Being frugal, does not mean being cheap. Just because you decide consciously where you spend your money on, does not mean that you can never allow yourself to have fun. I think it is all about setting priorities and not go heedlessly spending money.
Make more! The spread between what you earn and what you spend is your savings.
Reducing spending is limited and results in scarcity thinking.
Instead, focus on earning more because the upside is unlimited and results in abundance. Todd Tresidder FINANCIAL MENTOR https://financialmentor.com/
Frugal habits I use:
1. Cook from scratch.
Cook from scratch (most of the time). Ready-made (freezer) meals are more expensive and not necessarily healthier. Freeze meals for easy back up when you do not have time to make a big meal. Some people like meal planning for the week and cook meals in bulk. This is great if it works for you and are too busy to cook every day.
2. Buy in bulk.
Buy in bulk (from Costco) and repack food into easy to handle portions. I love doing this! Just remember to label everything properly and clearly.
3. Use what you have wisely.
Do not waste food, but use it all before it gets bad or expires. Check your pantry and freezer regularly and use what you have on hand first. I always put the new stuff at the back. This way you will not have to worry about expiry dates and thus waste food.
4.Grow your food.
Grow a garden, learn to can, and freeze the produce. Besides that this taste much better than store bought, it is a great way to be outdoors.
5. Shop at home.
Shop local when possible and do not forget farmers markets.
6. Limit shopping.
Shop for groceries once a week and buy mostly what is on sale that week. Make a list of what you need, and try to stick with it. Make exceptions only of the in-store deal is too good to pass up.
7. Limit produce.
Do not buy more produce then you can eat in a week.
what you can. We do not compost. However, we do give all the peelings to the cows; they just love all this stuff.
9. Sell what you do not need.
Sell on market place what you do not need anymore. Or donate to a thrift store.
10. Learn to sew.
Sew your own clothes, or up-cycle them. Pinterest is a great inspiration place to go to.
11. Fix worn and torn clothes.
12. Shop second hand.
Shop at goodwill or second hand stores. Nothing wrong with used clothes, second hand stores sometimes have special discount days, check them out. Shop out of season.
13. Accept hand-me-downs.
Never say no to hand me downs, many are still in great condition. This is especially for young children, who do not get to wear out there clothes, but rather outgrow them.
14. Enjoy being at home.
Have a budget and keep track of your spending. Do not know where to start? Here are some free flow sheets to help you keep track of your spending trends and setup a budget.
16. Have an emergency fund.
17. Save wisely.
Save a little every month. Automatically transfer money into a savings account. It does not matter if you do this weekly, or monthly, or how much you transfer as long as you do it. If the money is not in your checking account, you will not use it or miss it. You may want to set up a special savings account for yearly expenses like insurances.
18. Have a budget for gifting
Set a budget for birthdays and other gifting like Christmas, and stick to it. You do not have to keep up with your friend or grandma. We have four children and things can add up pretty quick compared to someone with one or two children. Now there are also grandchildren to consider, thus the need for budgeting is even more so.
I used to give the kids a monthly clothing allowance when they still lived at home. It will make it easier for you to budget these expenses, plus it teaches the kids as well.
20) Activities for kids
Activities for children can get very expensive especially when there are four. Just because hockey or soccer is “the thing”, it does not mean that your children have to participate. Living out in the country meant a lot of time spend on a school bus. By the time the kids got home and had something to eat, they did often not want to go out for activities. It did not pay to fight about this for me.
21) Reduce impulse buying.
Have a clear idea what you need, and why you need something. Do not shop with an empty stomach, this has been said many times, and it is so true!
22) Limit eating out.
Eating out is expensive. In addition, bring your own lunch to work. Limit take outs like coffee.
23) Repair what you can.
Repair and serve what you can yourselves. It can get very costly to service and repair your car or major appliances. Maybe you family or friends are able to do some of these jobs for a smaller fee.
24) Wait to make big purchases.
Wait a while before making an impromptu purchase, ask yourself: Do I really need this, or do I want this? What is the trade of when I buy this? What if I do not buy this? Is there something better or cheaper?
25) Sell your handmade items.
I love to craft and recently started selling my products at craft sales and farmers markets. It is a fun way to make a little money (so you can buy more craft supplies!), and you meet all kinds of nice people.
And, after 4 years, my blog is finally generating some money, which helps with paying for some of the expenses.
27) Sell what you use.
28) Your mortgage.
Most people I know are payed every two weeks. Thus we pay our mortgages also every two weeks. When getting a mortgage you will likely have to ask for bi-weekly payments as the default seems to be monthly. By paying every two weeks you will be able to make an extra payment(or more) every year and pay off your mortgage that much quicker, saving you thousands of dollars.
When I want, or need to buy something, I ask myself if I can live without this item. If, for example the washing machine needs replacing, it will get replaced. I may have to dip into my savings account to do so, but I try to replace that money as soon as possible.
Now that I am not working anymore, I have more time to do things at home. Also the need for fancier clothes is not there anymore. It does not matter much if I wear a $5 t-shirt or a $20 one, as long as it is clean. Clothes are now worn for comfort, rather than looks.
What are your frugal tips?
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