Are you looking to lead a frugal life? Frugal living refers to being very intentional with your spending. In frugal living, you prioritise the most important things or aspects and cut own your spending in other areas. Besides saving you money, frugal living also helps you embrace the simple and enjoyable bits of life. Here are some tips to help you lead a meaningful frugal life.
1. Prepare Your Meals at Home
Eating out is fun and exciting. Besides tasting high-quality and exotic cuisines, you get to enjoy services from the various restaurants and hotels. However, if this is something you do a lot, you find yourself spending too much. Learn to prepare your meals at home and enjoy them. You can get recipes from online sources and practice them. When fixing meals at home, make sure that you prepare two servings so that you can eat one later in the day. It saves you the hassle and electricity for preparing the next meal.
2. Shop Once a Month
Shopping can be tedious and expensive. To avoid the hassle of driving to the shopping malls, you can shop only once a month. Walk around the house and list down everything that you need. Add the quantity at the end of every item for easier shopping. While shopping, make sure that you have your calculator to help you find every item’s cost. During this time, you will also stock all the essential things you require and buy in bulk. You get to save both time and money. While shopping, take note of the products on the store’s weekly circulars and assess the regular ones’ price difference.
3. Do Things for Free
There are so many fun things that you can do for free. Some of these include going to the library, going on a picnic on open grounds, or reading your books. You can also invite your friends for a family game night and have fun together at no extra cost. Your friends may even bring snacks and some bitings for the night. You get to have fun, connect with friends, and still save money.
4. Keep Track of Your Spending
Tracking your spending helps you know where your money goes. With this report, you can quickly ensure that you do not misspend your money. You will have complete information about your expenditures to know why you are in debt and how it got to that level. You can then strategize to reduce your spending and be more frugal.
5. Separate Wants from Needs
Needs are essential things, while wants simply desire. Once you separate these two, you can go frugal full throttle. If something in your house breaks and you do not have the money to replace or repair it, you can decide to do without it. When money comes in, you can decide to sort the needs first before going to the wants.
6. Stay Updated on Your Home’s Maintenance
The home’s maintenance is among the most expensive things that you can handle when neglected. You should constantly call on your home maintenance crew to perform the general repairs. This saves you expensive repairs in future.
7. Grow Your Vegetables
You get to save big when you grow your vegetables. You will only spend a few bucks on the seeds, plants, and supplies. Within a few months, you have your produce ready, and you can harvest and store your harvest. When the produce is a surplus, you can sell to your neighbours and make some cash.
8. Use a Meal Plan
Deciding what to cook every day can be troublesome. To eliminate the hassle, you should develop a meal plan and state what should be consumed every day. With a meal plan, you get to prepare balanced diets and enhance your health while still saving money. When planning your meals, incorporate everyone’s favourite, so they have something to look forward to. Additionally, include a fridge raid day to enable you to clear everything from the fridge. It eliminates food wastage and saves you money.
9. Create and Stick to a Budget
Budgeting helps you plan, organise, and track your financial situation. Before you get your money, you should create a budget clearly stating what percentage of your money goes to which category. If you are still living in rental apartments, you should allocate a certain percentage to the need, food, and other utilities. A budget helps you stay on the course of your financial goals. Create a budget and stick to it diligently.
10. Downsize where You Can
Downsizing has a substantial financial benefit. If you live in rentals and feel that you are struggling to make the payments, you need to downsize to a more manageable house. In other instances, you may be living comfortably in a large house but not utilising it. It mostly happens when all your children are grown, and their rooms are empty. You can consider downsizing and getting a smaller house. This not only saves you money, but it also sets satisfaction your way.
11. Get a Side Hustle
Do you have a lot of time on your hands? You can get a side hustle and make the most out of that time. Find a skill or hobby that you can exploit and run with it. Most people think that side hustles must be high-ranking jobs. It can bring you as little as possible, as long as it is money that you didn’t have.
12. Eat Before Going for Movies
You should also make something and eat before you step out to go to the movies. Buying items such as popcorn, candy, and nachos can be an expensive affair, especially when you have your children or friends with you. Make sure you eat before leaving the house.
Frugal living helps you know how to live within your means and enjoy what you have. You get to discover your other hobbies. It opens up to more options that you were previously unaware of. Additionally, you get to make more mindful lifestyle choices and end up saving a chunk of money, money that you can invest in other profit-bearing investments.