Have you decided to start living a more frugal life this year? Whether your decision is motivated by your desire to save up for something specific or you’d just like to cut down on your expenses, we are here to applaud the intention! To help you out, here are our best tips on living a more frugal life.
Invest in Quality
Instead of buying numerous cheaper items that will last less, invest in fewer high-quality items. For example, instead of buying six shirts that you only wear for one season, buy two that will last you decades.
Take some time to design your ideal capsule wardrobe. However, don’t immediately start buying everything off your list. Only replace items when what you already have is no longer usable.
This rule is best applied to furniture, clothing, and accessories. The fewer items you own, the easier it will be to choose outfits, and you won’t feel as overwhelmed by the clutter either.
Consider Value Per Cost
Living a frugal life does not necessarily mean depriving yourself of everything you like and enjoy. A simple mindset shift can help you both spend less and have more fun in your life.
Before making a purchase, consider how much value you will be getting. For example, if you buy a pair of shoes and expect to wear them twice a week for most of the year, a $200 pair will end up costing $4 per wear.
Alternatively, if you only expect to wear the same shoes once or twice, the decision may not seem as frugal. Consider what cost per wear and value per cost appeals to you most.
Audit Your Online Spending
A lot of us pay for subscriptions we rarely or never use. We might also have plenty of online tools or other services we don’t actually need.
Take a moment to go through all of the online products you are currently paying for. Can you get rid of some? Can you choose a friends and family package and split the costs with someone? You can also look for online services deals that will help you save money on the ones you really do want and need.
Buy Used Items When You Can
Most of us are used to buying new things, and we don’t even pause to consider whether we can get the same item for a much lower price. There are plenty of online marketplaces where you can find quality used items, even from high-end brands.
You can get handbags or furniture and even kitchen gadgets at a more affordable price tag. At the same time, you will be doing the planet a favor, too.
Set Yourself a Budget
You can also try setting yourself a very specific budget for different purposes. Start by writing down what you need to spend every month on necessities like housing, food, and transportation. Alot a specific amount for all of these categories.
Then, consider how much you want to spend on things like takeout, new clothes, or anything else that falls into the “needs” category. You can save quite a pretty penny this way, provided that you stick to your goals.
Use Appliances More Wisely
We can save an incredible amount of electricity (and money) if we rethink the way we use our appliances:
- Start by turning off the lights whenever you leave a room. You can buy timers if you have trouble remembering this step.
- Unplug all electronics when not in use. This goes for your coffee maker, toaster, and microwave, as well as your computer and phone charger. Don’t unplug things like the fridge or the stove.
- Consider using shorter cycles on your washer and dryer, as well as your dishwasher. Wait until you have a full load before turning these appliances on. Consider washing what you can in cold water.
Don’t Shop When Hungry
Don’t let yourself go food shopping when you’re hungry, as you will only end up buying things your body is telling you it wants, and you’ll probably regret the decision later.
The same rule can be applied to all kinds of spending. When you get an impulse to spend money, pause. Write down what you want to buy and why. You can take a photo or a screenshot, too. Tell yourself you’ll come back to it in a week.
If you remember to look at the item again, give it another thought. Let it rest for another two weeks. Then, if you are still sure you want to make the purchase (and it is aligned with your budget), do it.
Wrapping Up
Don’t force yourself into adopting all of these frugal living tips at the same time. Take it step by step, and change one habit at a time. This will ensure that your new way of life sticks, and you won’t feel as pressured or overwhelmed.
