In this article, we discussed the meaning of frugal living, the examples, furthermore we also talked about the tips for frugal living
Definition
Frugal living is a living concept that focuses on financial priorities and can manage expenses. In a frugal living, a person must have a life vision and mission, as well as dreams and goals for the future. This is because they must understand what their financial goals are and how to achieve these financial goals.
Frugal living is a lifestyle that focuses on saving money and being careful with resources. It can involve:
Cooking at home: Instead of eating out
Using public transportation: Or carpooling
Cutting back on non-essentials: Like subscriptions and impulse purchases
Buying in bulk: But only if you’ll use it
Planning meals: And choosing cheaper recipes
Making a shopping list: And visiting cheaper supermarkets
Buying supermarket own-label products: And eating less meat.
the best example of frugal living
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Paying off mortgage, monthly car payments, and student debt.
Paying off monthly credit card bill in full.
DIY (most, but not all) home and auto maintenance/repairs.
Cutting down on utilities (especially A/C during heat-wave).
Cutting down on eating out and alcohol.
Frugal living Tips
- I do the less-desirable thing.
While some colleagues were spending nearly every dime of their paychecks on rent in trendy areas in New York City, I chose to live in an unhip neighborhood for a lot less. My commute was no longer than theirs, and it cost the same too. But my rent, food, and entertainment were much more affordable. I also prefer to travel at less-popular times to less-cool spots (think: upstate New York in the winter—it was cold, but there was a chowder festival). It’s tougher now that I’m a mom and school calendars dictate my vacation schedule, but getting to and staying somewhere is generally cheaper when you’re not competing with a million other people. And it can actually be more relaxing when you’re not fighting crowds to get into attractions and restaurants.
- I buy stuff I’ll need later whenever it’s on sale.
My laundry room currently has several dozen rolls of paper towels lining the shelves—not because they make cheap decorations but because I stumbled across a deep discount and stocked up. I’ve done the same with long-shelf-life snacks my kids love and bathroom must-haves like hand soap, body wash, and mouthwash. If you have the space, buy a lot of whatever you know you’ll use at some point when it hits a lower-than-usual price.
- I compare per-ounce costs before I buy.
Before you stock up on an item, make sure you’re getting the best deal. The same food, toiletry, or other essential can come in various sizes or bundles at different prices, making it tougher to compare apples to apples. Luckily, some e-commerce sites post the per-ounce (or per-item, if it’s a multipack) cost under the total price. I’ll keep scrolling until I find the lowest and buy that one, even if the hunt takes time.
- I buy different foods from different sources.
I don’t just comparison shop on a single site. Instead of picking up groceries from the same supermarket each week, I’ll order food from there but also from big-box stores and e-commerce sites throughout the course of a month, depending on who has what I need for the best price—factoring in delivery and tip fees, of course.
- I’ll wait to buy some things I want until I have a coupon.
I keep items in my cart without checking out in case the retailer sends me an email with a coupon. It really does work with some places. I also won’t make a purchase without thoroughly scouring the internet for a discount code. If I can’t find one, sometimes I won’t buy at that moment, opting instead to wait days or weeks until a code materializes. I once saved 20% on a swimsuit when I bought midsummer instead of in spring when I first found it.
- I check warehouse clubs and big-box stores for gift cards.
Before we took a family trip to a major theme park, I picked up discounted gift cards for that destination from a big-box store. I shaved off about 10%, but when you’re spending hundreds of dollars, that’s a big difference. I’ve seen gift cards sold at those stores for less than their value on bowling, movies, and restaurants too.
- I’ve shopped in the kids’ section for myself.
I’m not hitting the kids’ section for me much lately, but back when I could wear smaller sizes, I’d head to the kids’ section when I needed clothes. They’re often cheaper than the adult section, even though a similar amount of fabric is used for the big-kid sizes. One time, at a popular chain store, I bought sweatpants for about $20 that looked identical to a grown-up version selling for $40.
I search for pre-worn clothes and accessories before I buy new.
If I fall in love with a top in a social media ad, I’ll reverse image search the item to see if it shows up for less anywhere else. Often, a similar if not exact piece will show up for a fraction of the price in a resale marketplace. Then I check that the item is in good condition and the seller has solid reviews before I buy. I do the same reverse image search trick for anything my kids ask for, including birthday and holiday gifts.
- I take advantage of day-after holiday merch purges.
My kids’ Easter candy was Valentine’s Day–branded because I bought it February 15, when supermarkets and drug stores slash prices on V-Day treats. The hearts look enough like bunny ears that it works—and my kids don’t care. Chocolate is chocolate, and they are happy. So am I because I spent as much as 60% less. I’ve also bought winter-holiday cards for the next year on the day after Christmas. This would work on Halloween costumes as well, but my kids would change their minds a bunch in those 364 days.
- I don’t throw out disposable tableware from takeout restaurants.
A lot of takeout spots stuff napkins and plastic utensils in our takeaway bags without my asking. It’d be wasteful to toss them when they’re in usable condition. So, I use the branded ones for my family’s home meals, and the plain ones for guests. In fact, I’ve entertained whole parties of people with plastic-
Conclusion
Frugal living means being conscious of your spending and focusing on a few financial priorities. A consumer who wants to live frugally should think about their main goals and how changing their finances can help them reach that goal.