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What are your best frugal living tips?
I have read a lot of books on frugality, but I'm always interested to know what other people have come up with to make their money stretch. Please share your thrifty thoughts! Thanks!
Public Comments
- Cook and eat at home.
- Books on frugality actually exist? Off the top of mu head you can go to Mc Donald's or Burger King and nick a stack of napkins so you don't have to buy Kleenex...I don't do that or anything. While you are there grab some straws, salt, pepper, sugar sachets and sauce as well :)
- Keep a record of everything you spend. Every penny! Carry a notepad so you can write it down when you spend it rather than trusting your memory.
Do that for a month. You will probably be amazed at how much you spend unnecessarily without thinking about it. Then you can decide what changes you can make to spend less.
Frugal living should not eliminate everything that makes life enjoyable. Your goal should be to control your impulses and know what you are spending and why you are spending it.
- First, I agree with an earlier answer. Track all of your expenses (I did for a year). You'll find where you are wasting money and it will identify areas where you can cut back.
Second, maximize your paycheck. Contribute at least enough to your 401(k) plan to get any company match. By looking at your expenses, you can also see how much you can be helped with a flexible benefits plan. Advil, birth control pills, cold medicine, prescriptions, doctor office co-pays, and in some plans, mileage to & from the doctor's offices all qualify under the plan. Even healthy 25 year olds can get some savings, just by saving some receipts and filling out a form. I'm always amazed that more people don't take advantage of free money.
I live 30 miles from work, and we have a program where I get my monthly train pass pre-tax through a payroll program and save another $50/month. You can almost always adapt to your net pay on your check. When you get a raise, bump up your 401(k) deferral a little also.
Do on-line bill pay, cut coupons, have friends over after work to your house instead of at a bar, get a credit card with a rewards program and pay it off in full every month.
Another great book is Ernst & Young's Personal Finance Guide. Great information for all age groups. Best wishes!
- Shop on sales day at your local grocery store and take advantage of coupons when available. Save the difference and put it in a savings account. Cook and eat mostly at home, as eating out regularly, say every other day will increase your food cost by over one hundred percent. Always make a list when you go shopping and don't stray from it as that is what blows your budget the most, and the retailers bait you by their wonderful looking specials and displays. Turn off your lights when not in the room and don't leave them on when not at home, even the porch light as you can get a motion light and it will come on when you come home in the dark. Turn your water heater down to about 100 to 110 as any hotter will require you to use cold with hot to bath. Keep your heat on no higher than 68 in the winter, lower would be better, and about 74 or 75 in the summer, or even 76, with a ceiling fan, which burns very little electricity, and you will be comfortable. Don't run the TV just to have it on when in the house. Buy n:vision light bulbs that require less power and last much much longer. Try and run your errands to and from work as compared to special weekend runs to the store, laundry or grocery. You will save on gas. You can car pool if possible. These are just a few, but, using good common sense will enable you to add many more.
- Put a little away every pay period, even if it is only $20. Learn the difference between WANT and NEED (you NEED to eat, but you WANT the high-priced meal at a fancy restaurant), then make the NEEDs a priority and save the WANTs for truly special occasions, when you have saved for it. Make a budget and stick to it.
Never use a credit card if you cannot pay it all off when the bill comes (you are working 5 days to get paid for 4 because the fifth day is paying for the interest). Basic cable (costs under $20 a month). Buy a used car and maintain it well but drive it until it dies. Don't pay to have done anything you are capable of doing yourself like cleaning house, mowing lawns, watching your own kids. Borrow books from the library instead of buying them (save about $8 for a paperback, $20-$50 for hardcover). Wait for the video to come out, then rent it and always return it on time instead of going to the movies all the time ($2-$5 for the whole family instead of $8 per adult plus overpriced snacks). Cook from scratch. Pack a sack lunch (costs very little if you pack leftovers and some fruit). NEVER buy soft drinks unless they are on sale for an excellent price (better yet, drink tap water, filtered if you must). Buy generic everything - food, clothes, accessories.
