Have you ever met someone who seems to always be able to turn nothing into something? We all know that thrifty person who is able to save money in any situation. Being frugal with your money is something that can help you to maximize your income and potentially improve your financial situation.
Trying to find coupons or special deals for items that you either want or need before actually purchasing them can help to ensure that you get the best deal on items and are not paying more than what you have to. Frugality is a mindset, and just like with any other skill, it sometimes takes practice and consistency to implement it into your life.
Applying these five tips to your lifestyle can help you become more frugal with your finances and give you more margin in your finances.
Avoid Impulse Buys
Most of us have probably made an impulse purchase at some point. I don’t know about you, but I can justify about anything -“It’s just such a great deal,” “I have never seen anything like it before,” or, “It won’t be here for long!” Ever told yourself something similar? Maybe you have a case of FOMO – fear of missing out.
Steering clear of impulse buys altogether can really help keep you focused on maintaining and organizing your money. So, the next time those thoughts creep into your mind, ask yourself these three questions:
- Is this in the budget?
- Is it a need, want, or desire?
- Does it honor God?
If you see something that you would really like to have, save up for it or see if you can find it at a better price somewhere else.
Find The Best Deal
After finding something that you have determined you are going to purchase, check everywhere that you can for the best deal. Whether it be looking at a different store, checking online, or using services such as RetailMeNot or Honey to find the best discounts and coupons, making a point to seek out the best price on what you are wanting can have the potential to save you money, even if it’s just a few dollars. If you comparative shop with every purchase that you make, those few dollars can really start to add up and help you save more money.
Take On DIY Projects
It doesn’t always make sense to do a DIY project, but there are some simple projects that can really help you save money. Try things like making your own laundry detergent, growing your own vegetables, changing the oil in your car, and even installing a clothing line. Whether it is for yourself or a gift for someone else, you may surprise yourself at what all you can do yourself! The money that you save from these things can really help with your budget and finances.
Cut Out Unnecessary Payments
According to Pew Research Center, the top bill that Americans pay regularly each month is on cable and satellite tv. With the average amount being about $100 a month for cable alone, it can be difficult at times to allocate funds for it. This can save you up to $1,200 a year just by cutting cable out of your expenses! Try cutting the cord on cable and taking up streaming services such as Netflix, Hulu, and Amazon Prime.
Take a look at your budget and identify other ways you can save. Cut out all subscription services, unsubscribe from marketing emails that tempt you to spend, and unfollow sponsored Instagram accounts. Turn your lights off to cut down your electrical bill and keep your thermostat at a more neutral temperature throughout the year.
Maximize What You Already Have
Shop your own house before going out to buy something new. Regularly go through your clothing, toys, furniture, and decor. Sell or give away what you haven’t used in the last 6 months and don’t buy anything new until you’ve gotten rid of 2-3 other items.
Repair what you can instead of throwing it out and buying replacements. Repurpose items around your house and become handy at doing your own repairs.
Have fun with this challenge, and try to come up with ways to reuse items that you no longer have a use for and can potentially serve another purpose. Not only will this save you money that would have been spent on other items, but it can be fun and rewarding!
Being frugal with your money takes time and effort, but the payoff at the end is well worth it. Try implementing these tips into your daily life and see how it affects your finances. Having this mentality with every purchase can help us to be better stewards of what God has entrusted to us and help us to find greater value in all that we have.