17 Frugal living tips and ways to save money

Who does not want to save money? Me, you, and everyone under the sun.

In today’s fast-paced juggling world, managing finances and saving money can be a daunting task for a lot of us. From managing monthly bills to unexpected expenses, it can often seem like there’s never enough money to go around.

However, living frugally and adopting a more mindful approach to spending can help you take control of your finances and achieve your financial goals.

In this article, I will give you exact steps to accomplish your frugal living goals and help you save a lot of money on the way.  

Whether you’re trying to pay off debt, build up your savings, or simply reduce your expenses, these practical tips and strategies can help you make the most of your money and live a more fulfilling life.

1. Negotiate your bills and fees with service providers such as phone, cable, and internet companies. I am been on several of these calls and very often, they will be willing to offer a lower rate or special deal to keep your business unless they are a monopoly in your area. Try it out today.
2. If interest rates are ideal for your situation, consider refinancing your mortgage or consolidating your debt to get a lower interest rate and reduce your monthly payments. 
3. Take a look at your current insurance policies to see if you can lower your premiums by increasing your deductible or consolidating auto and home insurance or even switching to a more affordable provider. 
4. Get into the habit of shopping around for better deals on all other areas like cable charges, monthly mobile/landline phone expenses, internet expenses, house cleaners, lawn care services, pest control, home repair services, and banking and investing as well. Just because you have been with a certain provider for a long time, don’t assume loyalty. You need to run your house as efficiently as you can.
5. Use cash or debit cards instead of credit cards to avoid any high-interest charges that can lead to additional debt.
6. Take advantage of reward programs to earn cash back or discounts on purchases you will anyway make 
7. Avoid overdraft fees by keeping track of your account balance at all times and setting up alerts for low balances. You budgeting tools and apps to track your spending and identify areas where you can cut back. These tools are life savers. 
8. Take advantage of free or low-cost entertainment options such as hiking, visiting museums, or attending community events. A lot of communities have a monthly calendar that they publish with exciting events. Check them out
9. Set up automatic savings transfers from your checking account to your savings account to make saving money a regular habit. You will thank yourself for this. Small savings add up over time and set you up on the right path. 
10. If you have a spare room in your house, consider renting it out on Airbnb or VRBO, or any other rental platform to earn extra income. 
11. Make smart choices – buy a used car instead of a new one. Do you know how much a car’s value reduces in the first year of purchase? A whopping 20% and it reduces by over 40% in the next 4 to 5 years, save yourself and buy a used car.
12. Always avoid impulse purchases, wait 24 hours, and see if you still feel the same way then go for it. 
13. Taxes are essential evil, at least avoid additional costs by educating yourself on free tax filing services 
14. Use energy-efficient light bulbs and appliances to save money on electricity
15. Remember the gym membership you took this past January, how many times have you used it? Cancel subscriptions or memberships you no longer use or need.
16. Plan meals ahead of time and stick to a grocery list to avoid impulse purchases and wasted good. Also, we all know not to go to grocery shopping when hungry 😊
17. Swap services or skills with friends and family instead of paying for them.

Everyone is riding their own boat, remember everyone’s financial journey is unique. Don’t compare yourself with your friends or colleagues’ purchases or lavish instagram pictures of vacations. Not all you see is true, people only show what they want to show. Live mindfully on what works for you and what ultimately gives you peace and fulfillment.

We hope these frugal living tips have given you some inspiration and ideas on how you can save money and improve your financial situation. Remember, every little bit counts, and even small changes can add up to big savings over time. Whether you’re just starting out on your financial journey or you’re looking for ways to optimize your existing budget, there are always opportunities to save money and make smart financial choices. So why not start today? Pick one or two of the tips in this article and commit to implementing them in your own life.