Are you ready to dive into the world of extreme frugal living tips? If you’re nodding along enthusiastically, then you’re in for a treat. Today, we’re going to explore some game-changing frugal living tips that will help you tighten those purse strings and boost your savings like never before.
Wondering why extreme frugality is all the rage? Well, it’s simple. Extreme frugal living puts you in the driver’s seat of your finances, helping you reach those big financial goals faster than you ever thought possible. Whether you’re aiming to pay off debt, build an emergency fund, or retire early, embracing extreme frugality can get you there in record time.
Budgeting and Tracking Expenses
The cornerstone of extreme frugal living? Budgeting, of course! Sit down and create a detailed budget that outlines your income and expenses. If your not sure what type of budget to start with or if you’re just not sure how to budget check out our article Budgeting 101. In my opinion, the most effective budgeting method is a combination of the 50/30/20 budget and the cash envelope system.
The cash envelope system serves as a safeguard against overspending, backed by studies repeatedly demonstrating that we tend to spend more when using debit or credit cards. There’s a psychological effect at play: cash transactions register more significantly in our minds, making us acutely aware of the trade-off involved in obtaining what we desire. In contrast, swiping plastic cards often leads to a disconnect, where expenditures accumulate swiftly, often leaving us bewildered when our funds deplete rapidly.
Cutting Everyday Expenses
When it comes to slashing your everyday expenses, there are plenty of tricks up our sleeves. Start by tackling your grocery bills head-on. Embrace the power of coupons, sales, and meal planning to save big at the checkout counter. And remember, cooking at home is not only cheaper but also healthier than eating out all the time.
Avoid processed foods, as they tend to be pricey, lacking in nutritional value, and often fail to keep you feeling satisfied. Instead, prioritize whole foods like vegetables and lean proteins. A great, budget-friendly option is to grab a rotisserie chicken from Costco for just $5 and pair it with some air-fried Yukon Gold potatoes seasoned with garlic salt. Surprisingly, this entire meal costs less than $2 per serving, considering that you can stretch one $5 chicken into four meals.
As for utilities, it’s all about being mindful of your energy usage. Turn off lights when you’re not using them, unplug appliances, and consider investing in energy-efficient appliances to save big in the long run. Every little bit adds up when you’re on the path to extreme frugality!
15 Extreme Frugal Living Tips
1. Meal Planning
Meal planning is a fundamental aspect of successful frugal living. By taking the time to plan your meals for the upcoming week, you can not only save money but also simplify your grocery shopping process. Start by outlining your meals for each day, considering ingredients you already have and what’s on sale at your local store.
Then, craft a comprehensive shopping list encompassing all necessary items, from main ingredients to pantry staples. By adhering to your list while shopping, you’ll avoid impulse purchases and ensure you only buy what you need, enhancing both your budget and your efficiency. Additionally, meal planning reduces food waste by helping you use up ingredients before they expire. This structured approach also makes it easier to resist the temptation of takeout or dining out, furthering your frugal living efforts and maximizing your savings.
2. Cook at Home
Cooking at home is a foundational practice in successful frugal living. While eating out can quickly drain your wallet, preparing meals in your own kitchen offers significant cost savings and allows for greater control over ingredients. By purchasing ingredients in bulk, taking advantage of sales, and utilizing leftovers, you can stretch your food budget further.
Additionally, cooking at home empowers you to prioritize fresh, wholesome ingredients, avoiding the preservatives and additives often found in restaurant food. It also fosters creativity, experimentation, and mindful eating habits, making mealtime not only more budget-friendly but also more enjoyable and health-conscious. Ultimately, embracing cooking at home as a frugal living tip is not just about saving money—it’s about taking control of your finances, health, and culinary journey.
3. Buying Generic Brands
Opting for generic brands is a fundamental principle of frugal living. Instead of automatically reaching for name brands, consider giving store brands or generic alternatives a try. More often than not, these products offer comparable quality to their branded counterparts but at a fraction of the cost. By making this simple switch, you can significantly trim your grocery bill without sacrificing the quality or enjoyment of the items you purchase. Whether it’s pantry staples, household essentials, or personal care products, choosing generic brands is a savvy way to stretch your budget further and prioritize frugality in your everyday shopping habits.
4. Use Coupons & Discount Codes
Embracing coupons and discount codes is a cornerstone of frugal living. Whether you’re shopping for groceries, household essentials, or making online purchases, taking advantage of these money-saving opportunities can significantly impact your budget. From clipping coupons from newspapers and magazines to leveraging digital coupons and loyalty programs, there are countless ways to score discounts on your purchases.
Additionally, websites and apps such as Honey dedicated to sharing coupon codes and promotional offers make it easier than ever to find savings on the items you need. By incorporating couponing into your shopping routine, you can stretch your dollars further and make every purchase a savvy one in your quest for frugal living.
5. Cancel Subscriptions
Reviewing and canceling subscriptions is a crucial aspect of frugal living. From streaming services to magazines and gym memberships, it’s easy for these recurring expenses to add up quickly. Take the time to evaluate each subscription and consider whether you’re getting enough value from it to justify the cost. If you find that you’re not regularly using or benefiting from a particular subscription, don’t hesitate to cancel it. By eliminating unnecessary subscriptions, you can free up valuable funds that can be redirected towards your financial goals or more meaningful expenses. It’s a simple yet effective way to trim your budget and prioritize frugality in your everyday life.
6. Embracing Minimalism and Decluttering
Ready to declutter your life and your wallet? Downsizing can not only save you money but also bring a sense of clarity and peace to your life. Take a long hard look at your belongings and ask yourself: do I really need all this stuff? Plus, you can sell those unwanted items for some extra cash to pad your savings account.
7. DIY and Self-Sufficiency
Why shell out big bucks for store-bought goods when you can make them yourself? From homemade cleaning products to DIY furniture, the possibilities are endless when you embrace the power of DIY. And don’t forget to flex those green thumbs and start growing your own food—it’s not only cheaper but also incredibly rewarding.
8. Frugal Entertainment and Leisure
Who says you need to break the bank to have fun? Seek out free or low-cost activities in your community, like hiking, picnics in the park, or game nights with friends. And don’t underestimate the joy of pursuing DIY hobbies and crafts—trust me, it’s a lot more satisfying than mindlessly scrolling through your phone. I used to love going to the movies but if I saw the evening showing is was $12 per ticket so I would opt for the matinee showing which was only $4.25. It’s the little things like this that add up over the course of a month!
9. Saving Money on Housing
Last but not least, let’s talk about saving money on housing. Whether you’re renting or buying, there are plenty of ways to cut costs and pad your savings account. Consider downsizing to a smaller space, getting a roommate, or even exploring alternative housing options like tiny homes or RV living.
Housing typically stands out as one of the most significant monthly expenses, so addressing this area could yield substantial savings! For those who crave adventure and are open to unconventional living arrangements, the RV or van life might be worth considering. While I wouldn’t necessarily advocate for it as a long-term solution, imagine pocketing the $1,200 you would typically spend on rent each month. Over a year, that adds up to a whopping $14,400 in savings! Even if you opt for downsizing to a more affordable dwelling, the savings can still make a significant impact.
10. Investing and Saving for the Future
Of course, no discussion of extreme frugal living would be complete without talking about investing and saving for the future. Make sure to prioritize your savings goals and invest wisely to make your money work harder for you. With a little discipline and some smart financial planning, you’ll be well on your way to financial freedom in no time.
11. Shop Secondhand Stores
Shopping secondhand is a cornerstone of frugal living. Whether you’re in need of clothing, furniture, or household items, exploring thrift stores, consignment shops, and online marketplaces can uncover hidden treasures at a fraction of the cost of buying new. Not only does shopping secondhand offer significant savings, but it also promotes sustainability by giving pre-loved items a new lease on life. From unique vintage finds to gently used modern pieces, there’s something for everyone when you opt for secondhand shopping. Plus, it’s a fun and eco-friendly way to add character to your wardrobe and home while staying true to your frugal living principles.
12. Holiday Regifting
Gift-giving is a common occurrence in our lives, but occasionally, we receive presents that don’t quite suit our tastes or needs. Instead of stashing them away in the attic or tossing them out, consider saving them for someone else’s birthday. Just be sure to avoid regifting to the same person next Christmas! My stepmom learned this lesson the hard way when she accidentally gave me the very same gift I had given her the previous Christmas. Oops!
13. Starbucks
Now spending $5 a day on a coffee from your local coffee shop might be tasty but it doesn’t fit the extreme frugal living lifestyle. A simple $5 coffee can add up to $150 per month if you make it a habit to go every day. Instead, look into some amazing coffee alternatives such as Ruta Maya a personal favorite of mine! I’ve found that Starbucks coffee isn’t all that great once you explore the world of single origin coffee roasters!
However, I do still occasionally go to Starbucks when in a pinch so I downloaded their Starbucks app to earn stars and get free coffee over time! The programs has bonus stars you can earn different times of the month so be sure to pay attention to special offers in the app.
14. Cash Envelope System
Studies have shown that time and time again people who use cash over credit and debit cards spend less money. There’s something about physically handing over cash that is painful and causes us to think twice about our impulse purchases. Whereas you can swipe away on your credit card and never notice until you’re shocked at your credit card statement! If you haven’t read out article on the cash envelope system check it out!
15. Overcoming Challenges and Staying Motivated
Now, I’d be lying if I said that extreme frugal living was always easy. There will be challenges along the way, but don’t let them derail your progress. Stay focused on your goals, celebrate your victories, and remember why you embarked on this journey in the first place. With perseverance and determination, you can conquer any obstacle that comes your way.
So there you have it, folks—some practical frugal living tips to help you save big and live your best life. Whether you’re cutting costs on groceries, embracing minimalism, or DIY-ing your way to savings, there’s something here for everyone. So what are you waiting for? Start implementing these tips today and watch your savings soar!