3 Key Habits of Frugal People

Let’s go over 3 characteristics of frugal people that you can adopt to help bring your frugal living to a deeper level.

These characteristics allow frugal people to live comfortably and happily within the confines of a frugal life. Being frugal isn’t just for people who have low or moderate incomes.

Some of the most frugal people are billionaires who have their billions because they are frugal.

Let’s examine some of the habits of frugal people.

1. Informed

Frugal people tend to know a lot about a lot of things. This is because they are constantly researching. Frugal people don’t just spend money mindlessly. They gather information so they can make the wisest decisions possible for how they spend.

If a frugal person is going on vacation, they will do their research to find out when is the best time to travel to get the best deals on airfare.

They’re going to figure out which restaurants are affordable in the area. They do their research in all areas of spending to ensure that they’re getting the most bang for their buck.

2. Intentional

Frugal people are intentional with their spending by setting boundaries and guidelines. Some people have negative associations with the word boundaries because they don’t like the idea of being restricted. Frugal people understand that a lack of boundaries will get them into trouble with things like unwanted debt.

Frugal people aren’t just intentional with their money. They are intentional with their time and all of their resources to make sure they have what they need in order to enjoy the life they have. They are in touch with what they need and want which helps them stay comfortable within their boundaries.

Let’s look at an analogy to help us better understand. Imagine a parent and child in a big open field surrounded by deep wooded areas. The parent will tell the child that they are free to enjoy the open space of the field, but they can’t go into the woods. The boundaries have been clearly defined and the child has the freedom to run and play.

The boundaries are set so the child can enjoy the freedom of the open field, and be protected from getting lost in the woods. We too want to stay out of the woods when it comes to debt. Real freedom comes with restrictions because freedom without restrictions is a freedom that will soon be lost.

In order to set those guidelines for yourself you need to have a good sense of who you are and what you want from your life. That clear knowledge about yourself and your values helps to organically set those boundaries. In turn, those boundaries help to inform the decisions that frugal people make about their money.

3. Innovative

Frugal people are innovative in the sense that they are always coming up with new ideas to get creative about what they have. That way it’s less about your resources and more about your resourcefulness. Frugal people are able to make unique choices and decisions in challenging situations.

Being able to use your resource constraints as an opportunity instead of a liability can make frugal living more enjoyable. Use lack of resources as an opportunity to create new things and learn new skills so you can do things for yourself. My husband has picked up so many new skills in our effort to save money.

My husband has learned how to build walls, repair the plumbing, install new doors, and put down flooring. It has saved us a ton of money. The added bonus is that once you learn to do things like this for yourself, you can use these newly acquired skills to make money doing things for others.

If you are at the beginning of your frugal living journey, start by getting more informed about what you spend your money on so that you know their real worth and value in your space. Be intentional about the direction you want your life to go in and make sure you make decisions that support that vision.

Lastly, get innovative and creative using what you already have at your disposal. There is no telling what you’ll be able to come up with when you decide to spend less and create more.

Habits of frugal people

I hope you enjoyed learning about some of the characteristics of frugal people. These characteristics and habits will help make your journey into frugal living more enjoyable and intuitive.

Do you have these characteristics around spending? Let’s discuss this in the comments section.

Next, check out these 8 Simple Tips for Grocery Shopping on a Budget.