There are a number of habits that extremely frugal people live by in order to save money for the more important things in life such as a home or early retirment.
Frugal living is not about being tight or mean with money – its about avoiding waste and making the most of the things that you already own.
Today I am going to break down some of the most important habits of extremely frugal families, which allow them to stay out of debt and save a tonne of money for their future.
10 Habits Of Frugal People
THEY USE EVERYTHING UNTIL IT’S FINISHED
Frugal people will use every last drop of a product before buying a new one. If you’re in the habit of reaching for a new bottle of shampoo or toothpaste when there is still a little bit left at the bottom of your last one, then stop this now and make sure you use every last bit before heading to the shops!
THEY MAKE DO WITH WHAT THEY HAVE
Before buying a new dress for an event, or buying store-bought decorations to embellish your home, see if you have something already in your wardrobe, or look around your home for things you aren’t using that you could DIY. Frugal people will always try to make do with what they already have before reaching for their wallet and making a purchase.
THEY GO WITHOUT THE NON-ESSENTIALS
If you want to live a more frugal lifestyle, then you need to prioritise what is essential spending and what you are buying ‘just because’. People who save a lot of money, don’t spend needlessly on new clothes, gadgets and toys etc because they would rather make do with what they already own and put that money towards their savings goal.
DISCOUNT CODES ARE THEIR BEST FRIEND
I will never pay full price for anything! If I want to buy a new pair of jeans or shoes, or I have a gift to buy for somebody, I will plan my purchase well in advance and wait until there is a discount code available for the shop I am buying from. You can get vouchers and discount codes for just about anything: eye examinations, holidays, clothes shopping etc just by making a quick search on google.
THEY AREN’T AFRAID TO SAY “NO”
If you’ve been invited to an event, such as a birthday party for a long distant relative, and you don’t really want to go as it’s going to cost you a lot of money in transport, plus a gift for that person, then don’t be afraid to politely pass up the invitation.
Spending money on others out of obligation is a complete waste of money and a habit that many people feel pressured into. If it’s somebody close to you, they will understand if you say no because you’re saving money at the moment.
THEY DON’T TRY TO KEEP UP WITH THEIR PEERS
Comparing your life to others and trying to keep up with the Jones’ is one of the worst habits that millennial’s seem to have developed for their financial wellbeing.
With the ever growing accessibility to credit cards and finance plans, it’s become easier to buy things that we can’t afford, and this means that you could well be comparing yourself to a friend who is swimming in debt, but has a luxury car on finance and a stunning home with a mortgage that they can barely afford to pay each month.
So don’t play the comparison game with anybody, as you probably don’t know the full picture. Focus on your own financial goals, earning more money through side hustles and paying off your debts and you will be well on your way to creating a happier and more financially healthy future for yourself.
THEY BUY SECOND HAND
Frugal people are not afraid to buy second hand if there is something that they really need. Clothes, electronics, homeware and furniture can all be found second hand at a fraction of the price that they would have been brand new, and often items will only be lightly used or can be brought back to life with a coat of paint or some new buttons on a tired dress etc.
THEY ALWAYS MAKE FOOD AT HOME
Frugal people absolutely will not spend (waste) money on takeaway food, lunches and coffees on a regular basis. Get into the habit of packing lunches, making coffee at home and always carrying a refillable water bottle, so you never find yourself having to buy drinks out and about because you have no other choice.
THEY STICK TO A BUDGET
Sticking to a budget is a non-negotiable if you intend to live a frugal lifestyle. The only way that you are going to be able to keep up with what money you have coming in, what is going towards bills and what’s left over to spend and save, is by writing down all your income and outgoings for every month.
Choose a method that works for you and don’t over complicate things. I personally use an Excel spreadsheet, but you might want to try a bullet journal, money management app, or just good old fashioned pen and paper. Whatever works for you is fine, just make sure you are doing this exercise every single month.
THEY SHOP OUT OF SEASON
Lastly, there is never a better time to buy a new coat than in the heat of summer, and swimwear will always be cheapest around Christmas, as nobody is buying those items at that time so stores will apply the maximum discount just to try and shift the old stock.
Always buy out of season and you will end up saving an absolute fortune on things that you were going to buy anyway. Another trick is to buy Christmas decorations and cards for the year ahead in the January sales. There is always a tonne of excess stock left over from the previous few weeks and shops will apply crazy discounts to these items because most people aren’t interested in buying decorations in January!
To Finish Off….
I hope you enjoyed this post and found some value here that you can apply to your own spending habits. If you have any other essential tips for living frugally then I would love to hear your thoughts in the comments below and I look forward to seeing you on my blog again soon!