Living a frugal lifestyle can be a great way to save money, reduce financial stress, and make the most of your resources. Frugality is about making conscious choices and finding ways to maximize the value of your resources. It’s not about depriving yourself but rather finding a balance between saving money and enjoying life. By being in control of your money, you will find that you actually give yourself more freedom to spend when you choose to. This will give your household structure and peace of mind, reducing stress and increasing your quality of life. Below you will find several great tips on how to get started!
Budgeting: Create a detailed budget to track your income and expenses. This will give you a clear picture of where your money is going and help you identify areas where you can cut back. A great way to start is by downloading an app that enables you to create a budget and track your spending. We recommend the Every Dollar app.
Cooking at Home: This tip sounds simple however it might be the most difficult to follow. Eating out and ordering takeout can be costly, however, when you’re exhausted from work or simply being a parent – grabbing a bite to eat sounds so much more appealing than putting in the effort to cook. After tracking your expenses, you will quickly realize that restaurants and fast-food will be the leading cause of hemorrhaging money, per week! These days a quick drive to a fast-food joint will cost approximately $10 a person, whereas cooking from home is closer to $3 a person.
Meal Planning: A foolproof way to avoid the last-minute Mcdonald’s run is to plan your meals in advance. Take a moment at the beginning of every week to make a shopping list based on specific meals you plan to cook throughout the week. Be sure to mix in a few quick-and-easy meals into this list to prepare for busy nights or when you’ve hit a wall. Cooking at home is not only more affordable, but it also gives you more control over the ingredients, nutrients, and portion sizes.
Buy Generic and Dupes: Name-brands can cost twice as much as the off-brands; sometimes even more! Generic medications, food, and clothing are not only much more affordable but 9 times out of 10 they are the same quality! In that same vein, the fashion and product world is full of great ‘dupes’ of modern fashion brands and trendy products. These knock-offs have become so good at imitating the ‘real deal’ that most people (including yourself) will not notice the difference and you’ll save hundreds!
Embrace Minimalism: Declutter your living space and adopt a minimalist mindset. The less you have, the more you realize what you truly need. This will help cut down on purchases, as well – buying only what you truly need and resisting the urge to accumulate unnecessary possessions. Adjusting your lifestyle in this way can not only help you save money but it will reduce the need for storage or maintenance which, in return, will also reduce your stress!
Automate Your Savings: A common problem when it comes to saving is that we often forget to do it. A common behavior is that when we see we have money, we tend to want to spend it! One of the best ways to save more money every month is to automate your savings by setting up a monthly auto-transfer from your checking into your savings account. This will allow you to reach your savings goals without even thinking about it and can be a big part of trying to save up for a large expense in the future and avoiding the need to finance or use a credit card.
Find Free or Low-cost Entertainment: Wichita offers many free or inexpensive entertainment options. Seek out a day at our local parks, community events, local museums, or education centers. Explore new ways to get out and have fun with friends, family, or even just a day to focus on yourself. After creating your top free and cheap entertainment options, you will be amazed how little you need an expensive getaway, bar tab, or shopping spree to entertain you.
DIY and Repairs: Learn basic DIY skills to tackle simple repairs and maintenance tasks yourself. Owning a home and/or car is expensive. Having to pay for the constant upkeep and repairs is even more taxing. Empower yourself by fixing minor issues around the house or with your vehicle and acquire skills that will last a lifetime. The beauty of the web is that anyone can learn how to do almost anything as long as they take the time to research it. Doing this can save you tons of money on professional services.
Shop Secondhand: New isn’t always necessary. In fact, I would argue that in many cases, buying used is a much better option. From furniture to clothes, you can find great deals on websites, in thrift stores, consignment shops, or, my favorite, Facebook Marketplace! By purchasing secondhand you will be getting the product you need at a fraction of the cost and the added bonus of supporting sustainable living!
Cut Down on Subscriptions: Give a quick review of all of your subscription services and cancel those you don’t use frequently. You will be shocked at how often people are bleeding over $100 a month in subscriptions, memberships, and annual fees they have all but forgotten about. Another tip is to consider sharing subscriptions with friends or family members to split the costs.
We hope you enjoyed this list of tips and tricks! We are proud to live a lifestyle of ‘Wichita on the Cheap’ and we want to help our community do the same!
Have any more tips? Be sure to write them in the comments, below. If you use or learn any frugal tips, make sure to tag us on social media for us to see!
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