Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (376 words)

Daily Habits of Frugal People

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Some people can be very frugal. In certain economic environments frugliaty is very important and can help you save money or survive in an economic downturn. Frugality is more than just clipping coupons. Being frugal is about aiming to get the most value from life's resources, including stretching your budget to its fullest potential. In working toward achieving that value, frugal people tend to adopt a wide range of daily habits. Below are the habits I would highlight in case you want to turn into a frugal person.

  • Purchase store brands: At the store, many shoppers turn first to a brand-name item with which they're familiar with. Frugal people usually purchase a generic brand, which is generally cheaper. 
  • Avoid making purchases just for pleasure: This doesn’t mean all purchases, but trying to limit them as much as possible. The easiest example is purchasing Starbuck coffee. Maybe try purchasing this once a month vs. everyday.
  • Avoid waste: Avoid throwing away almost empty items and food. Examples include using all of the soap out of a shampoo bottle, taking unused food home, and re-using plastic containers. 
  • Plan ahead: Rather than thinking about what you need just today or this week, frugal people consider what they'll use in the next month or year. This often leads them to stock up during big sales of nonperishable goods, such as toilet paper and dry beans, rather than buying things when the urgent need arises. 
  • Purchase used items: When frugal people need something, they will look for used sources for those items first. This can save a lot of money over a long period of time.
  • Find fun in low-cost activities: When frugal people need time to relax, they find things to do that doesn’t involve pulling out the credit card. They'd prefer to read a book or taking a hike vs. spending a lot of money.
  • Repair broken items: Very often, a new battery or simple part can fix a broken item. This can save a lot of money vs. purchasing a new product. 

 

Being frugal isn't just about making your own household supplies. It's an approach to life that's expressed through daily habits and routines that aim to get as much out of life as possible without needlessly spending money. 

 

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Tuesday, 19 November 2019

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