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What Is Frugal Living?
Frugal living doesn’t mean being cheap or depriving yourself of the things you love. Instead, it means prioritizing your spending and finding ways to save. By being deliberate with your spending, you can enjoy life and still live within your means.
Frugality looks different for everyone. Some people find ways to save so they can put their money away for retirement, and others cut costs in one area of life to splurge in others. You may love to cook, so you buy high-quality ingredients from the grocery store but think that dressing trendy is overrated and rarely refresh your wardrobe. Now, let’s cover our top living frugal tips to get you started on your savings journey.
Downsize
Retiring or finding yourself with an “empty nest” are good times to reassess your living situation, but it is never too late to downsize to a smaller place. Think about what you want for your life now. Is it the same thing you wanted when you were working and raising kids? Some people may be ready to trade the large home near the right schools for the cottage by the beach, for example. Downsizing can significantly cut your monthly costs, freeing up cash for doing the things you enjoy or paying down debt. You may even decide to ditch the yard work and housekeeping and move into an independent living community.
Make a Meal Plan
An average family will throw out $1,600 worth of produce every year.2 Meal planning can cut down your food waste, and it doesn’t have to be a lot of work. It merely means deciding ahead of time what you will eat for the week, shopping, and then preparing the ingredients. When you have a plan, you save money by utilizing ingredients in multiple dishes and avoiding expensive takeout.
Take inventory of what is already in your kitchen, choose recipes that use similar ingredients, and then make your grocery list. There is no shortage of meal-planning blogs, websites, and apps to help get you started, no matter how many people you are cooking for. You can even have meals and groceries delivered straight to your door to save on gas money and avoid adding extra unnecessary items to your cart in the store!
Prescription Discounts
Prescription discount cards like GoodRX and America’s Pharmacy work like coupons for your prescriptions. You simply show your free discount card at checkout and receive any available discounts. You can use the companies’ websites or applications to see what deals you can get at different pharmacies. This is an excellent option for those without health insurance or seniors with limited medication coverage.
You can also check if you are eligible for several savings programs designed to help those with a financial need afford their prescriptions.
Programs include:
Save on Utilities
Check with your utility provider about discounts you may be eligible for based on your age and income level. Many utilities offer discounts or waive fees to those over a certain age, but you most likely need to sign up for the program. You can also save on utilities by being conscious of your usage. Below are a few tips to keep your utility bills down:
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Save on your electricity bill
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Turn off lights when you’re not in the room.
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Consider energy-efficient light bulbs.
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Purchase a smart thermostat and only use the heat or air conditioning at off-peak times.
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Unplug appliances when not in use.
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Use dryer balls when doing laundry to cut down on drying time or air dry your clothes.
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Save on your water bill
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Turn off the bathroom faucet while brushing your teeth.
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Fill the kitchen sink, stopper it, and turn off the faucet to wash your dishes instead of leaving the water running the entire time.
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If you have a dishwasher, use it instead of washing dishes by hand. Also, avoid running the dishwasher during peak hours in the evening to save on your electricity bill.
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Check for leaky sinks or toilets and get them fixed.
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Purchase low-flow showerheads and faucets.
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Financial Savvy - Taking Control of Your Money
Automate Payments
Sign up for automatic payments for credit cards and bills to avoid paying late fees. In addition to hefty fees, late payments can hurt your credit and increase your interest rate. If you have enough funds regularly in your bank account, automated payments can ensure you aren’t losing money simply because a bill slipped your mind. Make sure you review those payments regularly.
Get Smart With Credit Card Rewards
If you have decent credit, it might be time to get rid of credit cards with fees if they aren’t giving you big enough perks. There are plenty of credit card options out there that do not have an annual fee. Many cards give you generous benefits like travel points you can use instead of cash or cashback on gas, groceries, and more.