There are many practical ways to improve you financial situation, ranging from finding clever ways to improve your credit score to paying down debts.
But if your mindset and lifestyle aren’t right then you can still find yourself overspending, undermining the more concrete actions you take. This is where the concept of frugality can help.
In this article, we’ll explain four ways you can be more financially frugal. But first, what does being frugal mean?
What does it mean to be frugal?
Being frugal means finding ways to get the same value by spending less. People often confuse this with being miserly or cheap, but this couldn’t be further from the truth.
Rather than not spending money at all, being frugal you ensure you only spend as much money as you need get the things you value. This means that you save money while still enjoying a good quality of life.
So, how can you be more frugal?
Four tips for being more frugal
1. Cook at home
There’s no better way to cut your spending than to commit to making your own food at home. The cost of a single meal out is often enough to feed you homecooked meals for an entire week. Plus, it’s easy to learn new recipes and improve your cooking skills using online recipes and cooking videos.
2. Shop smart
While shopping for food and home essentials is a necessity, overspending on your weekly shop isn’t. Whenever you can, opt for store or value brands instead of more luxurious options. You can even go to wholesalers and purchase common house items in bulk, bagging yourself a significant discount. Cutting down on meat or adopting a vegetarian diet helps you save, as vegetables, staple carbs, and other foods tend to be far cheaper.
3. Do it yourself
It can be tempting to pay for someone else to perform a service or make a product you need. But have you considered how much you could save by doing it yourself? You can use the internet to learn how to do anything from fixing dripping taps making your own beauty products. And as an added bonus, you learn new skills and have fun as you do so.
4. Keep fit for free
You don’t need an expensive gym membership to keep fit. A good pair of running shoes is all you need for cardio, and you’d be surprised at how much muscle you can build with basic calisthenics exercises like squats, lunges, push ups and pull ups. Even if you do feel the need to invest in some
equipment, it will likely pay itself off after a year of not paying for a commercial gym.
Which of these frugal tips will you be trying first?