Frugal living has gained a new following recently. With the tight economic times, people are more interested than ever before in simple living, cheap living, and saving money. Here are some easy tips to keep more cash in your pocket in 2011.
Frugal Living Tip 1: Debt free living. Develop a debt-is-evil attitude. Debt can account for up to 15% of Americans’ yearly spending, and for some people it can balloon up to 50%. But you don’t get anything from it. Cut up your credit cards, use cash for whatever you buy, and pay your bills in full every month. It might not feel fun as you do, but you’ll see your savings account grow instead of shrink or stagnate.
Frugal Living Tip 2: Cheap living. In many cases, when you buy a big name brand, you’re paying for the brand name. What’s the difference between Kellogg’s corn flakes and the generic food store version? Answer: the colorful packaging. You’re eating the same stuff either way, except one costs 25% more. Develop this mindset for everything you buy.
Frugal Living Tip 3: Simple living. Similar to cheap living, simple living means cutting out the things that take up money but don’t give much back to you. Eating out regularly, seeing movies in the theaters, and a host of other activities all cost money. But in almost every case there’s a simple alternative: eat at home, or rent a movie, or spend time with your friends and family. Simple, but cheaper than going out and a centerpiece of frugal living.
Frugal Living Tip 4: Frugal cooking and frugal recipes. Cooking at home is healthier, cheaper, and faster than eating out. There are tons of simple, cheap recipes that let you eat well while saving money. A quick Google search can help you get started.
Frugal Living Tip 5: Exercise. Besides the obvious health benefits, excersize can be extremely cheap. A pair of walking shoes can cost about $25, and you’re ready to walk all over town. Simple, cheap, healthy, and help you save money – what could be better for a frugal life?
Frugal Living Tip 6: Clip coupons. There are hundreds of coupons delivered right to your door every week. Have you ever looked through them? You could easily save up to 15% on your grocery bill every week, and that money could add up to $780 or more every year. Here are some grocery coupons to get you started.
Frugal Living Tip 7: Look for promo codes. When you buy online many times you can take advantage of a promo code, also called coupon codes. Stores publish these codes so that you can save money. Look for free shipping, which can often times be applicable for any purchase. At around $8, if you bought 1 thing every month with a free shipping code you you could easily save $100 per year.
Frugal Living Tip 8: Buy in bulk. Most items people reuse over and over again. Instead of buying 10 kitchen cleaners one at a time, buy all ten at once. It’s more expensive now, but keep a budget and in a year, compare your spending. It’s eye-opening how much money you can save.
Frugal Living Tip 9: Buy second hand. There are second hand stores all over the country. Yes, some have junk, but many have some gems if you just look hard enough. Instead of spending $60 for a pair of jeans, you could have them for $10. Easy money.
Frugal Living Tip 10: Develop a saving money mindset. It’s all about willpower. If you want to start living frugal, then you have to look out for every moment you could save money. Small amounts add up, and you’ll be happier at the end of the year when you have cash in your pocket, not just scraping by.
If you’re interested in frugal living, you might also like our Ten Ideas for Home Entertainment.