10 Frugal Habits That Will Save You Thousands
This post was written in partnership with SingleCare. All opinions are my own.
Living frugally and saving money really comes down to implementing certain daily habits. If you weren’t taught these habits, don’t worry, with hard work and dedication you can become a truly frugal person. By simply putting these habits into practice you will potentially save thousands of dollars over your lifetime! And the best thing is they aren’t hard to do at ALL. So here are my 10 Frugal Habits that Will Save You Thousands.
Live on a Budget
Many people cringe at the word, “budget” but it’s really just a way to take control and tell your money where to go. It doesn’t have to be super strict or full of rules, just a written plan for how you will spend your money. Living on a budget ensures that you will only spend what you have on what you really want/need.
Live Below Your Means
Many people in our culture live above their means which is why they are drowning in debt with no relief in sight. Living below your means is actually quite simple. Don’t spend more than you make! Set up a budget that is within your means and try to have at least 10% going to savings each month. This will ensure that you have extra and are living below what you make. Also, each time you get a raise, consider adding the extra to savings each month and overtime you will be living well below your means and have all kinds of extra money to do with as you please.
Always Pay Your Bills on Time
As a responsible adult, you should have a system in place that ensures your bills are paid on time EVERY TIME. Set up automatic bill pay if that is your style or set an appointment with yourself each week or two weeks to sit down and pay all of the bills that have come in. Paying late fees is super annoying and a waste of your hard-earned money.
Set Up Automatic Savings
One of the most effective ways to beef up your savings and naturally live below your means is to set up a certain amount from each check to go straight to your savings account. If you’re just starting out it can be as little as $10-$20 per check. Chances are you won’t miss it and it’s a really painless way to save. As mentioned earlier, consider increasing this number each time you get a raise and you will be saving hundreds each month in no time!
Never Pay Someone for What You Can Do Yourself
Most frugal people do as much as they can for themselves instead of paying someone else to do it. The sky is the limit with this one and YouTube is your best friend. Things like cutting hair, painting the house, mowing the lawn, fixing the plumbing, etc. can all be done yourself with a little hard work and knowledge. There’s no sense in paying someone else to do what you can do for yourself.
Never Pay Full Price
Frugal people are always looking for coupons, discounts and money-saving programs to save money. Some even make it a game to never pay full price for something. You’d be surprised at what you can save if you just take the time to find a coupon, sale, or discount program.
One such program that I’m excited to try is SingleCare which offers savings on prescriptions, dental, vision and on-demand virtual doctor visits. SingleCare is free to join and accepted nationwide at 35,000 pharmacies including Wal-Mart, Walgreens, CVS, Rite Aid and Kroger. You can also save on dentist and vision providers across the US – know what to expect at each visit and never be surprised by your bill.
To join SingleCare, all you need to do is apply for your free card and start using it to save up to 80% on prescriptions and up to 55% on dental. Use SingleCare to compare prices and find discounts available to anyone. Simply ask the pharmacist to process your prescription using the BIN and PCN number found on your card. You can download their free app on iTunes or Google Play or visit SingleCare for more information.
Eat at Home
Eating out is a huge expense for most families and one that can be easily avoided. You can save TONS of money just by planning ahead and eating at home more. Eating out is fun and should be considered a special occasion, not an everyday occurrence. Your wallet and your health with thank you. Check out my list of tips for avoiding eating out here.
Buy Used Whenever Possible
Buying used is almost always a good financial decision. You can find like new items for a fraction of the retail price if you just take the time to look. Also, it’s easier than ever with websites like Craigslist, Ebay and Facebook. Before buying something brand new, try finding it used first and see how much money you will save!
Find Free Entertainment
Eating out, going to the movies and going to concerts are certainly fun, but they’re also a huge drain on the bank account if done on a regular basis. Try finding free ways to spend your time instead such as going to the library, going to the park, going to a free car show, going on a picnic, finding free events in your area, playing a game at home, etc. and you will save tons of money over time. Plus, when you do spend the money to see a movie or eat out it will be an extra special treat.
Stay at Home
Staying home more and finding hobbies to do around the house will keep you out of the stores and save you money. Each time you go shopping or leave the house you are bound to spend money. See if you can stay home at least one day per week and implement a no spend day. I’m sure there is plenty that you can find to do and you will be saving money.
I hope you’ve enjoyed this list of frugal habits. Which ones do you do? Would you add anything? I’d love to know!
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