Most people accept that frugal living is something to strive for. However, many struggle with applying the concept of frugality to their everyday lives. So, how can you live a comfortable life while saving money? In this article, we’re going to look at a number of frugality examples to show you how you can apply the principles of frugality to your daily life.
Frugality Examples: What Does It Mean to be Frugal?
There is a misconception that the word ‘frugal’ is a negative term, but that is far from the truth.
To be frugal means to be smart with money.
Many frugal people live happy lives without sacrificing comfort, but they manage to save more money because of their frugal lifestyle.
The idea of frugality is to intentionally spend money, not to be reckless with it.
It involves prioritizing the expenses that need to be made and still getting the things that a person would need or want without excessively spending.
Frugality does not mean being cheap because frugality means spending money wisely.
What Makes a Person Frugal?
Frugal people take a step back to look at what they do not need.
They realize that they can cut back on spending by a lot without sacrificing their comfort.
For instance, a frugal person does not have to give up toilet paper, vacations, and coffee.
They just learned how to enjoy all of those things without spending more than they have to, especially on things that they do not need.
How to Live a Frugal Lifestyle
It can be hard for people to be frugal when they do not know where to start. If you wish to start being wiser with your money, here are some frugality examples that you ought to try.
Make Coffee at Home
Coffee is a small luxury that you should be allowed to enjoy, but you might spend way more than they should for your cup of joe.
The average American spends $2,008 a year on coffee, which is a huge chunk of cash.
Luckily, frugal people do not skip their daily caffeine kick while still saving cash.
Frugal people opt to make their daily coffee at home because it is significantly cheaper than buying a coffee at a cafe.
A standard coffee from a cafe can range from $2-5 dollars, meaning a cup of coffee a day can cost $14-35. However, a pound of premium coffee beans only costs around $15, and that bag can last for 2 weeks or longer.
Meal planning is a huge part of being frugal, and it can make you healthier as well.
Ordering take out and dining in at restaurants all the time can burn a hole in your wallets fast.
Cooking food at home saves a lot more money, and it tends to be healthier since you can control what they add to their food.
However, planning meals can feel tedious for some because cooking daily is tiring.
Luckily, meal prepping is an easy solution for that.
Simply make a few servings of one dish, then keep them refrigerated for the next few days to eat whenever needed.
To avoid getting bored of the food, try to mix up the seasonings, veggies, etc.
Examine the Pantry
You might make the mistake of buying way more than they need at the grocery, leading to an overstocked pantry of unused items.
A simple way to avoid that is to check out what is available in the pantry before going to the store.
Think about what is onhand before adding new items to the grocery list.
You can easily incorporate those leftover ingredients in their pantry into new dishes, so nothing will go to waste.
Choose Second Hand
Not everything has to be brand new to work well. In the past, you might have spent a lot of cash on brand new items that often work just as well as second hand ones.
For instance, many appliances have a long lifespan, so purchasing a 3 year old fridge in good condition instead of a brand new one is practically the same. The main difference is that you save a lot of money.
Do not limit yourself to just secondhand appliances.
There are tons of branded clothes in great condition waiting to be bought in thrift stores in your area.
Moreover, a lot of furniture and decoration that often cost a fortune brand new can just cost a fraction of the original price. You can find tons of used furniture and decor in vintage shops or online.
Automate Investments and Savings
Being frugal is more than just saving more, it is also about putting away your money wisely.
The best way to put aside some extra cash is by automating savings and investments.
You often find it hard to save money because if there is extra money in your bank accounts, they spend it.
Instead, that extra cash can be instantly placed into a savings account or investment.
Most banks allow you to automate a certain amount of money into another account or investment at a specific time of the month.
That way, you will not have to worry about where the extra money is going because it will go straight into another account or investment.
Plus, it will benefit you in the future either way.
You may not realize how many subscriptions they pay for each month. While a small $5 subscription may not seem like much, several unused subscriptions can rack up quite the bill.
Evaluate the current subscriptions that you pay for each month, and cancel any subscription that you do not use.
Pay Off Debt
Debt drains a lot more resources than most think, and it is hard to save for anything when debt is looming above your head.
Plus, debt often comes with an interest rate. With an interest rate, the debt you already owe will become bigger, even if you do not get loans elsewhere. Therefore, it is best to eliminate it altogether to be free of that burden.
Get Rid of Cable
It is perfectly fine to own a TV, but not a ton of people actually watch TV channels anymore.
You can conveniently watch their favorite show anytime they want thanks to the internet.
A cable subscription can easily cost up to $100, so save yourself the extra cash by canceling it.
Instead, you can subscribe to cheaper online streaming services, which are often way cheaper than regular cable.
Skip the Salon Trip
Getting yourself pampered every once and a while is perfectly fine, but a regular trip to the salon can cost you a lot. For instance, getting your nails done at the salon can cost $30-50, and that does not include the tip.
If you go to the salon two times a month, that means you will spend $60-100. Instead, you can learn how to do your own nails and only go to the salon every other month for well-deserved pampering.
Skip the Gym
Gym memberships can be costly, but that does not mean you should not exercise.
Unless you need all the gym equipment and go to the gym regularly, most people do not actually need a gym membership.
However, that does not mean you should not stay fit either.
Invest into some basic equipment like dumbbells, a yoga mat, resistance bands, etc., to do workouts at home.
To Sum Up
Being frugal does not mean sacrificing comfort just to save money. It is all about being wise with your money and learning how to spend it efficiently. Try out any of the frugality examples above to start living a more frugal life today.