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The Most Frugal People Always Do These 29 Financial Tricks To Save Money
2024-07-11
Are you tired of constantly wasting your hard-earned money on nothing? Look no further! Here are practical, easy-to-implement, and genius financial life hacks to help you save more money and improve your financial well-being. Don't wait. Start saving money today!
Close up portrait smiling young woman outdoors.Photo byImage Credit: mimagephotography/Shutterstock.
What are some of the most genius financial life hacks? Here are the best ones you can try now!
Drink Water
Just drink water! I know, it's so basic, but not only is this a financial life hack but a health life hack as well.
No Delivery
Uninstall GrubHub and DoorDash from your phone. When you don't have the app on your phone, it's harder to impulse order food when you are hungry. When you stop using their services, you'll realize that you are paying double for convenience. Tell yourself that if you want it, you can go grab it yourself or eat it at home.
Bring Your Own Food
Bring a packed lunch to work, and always keep some snacks in your bag when you are out and about. Carrying around some almonds or a cliff bar can get you through many days when you think you'll only be out and about for an hour, and it turns into more, and youneed to eat. If you have something available you'll be less tempted to buy something overpriced.
Don't Smoke or Drink
Don't smoke or drink. This is also a healthy life hack! Most people don't realize how much money they spend on drinks and smoking. Since this is a life-long habit, trying to kick it now will save you so much throughout your life.
Pretend You Do Drink
But, do you want a really genius life hack? Pretend you smoke and drink. When payday comes, put what you would've spent on cigarettes and alcohol in a savings account. Then, you are automatically saving money that you would've used on drinks and smokes.
Automate
Automate your savings to pay yourself first.
There are many reasons why automating your finances is a good idea. For one thing, it helps to reduce the temptation to spend. When the money is automatically transferred into savings or investment accounts, you’re less likely to be tempted to spend it because it’s not just sitting in front of you.
Make a Budget
Make an actual budget and stick to it. Creating a budget can seem difficult if you’ve never done one before. Fortunately, there are some simple ways to get started.
"Living below your means" means spending less money than you earn. In other words, it means maintaining financial discipline to keep your expenses under control. This way of living can help you in achieving financial freedom and stability.
Act Broke
Act like you are always broke.
You should be cheap, not stingy but cheap. Even if things are going well now, that might not last. Don't try to keep up with the Joneses- really evaluate what you need to be spending money on. Every little bit adds up to real money.
Use the Library
You should use the library for books and audiobooks, obviously, but did you know that many libraries have more than just books? First of all, check out the Libby App, which lets you get e-books and audiobooks for free. Many libraries also have video games and household supplies that you can borrow for free!
When you have a partner and share finances but have different money management styles, it’s a good idea to keep separate accounts. You should dedicate money to each of your needs but also allow each partner to have money they can spend on their own.
Minimize Your Fixed Costs
Reducing the amount of money you owe monthly on the "big items" will go a long way to having your money last.
Stop Impulse Buys
Before you spend, get in the habit of asking if the purchase will increase your well-being or if it is an impulsive buy. Make sure to really distinctly clarify "want" from "need." Consumerism culture has successfully blurred the line between the two for many.
Make a List
Eat before you go to the store, and always make a list and stick with it. Using free curbside pick-ups can also save you money by reducing your impulse buys. It takes time to see what’s on sale and clip the coupons, but you get what you need for your meal plan, and you don't buy extras!
Every time you get a raise, hide it. Increase your 401(k) contribution, put it into an IRA, invest in stock, or just put it aside in savings. In other words, don't get used to a higher level of consumption. This is especially important when you're young.
Eating out is so much more expensive than cooking at home, even fast food. The ingredients "seem" more costly because you're buying multiple meals simultaneously. A pound of ground beef might cost $5-6 bucks, whereas a fast food burger only costs $3, but you'll get 4 or 5 (bigger, tastier) burgers from the ground beef.
And that's only if you spend money on meat! Beef is on the expensive end. Get a bag of rice, a few pounds of chicken breast, a few bags of frozen veggies, and some sesame oil, and you will have a week's worth of fried rice for $15. There are so many really simple, cheap recipes. Check out thepassportkitchen.com or r/eatcheapandhealthy or just googling for simple meal ideas. Not only will it save you a ton of money, but it's much healthier and better for the environment.
Make Your Own Coffee
Every morning, make your own coffee. Not only will you save a lot of money, but you will also probably get better coffee. If you get a simple coffee machine and some good beans, you will recoup the cost in a day or two and get some delicious coffee to boot!
Buy Quality on Sale
Buy better quality clothes but only when they are on sale. Stores like TJMax and Marshall's have great clothes for a fraction of the price- but you need to shop around a bit and keep an open mind. This way, your clothes will last longer, but you won't be spending a lot.
Don't Use Your Credit Card
Don’t buy anything on your credit card that you can’t pay it off on the same day.
Using a credit card can be a great life hack - if you can pay it back! This is where I depart significantly from Dave Ramsey. His "never use credit cards ever" is just giving away free money. Put stuff on your cards and then pay for it! You sometimes get extra warranties, you can dispute charges, and you get cash-back incentives. This is a great way to get some perks when you buy the stuff you need.
Zero The Number
Looking for a cute way to save money without really feeling it? Make your checking account a round number every day. For example, if your account has $914, you transfer $4 to your savings, leaving you $910. If you have $887 the next day, you transfer $7, etc. You can save several thousand dollars over a few years without feeling the pinch.
Don't Listen to Banks
Banks are not your financial advisors; don't take their advice. They are a business and think about their profit. However, you need to form a good relationship with your bank. They have a vested interest in protecting your money as long as you're responsible. They can be absolutely ruthless if you're NOT responsible, but they can be very rewarding if you are!
Eat Rotisserie Chicken
Rotisserie chickens from the grocery store are usually an excellent deal and make a good compromise between eating out and cooking dinner. And you can make great dinners out of the leftovers!
Young people should not be ashamed to live at home for longer. Many young people have a lot of debt (especially from student loans) and could be in a lot less debt if they stayed home longer. Even a few months can help you stockpile some cash and give you a nice headstart in life.
Meal Prep
Cook easy meals in big batches and store them in good containers in your fridge and freezer. This is great because not only can you buy food in bulk without it going to waste (it's usually cheaper), but you will be less inclined to order takeout because you've got meals in your fridge that you can heat up if you're lazy. Most people don't really want takeout food- they just don't want to cook.
Save Small Bills
Most people don't end up spending their small bills so if you get them, put them in an envelope and see them grow. It's great to have cash on hand, and if it gets to be a significant amount, you can deposit it at the bank or use it for a big purchase.
Mend and Reuse
Learn to make mend and do. Reuse stuff by remaking it. Take old shirts and make them into rags. Take old clothes and fix them up, take them in, or let them out to make a whole new, fresh outfit for a very little bit of money.
Always go for the no-name brands when shopping for groceries. Nine times out of ten, they're cheaper than the name-brand items, and you usually can't tell the difference. In fact, many generic brands are actually name-brands without a different label!
Put Money in a 401K
Many people don't consider the financial impact of putting a little bit more money into a 401K. If you have the option, take advantage—especially when you are young!
Cancel Subscriptions
Find and ruthlessly cancel all those subscriptions you are paying for. Do you really need more than one streaming service at a time? Go through and delete everything; you can always sign up again if you see you really need it (and usually take advantage of new customer promos when you do)
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