Today, the world is advancing in every possible way. Be it science or business, we cannot deny that every field is constantly evolving. However, while the world advances, various resources are being wasted all around the world.
People are spending their finances on unneeded things. This brings out a situation where they are facing several problems in their personal and professional life due to their spendthrift lifestyle.
So, to avoid this situation, people develop frugal habits to live sustainably without wasting money, resources, and time.
In this article, we will talk about what is frugality, some of the best frugal habits, and why you should “go frugal.”
What is Frugality Really?
Frugality is a way of life now. It is the habit of spending your finances and other resources in a thoughtful and pre-planned way to avoid any waste—pure domestic economy…and bliss!
Now, there may exist a misconception that being frugal is being cheap or stingy. However, there is a huge difference.
Stingy people do have the money yet they do not wish to spend it on anything. On the other hand, a frugal person will spend their money in a calculative and resourceful way.
So, while “cheap” has a negative meaning, “frugal” has a positive ring to it.
12 of the Best Frugal Habits You Might Possess
If you are planning to go frugal and reduce excess spending that is harming your way of life, then check out the habits you may already have.
1. Pre-planning Your Meals
The first habit of frugality is being calculative with food and meals. Frugal people tend to plan their meal schedule ahead of its time.
For example, many of them already know what they are going to eat for their breakfast, lunch, and dinner. This can ensure that they never run out of food.
Pre-planning your meals can help by cutting the extra costs related to eating out. Now, this does not mean you can never eat out or order in, rather you can stop the over-spending by only eating out when it’s a special occasion.
2. Buying Household Items in Bulk
Buying bulk may sound expensive and wasteful. Yet, frugal people do it with thorough calculation and planning.
Suppose, you wish to buy detergent…Rather than buying a small bottle of detergent, you could get a bigger bottle at a discount…I mean you are going to wash your clothes regularly and it won’t go to waste. This is where a bulk item makes sense. You can also save trips to the store and gas by buying items in bulk that are household staples.
3. Buying Second-Hand Items
Frugal people choose second-hand items over new ones—more on this from FinancialImpulse.com.
There are various thrift stores selling clothes, household appliances, books, and many other such useful items. You can give your city’s second-hand store a visit before buying brand new items. For online options, you can check out Freecycle or Craigslist.
Some of the benefits of shopping second-hand are:
- You can save money (duh!)
- You are reusing products and saving them from the landfill, which has ecological benefits
- You may find an old model that’s much better and more durable than the latest models
4. Using Community Resources and Items
If you prefer community resources, you have frugality in you.
Your city community probably offers so many free resources, you may be unaware of.
You don’t have to buy everything when you can easily rent. There are various libraries having a great collection of books available for issuing.
If you’re a movie buff, you can also look out for DVD rental stores and save up the extra cost of buying everything latest.
5. Think Long-Term Rather Than Short-Term
While it is good to live in the moment, it is also extremely important to have some kind of stability for your future. Frugal people think of the long-term.
When you are getting too carefree with your money, you should think about what will happen if you run out of funds in the future…What will happen if you ever lose your job? In short, think of your future security.
If you don’t save for the future, you may end up with a lot of financial debts and worry. This can affect both your mental and physical health.
On the other hand, a frugal person has everything thought through and is free of any such debts. He or she is the master of their own life rather than being slaves to someone else.
So, the best way to secure your future is by fulfilling your needs while minimizing your wants effectively.
6. Having Frugal Friends
If you are a frugal person, you may have friends and colleagues who are similar.
Friends who have the habit of overspending may entice you to do so too. This can become a huge barrier if you wish to practice frugality. They can drag you to do things you may not wish to do.
On the other hand, if you look out for frugal friends, they will motivate you to continue rather than giving up. Additionally, they can also give you more tips on how they’ve been saving up their time and money lately.
7. Quality Rather Than Brand Name
Frugal people go for quality over expensive and overrated brand names.
It is important to note that not every branded product is of good quality. So, rather than blindly going for any expensive branded item, it is important to research first.
Usually, there are quite a lot of alternatives available in the market. Some of them are even better than the original item.
So, look out for those items that are more durable, robust, and offer better functionality than the one with just the fancy brand name.
8. Try Out Inexpensive Activities
Frugal people find activities that are inexpensive and fun.
So, instead of going out for pricey activities like movies or concerts, you can have an equally fun game night. You can also rent a bicycle, tour around the city park, and have an inexpensive yet exciting evening!
One of the major benefits of going frugal is you try out activities a lot of people haven’t. So, you are getting to experience less mainstream activities…but more of life!
9. Multitasking Is an Important Skill
Frugal people are usually multitasking.
For example, frugal people will look out for items that serve more than one purpose. For example, if there’s a great body wash that can act both as a soap and shampoo, then it can get relatively inexpensive compared to buying both of them individually.
Borax can clean toilets and it can be used in the laundry.
So, try to look out for mutually beneficial products and alternatives.
10. Repair, Don’t Replace
If your home appliances are not working or showing certain technical problems, you repair them rather than replacing them. This is a frugal trait.
Replacing the machine will cost you more than repairing. However, if you get the appliance repaired, you can reduce the total cost. Additionally, you do not have to waste your time looking out for new products online.
Various appliances offer a warranty period. So, if your product is new, try to claim the warranty!
11. Live Life Your Way
Social media has all of us wanting an extravagant and lavish lifestyle. Still, it is necessary to know that not everything is rainbows and unicorns as shown on-screen.
Reality is way different. So, frugal people don’t try to keep up with every trend on Facebook. Trust us, it will save you money!
Rather, understand your own priorities. Understand what are your needs and where to spend your money. Don’t let materialistic things influence or dictate your life.
If you want to start saving money, then do it and don’t hesitate. In the end, live your life the way you want and not how people want you to live.
12. DIY It!
Frugal people like to do things by themselves.
Be it stitching a button on your sweater, cooking yourself homemade pasta, or repairing an old appliance—the more you do things yourself, the more you are saving!
While DIY can get a little time-consuming, it can act both as a money-saving decision and a money-making activity. Follow us…if you are great at baking cakes, you might be able to sell some or even post recipes online.
5 Reasons Why You Should Go Frugal
Now that you know about some of the best frugal habits, here are reasons why you should go for it.
Helps You Understand Your Life’s Meaning
Living your life frugally means you’re living for yourself and not for someone else.
When you go frugal, you think of only those things that you need and not those, that are in trend and under the limelight.
It lets you understand what are your true priorities and what are your goals or aspirations. In this way, frugality helps you understand your life’s meaning unlike living superficially.
When you go frugal, you start buying things practically. You do not hoard things and increase waste.
A person who has more things is not the richer one, it is the one who is happy with what he or she has.
Being frugal allows you to take care of your finances in an efficient way. This allows you to become content with what you have.
If you’re tired of keeping up with every trend and social norm, then go for frugality.
A frugal lifestyle is a simple lifestyle. You are living for yourself, reducing every type of clutter, and getting financially stable. What else do humans need?
Finding Solutions to Every Problem
Being frugal demands you to be resourceful. So, you have to look out for various alternatives before you settle for anyone.
This quality can come in handy when you are facing any issue. You can become capable of finding your own way out of any situation or problem without stressing out a lot.
In the materialistic world today, possessing frugal habits are priceless. Yet, what matters more is always improving and staying consistent rather than giving up too early.
So, find out your frugal habits and develop a healthy, holistic approach to life!