Frugal Living Tips to Transform Your Finances
Financial minimalism is all about simplifying our lives and our finances so we can save time, save money, save stress, and remove all the stuff that doesn’t really matter.
It’s about putting our energy towards things that will really change our lives and bring us a lot of value.
There are so many different ways to accomplish this and I’m about to go over some of my favorite frugal living tips.
1. Instant meals
Have at least three meals that you can cook in five minutes so you’re not tempted to go out to eat, waste money, or spend hours getting more stuff at the store for a meal that you are going to cook.
Here’s my favorite: Fry up tortillas on the stove, melt cheese on top of them, and add on leftover diced meat and peppers if you have them.
2. Income streams
Build a second stream of income. The average millionaire has around seven streams of income. I’m at around three or four (such as my YouTube channel) and I’m building that up.
More streams of income give you more flexibility and power at your main job to ask for raises or scheduling changes.
It reduces stress when one stream of income dries up and others can get you by. Start a side hustle or investment that over time will help you so much.
3. Batched meals
We do this so we don’t have to come up with something to cook for every meal every single day. We shoot for two days worth of food. This saves a ton of time and money.
4. Meal planning
Taking a few minutes every week to meal plan saves us hours of figuring out what to shop for and make. We know exactly what we need for the week when we go grocery shopping once a week.
If we don’t meal plan, we end up at the store three or four times a week and we spend more money.
5. Capsule wardrobe
These are so easy to make and I can blindly put my hand in the closet and grab something to wear because everything goes with everything else.
Once you have what you need, you don’t need to do any more shopping which saves a ton of money.
6. Cut your own hair
I’ve never gotten a professional haircut in my entire life.
7. High-interest savings accounts
These are more efficient than letting your money sit in a regular savings or checking account. Automate savings to keep on track. Put additional money in these accounts and pretend the account doesn’t exist.
8. Buy used or heavily discounted
I like good quality stuff and you can get it for cheap when you buy used or damaged. We buy many things with dents, rips, and damage you can’t see and doesn’t impact the product at all. I rarely if ever pay full price for anything.
9. Say no
If it’s not 100 percent heck yes, it’s a no. If I’m trying to save money for something or pay down debt and people ask me to go somewhere that’s going to end up costing me money, I say no.
Remember this quote by author John Maxwell: “You can not stress the unimportance of practically everything.” In other words, say yes to the important things only and just say no to everything else.
10. The minimalist game
Play a game by decluttering and giving away one thing on the first day, two on the second day, three on the third day, and so on for a month. You’ll begin to see how little you actually need and how content you can be with what you have.
Americans wasted about $350 a year on unused subscriptions. Most people look at it as only $10 or $20 a month, but add that up and you’ll see that it’s an insane amount of money.
12. Phone plans
Call our providers and negotiate down your rate. Or, just switch–there are so many options out there. You’ll save money either way. Maybe the plans won’t have bells and whistles but will cost a lot less.
13. Sell your extra car
The true cost of owning a car is truly depressing. Gas, oil, tires, repairs, insurance, registrations, inspections, and the general depreciation add up and take a couple of weeks of working to pay for all of this.
14. Preventative maintenance
Take care of things. You can eat healthier, make sure you change your car’s oil and service your furnace. All of this will save money in the long run by keeping things running better.
15. Read financial books
You never know which book can help you change your financial mindset or give you great ideas to change your financial life.
16. Use cash
Pay for things in cash and use an envelope system to divide up your money for what you need. You will find that you will stop overspending. Swiping a card is a lot easier than handing over physical cash.
17. Write down goals
You are 42 percent more likely to reach your goals if you write them down. Weirdly enough every goal I set that I write down has just about come true.
18. Consider refinancing
Refinance your home if mortgage rates are low. It’ll save you hundreds of dollars a month.
19. DIY it
Try DIYing a fix before hiring a professional. Most repairs are not difficult, especially when you find a YouTube tutorial to help out.
Frugal living tips
There you have it, my best frugal living tips. I hope they inspire you to do more with less and start to love living a frugal life.
Let me know in the comments your best frugal tips or if you’ve tried any of these and how they worked out for you.
Next, check out my 7 Easy Minimalist Habits to Start in 2024.