17 Awesome Frugal Living Tips With a Big Impact | Wildchildretire

Hello! Welcome to “17 Best Frugal Living Tips With a Big Impact”.

You’ve come to the right place if your looking for a fundamental guide to frugal living.

Personally, these tips below have done wonders for my life:

• They allowed me to start investing in real estate (I now own 3 properties.)
• It gave my wife and me a solid financial foundation to become 1st generation millionaires before 37.
• It taught my children lessons on the power of appreciation.

So check out the easy read below if you’re interested in finding out what frugal living is, how to start living a frugal lifestyle, some of the frugal life benefits, and many awesome frugal tips.

Now let’s dive right into the goods so we can help improve your frugal living journey. 😊

What Is Frugal Living?

Frugal living is a lifestyle where you live below your means. This could mean different things for different people, but in general, it means being mindful of what you spend your cash on, doing more with less money, and making smart choices about where to allocate your resources.

How To Start Living a Frugal Lifestyle?

One of the best ways to start living a frugal lifestyle is by evaluating your spending habits. Take a look at where you can cut back, and make a plan to gradually reduce your expenses. You may also want to consider creating or joining a budgeting group, which can provide support and accountability as you work to save money.

Benefits of Frugal Living

Extra Money in The Savings Account

One of the awesome things about frugal living is that you can save so much more money. This means that you can get extra money in the bank account, which can be really helpful for emergencies or for other important expenses. Having extra money in the bank account can give you peace of mind and make it easier for you to manage your finances.

Save Money on Monthly Bills

Frugal Living is also great because you can save a lot of money on your monthly bills. This is important because it helps reduce your expenses and gives you more financial flexibility.

Also, with all of that extra cash, you can finally get a chance to take your spouse out to their favorite ice cream shop!

Chance To Get Out Of Debt

If you’re like most people, you might have some debt. And if that’s the case, the thought of getting out of debt (especially credit card debt) can be pretty overwhelming. But don’t worry, that’s frugal living can help out. 😊

One great way to get started on your journey to becoming debt-free is to practice frugal living. Frugal living allows you to start finally start chipping away at your debt. And the sooner you can get started, the better.

Getting out of debt can also help you stress less and maybe even sleep better. Imagine being able to go to bed without worrying about how you’re going to make your next payment. It’s definitely a weight off your shoulders.

Get To Spend Money On Investments

When you live a frugal life, you are able to spend more money on investments such as real estate or the S&P 500. This is because you are saving more instead of spending. This can be a great way to grow your wealth and secure your financial future. By living a frugal life, you can make the most of your money and invest in assets that will provide you with a solid return.

For me, watching and finetuning my spending habits was a gamechanger. After a while, thousands of dollars started to pile up in my bank account. I had to find something to do with it (and not just buy stuff 😁), so I got educated and started to invest.

And as years went by I eventually became a millionaire!

Better Gratitude

When it comes to the things we have in our lives, it’s easy to take them for granted. But when you live a frugal life, you come to appreciate even the smallest things – like a full tank of gas, a full fridge, or the sun rising in the morning. These little things can make your day a lot brighter, and help you be more grateful for the blessings in your life.

Once I built the habit of maximizing my dollars, crossing the financial t’s and i’s, that bled over into other things in my life. I started to zoom in on my wife’s wonderful eyes, and my kids time stopping smiles.

And that…there’s nothing like it. 😊

Closer To Financial Freedom

What does financial freedom mean to you? For some, it might be having enough money saved up to cover their monthly expenses. For others, it might be being able to afford a luxurious lifestyle. No matter what your definition of financial freedom is, one thing is for sure: you can get closer to it by practicing frugal living.

Frugal living is all about being smart with your money. It’s about knowing how to spend your money in a way that will help you save more, invest more, and eventually achieve live the life you always wanted. 😊

Good Lessons Taught To Children

There are many good lessons that can be taught to children through the practice of frugal living. One of the most important is discipline. When you are forced to live within your means, you learn to be more disciplined with your money. This can carry over into other areas of your life, such as diet and exercise.

Another important lesson is delayed gratification. When you are forced to save up for something you want, you learn to appreciate it more. You also learn the importance of setting goals and planning for the future. These are valuable skills that will serve children well as they grow older.

17 Best Frugal Living Tips

1. Start A Blog

Are you looking for a way to save money and make money at the same time? If so, starting a blog may be the perfect solution for you!

Blogging is a great way to share your thoughts and ideas with the world, earn some extra cash, and save HUNDREDS of dollars a year on gas driving to and from work.

Last but not least! If you use Bluehost.com you can get started for only $2.99 a month! (That’s what I did.) 😊

2. Create A Budget

Creating a budget is great for saving money and it’s essential if you want to live the frugal living lifestyle. It’s a great way to record your income and expenses, and it can help you track your progress toward financial goals.

There are many different ways to create a budget. You can use a pencil and paper, or you can use a super user-friendly budgeting app like YNAB. There are also many different budgeting philosophies, so you can find one that fits your needs.

3. Pay Off Debt

If you want to live frugally, you have to pay off your debt. This means you need to create a budget and make a plan to get rid of your debt. There are a few different ways to do this, and the best way for you will depend on your financial situation.

One option is to use a debt consolidation service. This is a service that will help you to combine your debt into one monthly payment. This can make it easier to manage your debt, and it can also help you to get a lower interest rate.

You can also try to pay off your debt on your own. This can be a difficult task, but it can be rewarding. And if you use Daveramsey’s debt-free program, it will make the task a WHOLE LOT EASIER.

4. Make Your Own Coffee

Brewing your own coffee can save you more than a few dollars in the long run. By making your own coffee at home, you can expect to spend between 16 and 18 cents per cup. Compare that to the average cost of a cup of coffee from a café, which ranges from $1 to $5 per cup. If you drink two to three cups of coffee each day, that’s a savings of between $40 and $150 per month!

5. Don’t Eat Out

According to firehb.com, the average American eats out five times a week. This means that if you eat out just twice a week, you’re spending around $13 per meal. That may not seem like a lot, but if you do this multiple times a month, you’re easily spending nearly $100 on food.

Plus, eating out usually costs more than cooking at home. The average home-cooked meal costs around $4, which means you’re saving $9 every time you cook instead of eating out. So not only will cooking save you money, but it’ll also help you eat healthier!

6. Do Calesthetics vs. A Gym

“Per healthline.com, the average monthly cost of a gym membership is $58.”

In contrast, it costs $0 to do jumping jacks, squats, and pushups at home. Over the years, you will end up spending thousands of dollars on a gym membership.

I can attest. I am an avid runner who likes to do calisthenics as well. At most, I’m spending $300 bucks a year on running shoes.

That’s almost saving 50% more than going to a gym!

7. Fix Your Own Stuff

Being a handyman can greatly improve your frugal lifestyle. You don’t have to hire somebody to come in and fix everything for you; some things you can just do yourself! This can save you so much money in the long run.

For example, the average American spent almost $5,000 on home repairs and improvements over a one-year period. If you’re able to fix things yourself, you can save that money! Not only that, but you’ll also learn a lot about your home and how it works. This can come in handy if something goes wrong down the road.

8. Ditch The Expensive Cell Phone

For most Americans, the cell phone bill is a recurring expense that you could really do without. In 2020, the average monthly cell phone bill was $127.37, but if you switched over to a money-saving plan company like Mint Mobile, you can get service for as little as $15 a month.

Mint Mobile is a frugal-friendly cell phone plan that offers great service at a super low price. If you switched over to them, you could potentially start saving over $1,300!

9. Cut The Cord

It’s no secret that cable TV can be expensive. In fact, the average American spends over $2,600 a year on cable TV and the internet. That’s a lot of cash to spend on something that you may not even use all that often. And most folks probably only watch a handful of the channels that are included in the cable package anyway.

So why not cut the cord and switch to a cheaper streaming service? With a Roku and services like Netflix or Hulu, you can get all the TV and movie content you want for a fraction of the cost of cable.

And with 5G home internet from T-Mobile, you can get streaming speeds that are 10 times faster than what you’re getting with your current cable service, for just $50 bucks a month!

That’s currently my frugal living entertainment setup. 😁

(Oh, here are some excellent cord cutting tips if you need any extra guidance.)

10. Cancel Subscriptions You Don’t Use

Magazine, membership, and subscription fees can add up over time if you’re not careful. In fact, canceled subscriptions can save you money in the long run.

Here are a few tips to help you cancel the subscriptions you don’t use:

1. Check your bank and credit card statements regularly for unauthorized charges. This could be a sign that you have automatic subscriptions you don’t remember signing up for.
2. Write to customer service for the companies that you have subscriptions with and ask them to cancel the service.
3. If you signed up for a subscription through a third-party site, like an online store, contact the company that owns the site and ask them to cancel the subscription.

By following these tips, you can save yourself money in the long run and put that money towards something you actually use.

11. Lower Cost Of Utilities

If you want to live frugally, it would be wise to start lowering those utility bills. You might just see it as a few bucks, but when you add it up each month, it can make a big difference.

Here are some things that I personally do to help reduce the costs:

• Wash All Clothes in Cold Water – This may seem like a pain, but it can save you more than a few bucks each month. Not only will your clothes last longer, but you’ll also save on your energy bill.
• Keep Your Fridge At 38 Degrees – Make sure your fridge and freezer are set to the right temperatures. This will help ensure your food stays fresh, and you won’t have to waste any money on spoiled food.
• Install Ceiling Fans – Ceiling fans can help keep you comfortable year-round, and lower the electric bill because they use much less energy than air conditioning units.
• Schedule Yearly HVAC Maintenance – Make sure you schedule yearly maintenance for your HVAC unit. This will help keep it running efficiently and save you money on your energy bill.
• Change Your Filters Regularly – Changing your filters regularly is one of the most important things you can do to reduce your energy costs. A clogged filter can make your HVAC unit work harder, which will lead to higher energy bills.

Following these tips can help you reduce your utility costs each month, and over time, that money can add up. So start implementing them today and watch your savings grow!

12. Have Movie Nights

One of the many great things about having a movie night at home is that it’s typically a lot cheaper than going to the movies. For example, tickets for a family of four can easily run over $40 at a theater, but you can easily have a night of movie-watching fun for much less than that by staying home.

Not only is it less expensive, but you can also customize your movie night to fit your family’s preferences. If your kids are into action movies, then you can put on a few of those. Or if they’re more interested in comedies, then you can queue up some classic flicks that will have them laughing all night long.

The bottom line is that living a frugal life and enjoying it is possible.

Having a movie night at home is a great way to lower your spending while also enjoying some quality family time. So why not give it a try? You may be surprised at just how much fun you can have.

13. Use The Library More Often

The library can be a great place to find cheap or free entertainment. You can read books for free, or use the internet for free or even just a small fee. This can add up to big savings over time, especially if you would normally have to pay for cable TV or an internet subscription.

It’s also a great place to find free educational resources. So next time you’re looking for something to do, check out your local library!

14. Don’t Buy New

One of the best ways to save money is to buy used instead of new. Not only is it cheaper, but you can also find some great deals on things like used cars, clothes, bikes, games, and electronics.

Here are a few reasons why buying used is a great way to save money:

• You can find great deals on used items.
• You can save money on taxes by buying used.
• You can find rare items that are no longer being made.
• You can find unique items that you can’t find in stores.
• You can save money on shipping costs by buying used online.

Do yourself a favor, and start buying older stuff ASAP!

15. Get Hand Me Downs

Many people think that the only way to get great deals on things is to shop at second-hand stores or to buy items online. However, there is an even better way to get things that don’t cost money– by getting hand-me-downs from friends and family!

Not only does this help with saving money, but it is also a great way to get rid of clutter. When you get hand-me-downs, you can choose what to keep and what to donate or sell. This is a great way to declutter your home and avoid spending money at the same time!

16. Use Your Legs Instead of Driving

When it comes to getting around, your legs are a lot cheaper than a car. Not only does walking or biking save you money on gas, but it’s also a great way to get some exercise. So next time you need to run an errand, try walking or biking instead of driving. You’ll save money on gas, and you’ll also be doing your body a favor. Who knows, you may even start enjoying your walks and bike rides more than your drives.

17. Share A Ride To Work

Getting to work can be expensive, but it doesn’t have to be. In 2021, Americans spent an average of $1,837 on gas. But if more people carpooled or shared rides, we could all save money.

Not only is sharing a ride to work cheaper, but it’s also a great way to meet new people. You never know who you’ll meet when you’re sharing a ride to work. It could be a new colleague, or it could be someone who lives near you and can give you a lift to work every day.

So why not try sharing a ride to work? You might be surprised at how much money you can save. And who knows, you might even make some new friends in the process!

BONUS: Maximize Credit Card Points

When it comes to your finances, every penny counts. That’s why it’s important to make the most of your credit card rewards points. By maximizing your points, you can get free food, travel, hotel stays, and even vacations!

Here are a few tips for maximizing your credit card points:

• Use a rewards credit card that gives you the best bonus points for the things you normally spend money on. For example, if you spend a decent amount at the grocery store, find a rewards credit card that gives you bonus points for grocery purchases.
• Make sure you use your credit card for all of your regular expenses, such as groceries, gas, and utilities. This will help you rack up rewards points quickly.
• Check the expiration dates of your rewards points and use them before they expire. Many rewards programs have a 12-month expiration date.

Living frugally can be tough. But it’s okay every once in a while to use those points and relax a little!

FAQ

Is It Good Being Frugal?

Being frugal means being smart with your money, and there are a lot of benefits to being frugal. For one, you can save a good amount of money by being frugal. You can also avoid debt by not overspending, and you’ll have more money saved up for emergencies or for goals like retirement or a down payment on a house.

But being frugal isn’t just about the money. It’s also about being more environmentally friendly and living a simpler life. When you don’t need a lot of things, you don’t have to worry as much about losing them or having them break. And when you buy less, you’re putting less strain on the environment.

So being frugal is a great way to save money, be more environmentally friendly, and simplify your life.

Does Being Frugal Make You Happy?

Being frugal can make you happy by appreciating the small things in life and not needing material possessions to make you happy. When you’re frugal, you learn to appreciate the little things in life that money can’t buy.

Can Frugal Living Make You Rich?

One of the most common misconceptions about getting rich is that you need to spend money to make money. However, this is not always the case. In fact, living frugally can actually help you amass more wealth in the long run.

How is this possible? By spending less, you can save more. And when you have more savings, you can then invest that money in opportunities that will grow over time. So even if you don’t have a lot of money to start with, if you are smart about how you use it, you can still become rich.

How Can A Senior Live Cheap?

Living cheaply as a senior citizen can be easy with a few simple tips. First, try to live in a smaller home or apartment. This will save on rent or mortgage payments.

Also, try to limit your grocery spending by cooking at home more often and buying generic brands instead of name-brand products.

Finally, consider downsizing your lifestyle by selling unnecessary possessions and canceling unused subscriptions or memberships.

By following these tips, you can save a lot of money each month and make your retirement more affordable.

What Makes A Person Frugal?

There are many reasons why a person might be frugal. For some, it might be a matter of necessity – they may have limited resources and need to be careful with how they spend their money.

Others might be frugal because they believe in living a simple, sustainable life, without excess.

As for the remaining folks, being frugal might be a matter of principle – they believe that it’s important to be careful with money and not waste it on things that aren’t necessary.

Summary

There we’re some great frugal living tips covered today:

• What Is Frugal Living?
• How To Start A Frugal Living Lifestyle?
• Benefits of Frugal Living
• 17 Best Frugal Living Tips

Although it may seem like a difficult task, living frugally can have a big impact on your finances. Not only will you save money in the short term, but you’ll also be setting an example for your family members and teaching them how to live within their means. Follow these tips and you’ll be well on your way to becoming a financial success role model for your loved ones!

So what frugal living tip will you use today?

Will you start using a cheaper phone service such as Mint Mobile?

Do you have any frugal living tips you’d like to share?