I like to consider myself conscious of my spending, but I’ve never really described myself as frugal. I’ve always kind of had this association that frugal meant being ‘cheap’. As I’ve gotten older however, I’ve realized that frugal doesn’t have to have a ‘negative’ association with it. I’ve come to realize that ‘frugal’, ‘smart living’ and saving money are all similar in many ways.
In today’s fast-paced world, managing finances can be challenging. Embracing frugal living isn’t about deprivation; it’s about making intentional choices that align with your financial goals. One of my personal goals for the year was to buy items with more intention, align my money for items and things that serve me and a purpose. Basically, I’m just trying to cut out unnecessary and untracked spending. Whether you’re aiming to pay off debt, save for a significant purchase, or achieve financial independence, these practical tips can guide you on your journey.
What Is Frugal Living?
Frugal living involves being mindful of your spending habits, focusing on value, and eliminating unnecessary expenses. It’s about making conscious decisions that lead to financial freedom and a more fulfilling life.
25 Practical Frugal Living Tips
1. Sell Unused Items
Declutter your home and earn extra cash by selling items you no longer use. Platforms like Facebook Marketplace and local consignment shops can help you turn clutter into cash. Got baby clothes and gear in your basement you no longer use? Extra furniture you’re holding on too because you might use it or need it one day? These are all things that can be used to generate extra cash!
2. Utilize Energy-Efficient Appliances
Opt for appliances like air fryers or toaster ovens, which consume less energy than traditional ovens, especially during warmer months.
This one point can be tricky, don’t feel the need to go out and purchase appliances! It’s more about using what you have!
3. Wash Clothes in Cold Water
I’m a big fan of using cold water for my laundry. Using cold water for laundry saves energy and helps preserve the quality of your clothes.
4. Cut Back on Laundry Products
Reduce the use of laundry detergent, fabric softeners, and dryer sheets. Often, less is more when it comes to cleaning your clothes. This can also help prevent buildup on your clothing, which can in turn help your clothing last longer!
5. Monitor Electricity Usage
Be aware of time-of-use electricity rates and reduce phantom energy consumption by unplugging devices when not in use.
6. Make Homemade Cleaners
Create your own cleaning solutions using natural ingredients like vinegar and baking soda, which are both effective and economical.
7. Use Ceiling Fans Year-Round
Ceiling fans can help circulate air, reducing the need for heating in winter and cooling in summer.
8. Regularly Change HVAC Filters
Maintaining clean filters ensures your heating and cooling systems operate efficiently, saving energy and money.
9. Insulate with Curtains
Heavy curtains can act as insulation, keeping your home warmer in winter and cooler in summer. In our rooms that have blackout curtains we always notice a difference in room temperature! They remain cool in the summer and help keep the heat in during our cold canadian winters.
10. Borrow Instead of Buying
For tools or items used infrequently, consider borrowing from friends, family, or community tool libraries. I know it can be tempting to buy everything you need in order to feel like you don’t need to rely on anyone. But the truth is, that for a lot of things that we need infrequently we would be better off borrowing compared to purchasing something for ourselves!
I have a power sander that I bought for a project 4 years ago. The only time I have needed a power sander and the only time I’ve used the tool! That’s 50 dollars for a one time use, when I’m sure I have friends that would have gladly leant me thiers saving my money instead….and now I have a power sander taking up space in my basement.
11. Reduce Paper Towel Usage
Switch to reusable cloths for cleaning tasks to save money and reduce waste.
12. Plant Shade Trees
Strategically planting trees can provide natural cooling for your home, reducing air conditioning costs.
13. Create Financial Goals
Set clear, achievable financial goals to guide your spending and saving habits. Set your goals monthly or yearly, whatever feels attainable for you! Having a goal to work towards is a motivator to keep your spending on track.
14. Open a High-Yield Savings Account
Maximize your savings by choosing accounts that offer higher interest rates.
15. Avoid Bank Fees
Monitor your accounts to avoid overdraft fees and consider banks that offer no-fee accounts. You should not have to pay a monthly fee to access your money! This is one of the quickest ways to save hundreds of dollars a year, by avoiding fees.
16. Use a Budget Planner
Organize your finances with a budget planner to track income, expenses, and savings. There are so many options on Esty, that come with visual graphs to help you plan out your budget.
17. Track Your Spending
Regularly reviewing your expenditures helps identify areas where you can cut back. I use a spending app on my phone to track my expenses. I find it most helpful to keep track of my small everyday purchases that can often add up without you realizing it.
18. Unsubscribe from Unused Services
Cancel subscriptions or memberships that you no longer use or need.
19. Buy Quality Over Quantity
As I’ve gotten older, I’ve started to invest in quality sweaters. Nothing crazy, just one or two per year. But now 5 years later I have a good collection of quality sweaters that will last (no having to replace my cheap h+m sweaters every year because they have pilled so bad or stretched out). Investing in durable, high-quality items can save money in the long run by reducing the need for replacements.
20. Meal Plan
Planning meals in advance helps reduce food waste and unnecessary grocery spending. I focus on planning out dinners for my family for the week. This helps narrow down my grocery shopping, reducing waste and keeps me organized for the week.
21. Cook in Bulk
Preparing large batches of meals can save time and money, especially when ingredients are purchased in bulk.
22. Grow Your Own Herbs
Starting a small herb garden can reduce grocery bills and provide fresh ingredients for your meals. If you feel like something bigger than an herb garden, a garden would be a great way to go!
23. Make Coffee at Home
Brewing your own coffee instead of buying it daily can lead to significant savings over time. Don’t feel like you have to cut out your favorite coffee altogether though, budgeting for your favourite coffee place once a week is a great way to still have something you want/love but while also reaching your financial goals.
24. Shop Secondhand
Thrift stores and online marketplaces offer quality items at a fraction of the cost of new ones.
25. Host Clothing Swaps
Organize events with friends or community members to exchange clothing items, refreshing your wardrobe without spending money (this can be especially handy when you have kids).
Embrace the Frugal Lifestyle
Adopting frugal habits doesn’t mean sacrificing enjoyment. It’s about making smarter choices that align with your financial goals and values. By implementing these tips, you can take control of your finances and work towards a more secure and fulfilling future.
