want, plan ahead, and ignore the marketing fluff. Strategic purchases during these sales can save you money, but only if you were going to buy the item anyway.
Making Your Own Cleaning Products Saves Big
The idea of concocting your own cleaning supplies seems thrifty, but in many cases, it’s more performative than practical. Commercial detergents and cleaners are inexpensive, effective, and often safer than homemade mixes. Sure, baking soda and vinegar have their place, but when it comes to deep cleaning, specialized products usually work better and faster.
Frugality sometimes means knowing when to buy the solution, not mixing it from scratch.
Couponing Is Always Worth It
Couponing can be a clever way to cut costs, but it’s also a favorite trap of the marketing world. Many coupons apply only to expensive brand-name products or require buying in bulk, which can lead you to spend more than you would on generic alternatives. It’s easy to be lured by the illusion of savings when in reality, you’re still paying more than necessary. Coupon smart, not blindly.
Buying In Bulk Always Saves Money
Buying large quantities of goods is often touted as a no-brainer for saving money, but it only works if you actually use what you buy. Bulk deals can backfire when items expire, go stale, or clutter your home without adding value.
Surprisingly, sometimes the unit price of a smaller package is cheaper than the bulk option. Always do the math and consider storage and usage before committing to that 24-pack of whatever.
Don’t Bother Shopping Around
Impulse buying is the enemy of smart spending, especially when it comes to big purchases. Whether it’s a new car or a major appliance, failing to compare prices and options can cost thousands. Even a short drive or a few hours of online research can result in significant savings. Frugality isn’t just about spending less—it’s about spending smarter.
Gym Memberships Are a Waste of Money
Yes, a gym membership is a waste if you don’t use it. But when it becomes a consistent part of your lifestyle, it’s a powerful investment in long-term health. Skipping exercise now can lead to costly medical bills later.
Think of it this way: the cost of preventative wellness is often far less than the price of future treatment. Just make sure the gym is a place you actually go to, not just pay for.
Frugality isn’t about following strict rules or embracing every trend that promises to save money. It’s about aligning your spending with your values, needs, and lifestyle. Smart saving requires critical thinking, flexibility, and a willingness to challenge outdated advice. Sometimes, the most frugal move is spending a little more—or not spending at all.
