Money makes the world go round.
We use it every single day in exchange for goods and services.
Many people choose not to be intentional in the way they look at and spend money. This leads to significant debts and difficult-to-get-out-of financial situations.
The only way to extend the lifespan of your money is by learning the best frugal living tips.
Frugal living allows you to save more money than you spend. It means making less waste and living a more sustainable lifestyle. There are no drawbacks to choosing to be frugal, especially in today’s unsure climate.
You don’t have to make huge sacrifices to reap big rewards. Keep reading to find our easy-to-follow frugal lifestyle tips.
Revisit Your Budget
One of the most obvious frugal living tips is to take a good hard look at your budget.
Don’t think of your budget as a way to cut corners to make ends meet. This creates a scarcity mindset. Look at it as a way to create the life you want to live.
Don’t think that following a budget means you can’t have fun, either. Set aside funds every paycheque for Entertainment purposes. Use this money to go to the movies, concerts, or out to eat.
Find Ways to Make More Money
The best way to create more money is by finding ways to make more of it. This doesn’t necessarily mean finding a part-time job. Instead, think of where your passions and talents lie and see if you can monetize them.
Are you a great writer or graphic artist? Maybe look at gathering some freelance writing or designing gigs.
Do you like making your own jewelry? Start your own Etsy store and sell your goods online.
Having more money means more personal freedoms in your life. Sites like Flaneur are great resources for learning alternate ways to create more income.
Downsize Your Life
Take a look at your current lifestyle. Do you really need everything that you have?
If you have two vehicles, do you need both to keep your family functioning? It costs around $8,400 a year to own a car. Where else could you put that money in your budget?
The average American woman has 103 items in their closet. If you cycle through the same five outfits every week, it’s time to downsize. Sell your infrequently worn clothing to turn a small profit.
Ditching cable for subscription services isn’t saving you money if you subscribe to every one. Choose one or two you watch the most and nix the rest.
Be Smarter in the Kitchen
There are a lot of things you can do in your kitchen to live a thrifty lifestyle.
Use vegetable scraps in your soup broths. Make breadcrumbs from the ends of your loaves of bread. Put food scraps in your garden to help grow your fruits and veggies.
Buy meat when it’s on sale. Portion it out and freeze it.
Create a meal plan and only buy what you’ll be using that week for your meals.
These small changes can spell significant savings for your family in the long run.
Put Our Best Frugal Living Tips in Action
Now that you know the best frugal living tips, it’s time to take action. Sit down with your family and make a plan. Vow to be more conscious of where you’re spending your money.
Remember, small sacrifices can mean a big return.
Check out our Lifestyle section for more tips on how to live frugally.