Want to reach financial freedom? Want to finally be free from debt and work? Maybe work because you want to and not because you have to?
There are some ways to save money that are big and powerful, or that are complicated and require a lot of work. These unostentatious frugal living tips are so simple that they seem silly. But it’s these small and simple tips that really move the needle in your saving journey.
If you want to eventually be financially free, then these unostentatious frugal living tips need to become a daily habit.
Adopting these frugal living tips will help you accelerate your path to financial freedom.
1. Learn To Cook
If you don’t know how to cook yet, you must learn. Being able to cook for yourself is the biggest life hack.
Learning to cook will save you a lot of money. Eating out daily can cost a fortune in the long run. Check out recipe blogs or watch YouTube videos to learn how to cook decent meals to feed yourself. With some good recipes and a little experimenting, you can even learn to make your favorite restaurant dishes.
2. Buy Used
If possible, avoid purchasing new things. Go to thrift stores or yard sales and look for the stuff you need to save money.
You can also ask your family members to gift you stuff they no longer use. Appliances, decor, and furniture are all items that do really well the second time around.
Get in the habit of sourcing used items before buying them new.
3. Keep Track of Your Spending
Knowing where every penny you have goes, you can make informed purchase choices.
This is the best way to know exactly where and how your money goes. Use an app like Mint, Quicken, or a spreadsheet to keep track of these expenses. Categorize everything – rent, food, entertainment, and other expenses you have. Make a budget based on your knowledge of your expenses.
4. Leave the Joneses Behind
Peer pressure is real. It’s not just something that happens as a kid but as adults we often feel the need to do things that other people are doing.
Don’t buy things you don’t need to impress your friends. Don’t buy things that your social circle considers “necessities” unless you really need them. Is your car really broken, or does it just look old next to the new cars of your peers? Do you really need a bigger house or a new couch?
These are real decisions you need to sit with. Are you buying and doing things because they make you happy or because everyone is telling you they will make you happy? Only you can answer this question.
5. Have an Emergency Fund
An emergency fund is an essential contingency plan for when things go wrong. You never know when that will happen, and it is good to stay prepared.
Start saving money, and you will start up for a better financial future than most Americans. You need to be prepared for things breaking and necessary repairs. Save for it now, so it’s not an emergency later.
6. Don’t Use Delivery Services
If you can help it, avoid delivery services because they are a money pit. It soon turns into an addiction you may not afford.
Many young people are in massive debt as they try to justify spending hundreds or thousands of dollars per month on delivery services they cannot afford. Avoid using them now so you get into the habit of doing things yourself. Delete all apps from your phone so it’s not as tempting.
7. Invest
Investing when you are young will make a huge difference in your future.
Take out 20% of whatever you make and invest in something that gives you cash flow. You may choose to invest in long-term stocks that have a compounding effect. If you start early, you will have a considerable amount tucked away within several years.
If you are no longer young, start investing now. No matter how small or how late you start: it’s still worth it.
8. Learn To Say No
Don’t be quick to agree to what everyone asks of you. People could waste your time, money, or energy. Do not be pressured to go partying and spend too much on booze.
Don’t feel like you have to give of yourself when you don’t agree with things. Stay true to yourself.
9. Learn to DIY
Just like learning to cook, learning to do some DIY and basic building and maintenance tasks will serve you well over your lifetime.
Get a basic tool kit to help you fix things around the house. This will save you money you would have spent on a professional. Do basic repairs and simple installations yourself. YouTube is a gold mine for tutorials on how to do many things around the house.
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