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Frugal living tips are exactly what you need to boost the money you save every day.
Money isn’t everything but it sure allows us to live comfortably. You have to take the time to manage the amount of money spent each day as you may be spending more than you have to.
You work too hard for your money and don’t realize it’s being wasted on the simplest things. A few changes to your lifestyle could end up saving you hundreds of dollars a year!
There are so many creative ways to save money these days. Some of which are simple and once used you could increase your disposable income.
Here Are The Best Frugal Living Tips To Save Money Fast
1. Find Coupons
For almost any product or service there is likely to be a matching coupon for it. Imagine never paying full price for any item you want!
I highly recommend Ibotta. I use their coupons every time when I’m shopping online and I haven’t regretted it. Who wouldn’t want to save an extra $2 here and another $4 there?
2. Wait For Sales
Did someone say 50% off? Stores have sales at different times during the year. In certain product categories, you can gain huge savings on what you want the most. For example, Black Friday is perfect when shopping for electronics.
Have you ever bought an item only to find out the price dropped the next day? You can actually get a refund of the difference so that you only pay the reduced price for the item. All you have to do is use Paribus, a free tool which automates the entire process.
3. Earn Cash Back
When shopping online it’s possible to earn cash back on your purchases. Whether it’s 1%, 2%, 3% or more it doesn’t matter, every little bit helps.
For cash back I use Ebates. You can refer friends and earn $25 when they sign up. Another app I like is Spent Money. It’s similar to Ebates so you can use whichever one gives you the most in savings.
Check out these apps using the links here:
4. Budget Your Finances
Take some time out of your schedule to prepare a budget for each month. List out your income and expenses to see where you need to cut back. This will help you to pick up on patterns of unnecessary spending.
Empower is a free tool which helps you to take control of your financial situation. The app can:
- Check account balances & track your spending
- See where your money goes, with expenses automatically categorized
- Automatically save to build wealth or pay down credit debt
- Find a high-interest savings account
- Manage bills and renegotiate to save (utilities, mobile, security)
- Review subscriptions you’re paying for
- Transfer money for free between any U.S. bank accounts
- Pay your credit card bills directly from the app
- Get heads-up notification to protect your credit score
- And more!
Get more details about Empower here.
5. Use Rewards Credit Cards Instead of Cash
Remember the phrase, “cash is king”? Well, it’s still true but these days you can benefit a lot more by using rewards credit cards.
Banks offer credit cards to customers enticing them with different rewards like 3% cash back on gas and bonus miles on partnered airlines. Since interest rates on credit cards are ridiculously high and very often customers don’t pay off the balance in time they can offer these attractive rewards.
Some popular rewards credit cards are Chase Freedom and Capital One Venture Rewards.
6. Earn Gift Cards
Gift cards are a great way to save money on purchases but it’s usually given to you as a gift. If you want to take control of the gift cards you receive, use rewards sites like Swagbucks and Inbox Dollars. There are also survey sites you can use as well like The Harris Poll Online and Earning Station.
For a full list of sites to earn cash and gift cards see: Find Amazing Surveys That Pay Cash And Gift Cards [Extra Income Idea]
7. Avoid Brand-Name Products
You are losing thousands of dollars each year buying popular brand-name products over their generic alternatives. There are about 20 products you should definitely buy generic such as water, milk, and sunscreen. You should only buy brand-name products when they offer something unique which the generic ones don’t have.
8. Save and Invest Spare Change
When you buy an item like that $3.65 espresso from Starbucks wouldn’t it be cool to pay $4 instead where the extra 35 cents is automatically saved and invested for you? Well if you’re like me and think so an app called Acorns does just that.
Acorns fully automates the process of investing the extra money, called roundups, into stocks and bonds and different funds to help you save and make money. All you have to do is set your level of risk and roundup amount then you never have to do anything. Check back from time to time to see how your investments are doing and that’s it!
9. Get A Prepaid Phone Plan
Everyone knows about the popular big 4 carriers (Sprint, AT&T, T-Mobile, Verison) which offer you unlimited data plans and free phones under a 2-year contract. The average starting price for an unlimited plan is $68.75 each month from the big 4 carriers and most of them don’t even need all the bells and whistles that come with them.
Smaller carriers like Boost Mobile offer prepaid plans starting from $35 which offer unlimited data, text and voice and the data you could always pay $5-$10 extra for more GBs.
10. Find Cheap Rates On Gas
The price of gas varies by location and by the gas station. There’s an easy way to find the best rates on gas and it’s an app called GasBuddy. This app will find the most accurate, real-time fuel prices at more than 140,000 gas stations in the U.S., Canada, and Australia.
11. Save on Uber and Lyft
Uber and Lyft are great apps to use to find transport, especially in cities. You won’t have to worry about parking since you’ll be picked up and dropped off at your desired location. It’s also perfect for after late night parties where you can’t drive and need a ride home.
12. Rent Cars Away From Airports
When you need a rental car while traveling usually you would go to the nearest rental car company at the airport. However, rental car companies charge a higher fee for that convenience making the total cost to rent a vehicle more expensive. To get around this, take an Uber or Lyft to another rental company close by, away from the airport.
To find great deals on car rentals check out Hotwire.
13. Find the Cheapest Flights
Booking a flight isn’t as simple as picking the most popular airline to travel on. You need to do a little research to find the lowest fares no matter where your adventure takes you. Luckily there’s a mobile app called Skyscanner which shows you all the flight options available. You can then compare these options and book the best choice and price for your trip.
14. Read Travel Reviews
Instead of simply going on vacation choosing the cheapest hotel you can find and dine at random restaurants, read some reviews.
TripAdvisor compares hotel prices from over 200 hotel booking sites and provides thousands of reviews from people who have actually tried the hotel or restaurant you’re thinking about choosing. Using this app you can get the best value for money and not waste money staying at hotels you dislike or eating at restaurants you don’t fancy.
Start searching with TripAdvisor.
15. Stop Using Hotels
When traveling away from home it’s cheaper to use Airbnb for accommodation. Hosts in my experience are kind and considerate. You also get to have a more local experience stay at an apartment or room compared to the normal hotel filled with guests.
Sign up with Airbnb using this link and earn $25 in credit to save on your next booking.
16. Remove and Reduce Monthly Expenses
There are monthly subscriptions that you probably don’t use anymore or you’re paying too much for services like cable. These are unnecessary costs where the money you save by removing them can go towards investing or any other money-making activity. The easiest way to get started is by using Trim.
Trim is a free tool which uses bank-level security with 256-bit SSL encryption to securely analyze your bank accounts to recommend subscriptions to cancel, negotiate cable and internet bills, find better car insurance, and more.
17. Reduce Student Loan Debt
The average student loan debt in the United States is $37,172. Even though the average earnings for Graduates with a bachelor’s degree is $50,390 annually in their first jobs, after taxes and monthly expenses their isn’t much left. The thing is not every graduate earns that much or even close.
The next best option you have is to reduce that annoying student loan debt. LendEDU is a great company to use to find lower interest rates for student loans. This can help you to save thousands.
18. Stop Buying Bottled Water
If you buy a bottle of water every day you could be spending $346 each year. If you drink more than that the cost will slowly add up. Instead, buy a reusable water bottle and a water filter pitcher so you can fill up whenever you want at home. Even if you leave home to walk with your bottle since you may find a water cooler at the office, shopping malls or in other popular locations.
19. Cook Your Own Food
It costs the average American $12.75 per meal when dining out at restaurants and that doesn’t include delivery fees or tips. Since people on average eat 18 meals a month that’s $232 every month which makes $2,784 a year! You can cut back on eating out and cook your own food instead.
$5 meal plan is a weekly meal plan service that sends you scrumptious meal plans where every meal will cost around $2 per person or even less.
20. Check Your Credit Score
Knowing your credit score is important since the difference between an excellent and a poor score can save you thousands on:
- Loan interest rates and;
- Car insurance premiums
With a better credit score, you can even gain access to the best credit card rewards programs.
Check your credit score for free with Credit Sesame.
My last tip is from me personally. Just spend money on the stuff you need. Far too often I see people getting caught up using their hard earned money on stuff that they see and like but end up only using it for a few days then never touching it AGAIN! Don’t become one of those people. Spend your money on what matters the most. You’ll be happy you did and your money will be too!
Remember saving money is basically making money.
Thanks for reading!
Time to discuss more on how to live frugally and save money in the comments below.
Some questions for you:
What are your best frugal living tips and ideas?
What were you able to do with the money you saved?