Being frugal is a smart - and sometimes necessary - way to live. There are, of course, the average frugal tips such as cutting coupons. Here, instead, we are going to take a look at some tips that you might not think about right away.
1. Use a Deep Freezer
A deep freezer is a bit of an investment at first but it can pay for itself in the long run. Any frugal shopper can tell you that buying in bulk is a great way to save. Unfortunately, it can be hard to purchase anything that isn’t non-perishable in bulk without worrying about using it in time.
For this type of bulk purchasing, a deep freezer can come in handy. With a deep freezer, you can stock up on items such as meat and frozen items when you find them on sale or at a good price and you don’t have to worry about rushing to eat them before they go bad in your fridge.
2. Stop Chasing the Latest Trends
We live in a world of innovation. Every year brings a new car, new phones, new computers, and more. These are often advertised as needs instead of wants. Why do you need this new car? It consumes 2 less miles per gallon, of course!
Think about this critically, though. Is anything wrong with your current car? Does those extra couple miles per gallon mean anything after you pay thousands for the new model?
Most of the time, the answer is no. You are completely fine without buying your technology and transportation fresh off the assembly line. Try to cut out these unnecessary purchases by carefully considering any cost for how much you need it and how much damage it does to your wallet.
3. Drink Water
Drinking water is good for you. The average adult should drink about eight 8 oz. glasses of water a day and children five to seven glasses a day. Most of us don’t drink this much water.
Why is this information important when you are trying to be frugal? Well, think of what is consumed in the place of water. All things you have to purchase: sodas, tea, juice, alcohol, and the like. Not only are these more expensive, they are also less healthy.
To save money, cut out or at least cut back on these purchases. To go even further, purchase reusable water bottles. This will help you out by not forcing you to buy new, disposable bottles for packed lunches and days out.
4. Consider Switching to Streaming Services
Cable is a frivolity that can cost more than $100 a month! Different channel packages can make this cost even more. You can avoid this altogether by cutting the cord and dropping cable. Try a fire stick for some serious savings!
This isn’t a bad idea because not only will it save you money, but some would argue cable is a dying industry. After all, sources like YouTube are free and streaming services such as Hulu and Netflix come at a much lower cost than traditional cable.
5. Avoid Late Fees at All Costs
You probably already know that if you miss a due date on your bills, it usually comes with a hefty late fee. Some companies allow a bit of forgiveness if it’s the first time you’re late but it’s best to not find out the hard way.
The easiest way to make sure this doesn’t happen is to opt-in to a company’s automatic payment option. A concern that comes with this is that you might forget about a bill and plan another expense only to see the money you needed disappear.
A great way to avoid this is to open another bank account specifically for your bills. As soon as you get the money for a bill, put that money in the bill account and it’ll be taken out as needed.
6. Take Care of Your Body
We already mentioned you should drink more water and you probably already know that produce is cheaper than junk food. There are additional reasons you should take care of yourself, however.
Doctor’s visits for avoidable problems can cost a fortune. If you do need to go to the doctor, do so right away. Waiting until something is a bigger problem typically comes with a bigger cost.
7. When You Come Across Money, Don’t Go Crazy
Here’s a theoretical question you’ve probably been asked before: if you won the lottery, what’s the first thing you would do?
Many people have extravagant answers to this question. Buy a house! A new car! Go on a long and exotic vacation!
These answers are fun but they aren’t very frugal. Odds are, you aren’t going to win the lottery anytime soon but you might come across an extra bit of cash. For example, you might get a bonus or raise at work.
When you get this money, don’t be impulsive and “treat yourself” right away. Instead, act like you got the same amount of money you usually got and focus on what you need rather than what you want. Alternatively, put it in a savings account or use it to pay outstanding balances on expenses such as medical bills.