Yahoo Finance 10 Extreme Frugal Living Tips That Actually Work
Living frugally can be tough, especially if you’re not used to budgeting every dollar you make. But it can also be well worth the trade-off, when you do it right. After all, cutting down on spending frees up more room in your budget, giving you the chance to pay down debts and save up for bigger things down the road.
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But how do you start living more frugally?
If you want to hit the ground running, you might want to follow some of these extreme frugal living tips, as inspired by this YouTube video. Remember, even if you try some of these and they don’t work out for you, that’s okay. Keep at it until you find the ones that best fit your lifestyle and financial goals.
That being said, here are the top 10 extreme frugal living tips that actually work.
Prepare for a Major Lifestyle Shift
Extreme frugal living often requires a major lifestyle change, so it’s important to be prepared. The shift might be daunting at first, especially if you’re also trying to live more minimalistically, so be patient and give it time.
“The best extreme frugal living tips are ones that you come up with yourself and that fit your lifestyle. Examine things you are already doing and figure out how to bring the cost to a minimum in a way that works well for you,” said Merissa Alink, a frugal living expert at Little House Living.
“For example, my family hasn’t owned a dryer for almost five years,” continued Alink. “We hang dry all our laundry all year around, even in the winter. It’s saved us over $300 in electricity expenses so far, not to mention the expense of the dryer and any repairs or replacements it may have needed.”
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Never Buy Impulsively
One surefire way to cut down on how much you’re spending is to cut out impulse purchases. Finding the balance between frugal living and treating yourself can be a major challenge, but it’s often worth the payoff.
“Never make impulse purchases,” said Joseph Morgan, money-saving expert at CouponBirds. Instead, make a list whenever you shop and only buy the items that are on that list.
If something catches your eye at the store, leave it on the shelf. If by the time you finish shopping you still feel like you really need it, you can then decide whether to go back for it.
Remember, frugal living can be tough. It requires a lot of discipline and a bit of practice to get it just right.
Use Technology To Cut Costs
Today’s technology has made shopping online easier than ever, which isn’t always good news if you’re prone to impulse buying or emotion-based shopping. The good news is that there are also tools that can help you find the best prices on everyday items that you need.
This includes online price comparison websites, like Camelcamelcamel and Compare It. There are also a lot of ways to secure discounts when shopping online. Honey’s free browser extension, for example, automatically searches for and applies discounts to your digital shopping cart.
Then, there’s Rakuten and other cash-back tools, sites and apps. These platforms can also help you save money or earn a percentage back on every purchase. As long as you’re only buying what you need, you can get some major savings opportunities here.
Another option is to take advantage of price matching. Many retailers will offer you the same or a lower price on an item if you can show them a competitor that has the same product for less money. You may be able to do this online or in stores.
Meal Prep Everything
Dining out is expensive, especially when you factor in drinks, appetizers and tips. But even food-at-home prices have gone up significantly in recent years.
While food’s an essential part of life, you can still cut down on costs by shopping the discounts and meal prepping as many meals as possible. This entails making a grocery list whenever you shop, avoiding impulse buys and skipping the local café or fast food restaurant while you’re out.
But meal prepping doesn’t have to be exhausting or boring. You can make it fun by getting the family involved.
“As a parent of two children and four dogs, meal prep — especially during the holidays — can take on a life of its own. In my household, some of the best memories we have are from when we went ‘off book’ from the traditional holiday meal,” said Dr. Kate Mielitz, accredited financial counselor at Beyond Finance.
Use Swap or Buy Nothing Groups
Another extreme frugal living tip is to stop purchasing the things you can avoid and join a local or online group that gives away items for free or at an incredibly low price. You can find these types of groups on platforms like Facebook.
By joining one of these groups, you won’t have to pay full price for everyday items. In some cases, you can also rent out items temporarily. This can be especially useful if you only need it for a short period of time, like a karaoke machine or a lawnmower.
Buy Off-Season Goods
Throughout the year, many stores will slash their prices on seasonal items in preparation for new stock. This is especially common with seasonal or holiday apparel and related goods. If possible, try to limit your purchases to these times so that you get the best discounts.
“Buying things out of season also works because merchants typically offer great discounts,” said Morgan. “For example, if you buy winter clothes in spring, you may enjoy a discount as high as 75% [or more].”
Make sure you’re only buying what you need, though. Otherwise, purchasing something just because it’s on sale won’t result in any actual savings.
Cut Your Own Hair
If you’re trying to live a more frugal lifestyle, start cutting your own hair or trimming your own beard or moustache. All you’ll need is some hair clippers, scissors and a good comb. By taking care of this task yourself, you can save quite a bit of money on trips to the salon or barber shop.
And if you live with someone, you can do each other’s hair. Not only can this be a fun bonding moment, but it can cut costs even further.
Only Purchase Generic Items
Many retailers and grocery stores offer generic or store-brand items at a lower price point than what you’d get with national brand names. In many cases, these generic items are of a similar or identical quality — without the potentially hefty price tag.
“According to research from CouponBirds, generic brand products can save more compared with famous brands,” said Alink. “For instance, an average of $50 can be saved if you buy generic beauty products instead of famous brands.”
Cut Back on Heating and Cooling
It’s tempting to blast the heater or air conditioner in the winter or summer months, but doing so can hike up your power bill — and fast.
Instead of doing this, stay warm in the winter by layering up or taking advantage of blankets and robes. In the summer, close your curtains during the days or spend your afternoons in other places with air conditioning — like the mall or a friend’s house.
Negotiate With Your Service Providers
Talking with your utility company, insurance provider and cell phone company might not be the most comfortable thing to do, but it’s worth it when it gets you a reduced policy or plan.
You might need to practice your negotiation skills until you get this right. If you’re up to it, you can even tell your current providers that you’re going to switch companies if they don’t give you a better deal. Depending on the situation, they might be willing to work with you to keep your business.
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This article originally appeared on GOBankingRates.com: 10 Extreme Frugal Living Tips That Actually Work
