Inside: If you are trying to find ways to save money and reach financial goals, frugal living can help. These frugal living tips for beginners can help you take control of your finances and are easy to implement.
Are you looking for easy ways to save money? A frugal lifestyle can help you reach your financial goals and develop better spending habits.
With the cost of living and the price of food and other necessities going up, now is the time to take control of our finances.
What is frugal living?
It is about making conscious choices, being more mindful when shopping, focusing on your financial goals, and aligning your spending with those goals.
For instance, they can cook at home instead of eating out or make coffee instead of buying a cup daily.
Benefits of frugal living
- Reach financial goals faster
For example, you might aim to save for a vacation, a new car, or a down payment on a house. You will reach your financial goals faster by changing your spending habits and living frugally.
Reaching your financial goals faster will motivate you, and you will have better spending habits.
- Peace of mind
One of the most significant benefits of a frugal lifestyle is the peace of mind it brings.
By paying off debt and increasing your savings, you can rest assured that you’re financially secure.
This security can reduce your financial stress and provide a comforting reassurance.
- Work less
A frugal lifestyle can help you work fewer hours if you want to. Working fewer hours will give you more time to spend with your family or start a business.
For me, a frugal lifestyle has helped me be able to stay home with my baby.
11 frugal living tips for beginners to stretch your dollar
These frugal living tips for beginners work whether you live a frugal lifestyle or not.
Changing your spending habits can be difficult initially, but these tips are easy and practical.
- Financial plan
If you do not know where your money is going, now is the time to record your financial spending.
Start with your necessities, like housing, food, and bills. Then save a little every month and then fun money.
If you barely make it, you must cut things you do not enjoy and spend on what you do.
For example, if you enjoy traveling but do not have enough money, cut down on eating out or buying clothes.
Cutting down on things that do not bring joy will leave you with money to do what you enjoy.
Knowing where your money is going and saving before spending is essential.
- Wishlist
Create a wish list of things you would like to purchase. Even if you have the money to buy it, try to wait and buy one item from your wish list every month.
For example, I have an electric toothbrush, daylight-blocking curtains, and a new pair of white shoes. I will buy one item a month.
When you do this, you wait to see if you really need or want the item later. This keeps you from overspending, and you will have money if something else comes up.
- No-buy challenge
A no-buy challenge is an excellent way to reach financial goals fast. It can be done for 30 days or longer and any month of the year.
This challenge can help you save money and avoid overspending. The longer you do a no-buy challenge, the easier it gets.
Find a no-buy a little hard to do then read this post 10 Simple Low-Buy Challenge Tips to Transform Your Spending Habits.
- Store brand products
Buying name-brand products does not mean they are more effective or last longer. Store brand products carry the same or almost the same ingredients of the name-brand products and for a lot cheaper.
Buying store brand products will save you hundreds of dollars.
- Multi-purpose cleaner
Using a multi-purpose cleaner that works in different areas of your home will simplify your cleaning routine, save money, and avoid clutter in your cabinets.
- Avoid getting the meal
Making meals at home saves you money and tastes way better. But if you feel like getting fast food, avoid getting the meal or combo.
You can order the burger and fries and drink what you have at home. The drink can cost up to 3 dollars and is not worth it.
This is one of my favorite frugal living tips for beginners that has saved us a lot of money.
- Minimal wardrobe
This can also be called a capsule wardrobe, but I prefer a minimal wardrobe since I do not go into an office for work. Not that you need an in-office workplace for a capsule wardrobe.
Depending on your location and weather, you can shop for two seasons instead of four. We hardly get cold weather where I live, so I have more Summer and Fall clothing. I shop for two seasons.
Doing this saves me money and time, and it is easier for me to get ready.
- DIY manicure or pedicure
The cost of getting a manicure, pedicure, or eyelashes has gone up.
These can easily make you exceed your budget and make reaching your financial goals harder.
Doing your manicure or pedicure or putting on eyelashes at home is much less expensive.
If you enjoy these services, at least get one done professionally and do the other yourself at home.
This will save you hundreds of dollars a year.
10 Simple Self-Care Ideas You Can Embrace at Home
- Avoid debt
You cannot afford that item if you must use your credit card. Avoid making purchases and using your credit to avoid debt and wasting money on the interest.
Instead, save money to purchase when you have enough for the item.
Pay the card fully if you use your credit card for cash back or rewards.
- Avoid having expensive hobbies
Avoid having expensive hobbies or too many hobbies at a time. Make sure you enjoy the hobby and make time for the hobby.
If you have more than one hobby or an expensive hobby, go ahead and let go of the hobby if you need to.
For example, I enjoy getting new plants but stick with adding one or two plants every few years. Getting new plants requires soil, a pot, and plant food.
Having one hobby at a time and one that is not expensive will save you money.
- Use what you have
When you are planning your meals, make sure to check what you have in your pantry and refrigerator.
Then, make your meals using those items. Planning your meals using what you have saves money and avoids wasting food.
I can eat hot dogs or hamburgers with bread slices instead of buns, which taste just as good.
Related post
Minimalist Lifestyle Tips: 10 Best Simple Tips to Simplify Your Daily Routine
Final thoughts
Practicing these frugal living tips is easy. They will save you money and help you change your spending habits. You must start with tip number one: make a financial plan and know where your money goes.
Slowly add more of these tips and watch how much money you will have left over.
Two of my favorite books, which I highly recommend and have helped me value time over chasing material possessions, are Things That Matter: Overcoming Distractions to Pursue a More Meaningful Life by Joshua Becker and Love People, Use Things Because the Opposite Never Works by The Minimalists Joshua Fields Millburn and Ryan Nicodemus.
I hope these frugal living tips for beginners will help you reach your financial goals and create better spending habits.