Family Magazine

10 Practical Frugal Living Tips To Save Money in 2020

By Catherine Mcdiarmid-Watt @frugalfreebies
Image: Mother and Daughter on a laptop computer, by Chuck Underwood on Pixabay

Image: Suddenly Frugal: How to Live Happier and Healthier for Less | Kindle Edition | by Leah Ingram (Author). Publisher: Adams Media (December 18, 2009)

Suddenly Frugal

Many people may have different perspectives regarding frugal living. For some, it is reusing old tea bags to save so you would not have to use another one. Others believe it is a practical way of living to maximize financial freedom. Either way, everyone needs to be educated about what being frugal means and its importance towards living the quality life you have ever dreamed of.
The truth is, frugal living can be the change you wish to happen in your life. It has proven to cause several benefits that can surely increase the chances of living a stress-free life. Moreover, frugal living is the answer to our daily what-ifs and what-now. To get started, you need to understand what frugal living is.
Living a frugal life entails being more responsible and intentional with your money. It involves being more mindful of your spending habits with a conscious effort to consider your financial goals. In simpler words, it is spending on the necessities and cutting back from spending on unnecessary buys.
Choosing to live this kind of life is indeed challenging, yet it is possible. With the right mindset, discipline, and attitude, it is achievable. There may be a few bumps along the way, but you will eventually get the hang of it, and you will indeed be thankful that you decided to begin on this journey.
However, it is vital to note that you do not necessarily have to indulge in cheap quality just because you chose to live a frugal life. Frugal living means being smart with your purchases.
It involves explicitly prioritizing the quality and ensuring the benefits of purchases encompasses your aims and goals financially. With the long list of benefits frugal living has, it is impossible not to consider doing this. In this article, you will learn ten simple tips to make this frugal life a reality.

Image: Clever Fox Budget Planner - Expense Tracker Notebook. Monthly Budgeting Journal, Finance Planner and Accounts Book to Take Control of Your Money. Undated - Start Anytime. A5 Size Teal Hardcover

Clever Fox Budget Planner

1. Create a realistic budget plan.
-- Creating a budget list is always the key to saving money. It is impossible to live a frugal life without a monthly budget. The best way to do it is by making categories based on its importance. Set realistic goals to ensure that you can accomplish it. If you are quite unfamiliar and unsure, you can download a budgeting app online to help you.
2. Explore ways to earn extra income.
-- One of the realistic ways to save money is to increase your income. You do not have to work 24 hours to do this because there are many freelance opportunities in the online world, such as content writing, part-time virtual assistant, social media manager, and many more. The best part is, you can find an extra job that is in line with your interest. That way, you do not feel like you are working extra hours.
3. Make use of online coupons while shopping.
There is a common misconception regarding online coupons that are sadly making the consumers think it is of no help. The truth is, online coupons or weekly ad circulars may be a form of marketing strategies, but it does have its benefits. Purchasing your necessities using online coupons may allow you to save a portion of your money intended for the purchase. Contrary to what most people believe, online coupons offer a great deal. You have to give it a chance.
4. Set aside money for an emergency fund.
Life is full of unforeseen events. Thus, it is a wise decision to set aside a portion of your money for emergencies. This money should never be used unless something urgent happens. Having an emergency fund can be less-stressful in case your air conditioning unit or mobile phone breaks down. The best part of this fund is that you do not need to take any money out of your budget. Being prepared can help you live a frugal life easier.
5. Revisit your subscriptions and memberships. Cancel, if not needed.
Too much freedom in spending can cause you to pay subscriptions and membership fees you do not even need in the first place. As time passes by, you could not even remember when you subscribed and possibly forget that you are being charged by these monthly. Thus, it is best to check your subscriptions and memberships and cancel these before it drains the money out from your bank account.

Image: Meal Prep Lunches: 80 Recipes for Ready-to-Go Meals | Paperback: 184 pages | by Michelle Vodrazka (Author). Publisher: Rockridge Press (September 15, 2020)

Meal Prep Lunches

6. Plan your meals ahead of time.
Planning your meals ahead of time can help you avoid the impulsive decisions of eating out. Eating out is quite expensive when done regularly. Living a frugal life may encourage you to plan your meals for the week and watch for your food intake. It is also the best time to be conscious about what you eat and focus more on food that provides nutritional benefits that your body needs.
7. Learn how to make a good cup of coffee at home.
If you are a coffee-lover, you unconsciously spend a great deal of money every day in a coffee house. If you wish to start a frugal living, the best solution to this is purchasing your coffee machine and making your coffee cup. This way, you can cut down coffee shop expenses, and you can start exploring the coffee taste of your liking. It is like hitting two birds in one stone!
8. Discipline yourself to avoid impulsive shopping.
This tip may seem impossible, but you can free yourself from guilt from unnecessary purchases with the right mindset. Understandably, shopping has proven to help us feel better after a long day at work, yet impulsive shopping has proven to show us its cons as well. It may feel suitable for a while, but it does not benefit you in the long run. Discipline yourself to avoid impulsive shopping, but it would also be best to reward yourself once in a while if you have got some extra hustle.
9. Refrain from constantly purchasing bottled water.
We need water. It is something that we need to bring with us at any time of any day. Instead of buying a bottle of water to satisfy your thirst, it is wise and cost-effective to purchase your bottled water and refill it when it runs out. There are several kinds of bottled water you can choose that works best for you.

10 Practical Frugal Living Tips To Save Money in 2020

The Complete Do-it-Yourself Manual

10. Switch to DIY options as much as possible.
Before purchasing a replacement, try to fix the item on your own as much as possible. With the millions of manuals uploaded to make DIY options possible, you can try to save it rather than buy a new one. Moreover, if a particular system in your home is not working well, google it and try to fix it before asking a professional to help you.
It may take some time to get used to frugal living, yet do not be too hard on yourself. Take it one easy step at a time until you reach your goals.
By: Samantha Underhill, a freelance writer and works as a content manager for various international brands. When Samantha is not researching and writing she loves nothing more than heading out in to the country for some downtime.

Back to Featured Articles on Logo Paperblog