Experts: 3 Frugal Habits From Dave Ramsey You Should Always Follow

Frugal living doesn’t mean living a life depriving yourself. Instead, it generally entails living modestly, saving money and making very conscious financial decisions that will enable you to save money and grow your wealth.

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And Dave Ramsey, personal finance expert and host of his namesake show, has a few ideas about how to go about it. As GOBankingRates recently reported, these are some of the most important frugal habits he practices:

• Buy generic products
• Cancel unused subscriptions
• Reduce energy expenses
• Bring your lunch to work
• Stop eating out
• Switch your cell phone plan
• Try a no-spend month
• DIY when you can
• Stay away from stores that tempt you

We asked experts to weigh in on which one of these they favor and how these habits can in turn help you make a difference in your finances.

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Buying Generics

For Erika Kullberg, attorney, personal finance expert and founder of Erika.com , buying generics is an important habit to pick up because it can directly lower your grocery and household expenses without sacrificing quality.

“Some generic brands outsell name brands, and they’re often a fraction of the price,” said Kullberg. “If you’re aiming to save money for debt repayment or an emergency fund , buying generics rather than name brands, especially if you do so consistently, can save you money over the course of a year.”

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Canceling Subscriptions

Another strategy that stands out to financial experts is canceling subscriptions and memberships.

For instance, Michael Collins, chartered financial analyst (CFA), founder and CEO at WinCap Financial , said that while these adjustments might seem minor, they significantly impact your overall financial situation.

“For example, saving just $20 a week for 10 years can accumulate over $15,000 with a 7% return rate,” added Collins. “Small choices can have a substantial cumulative effect on your finances.”

To make tracking easier, Collins suggested checking if your credit card offers a service to review your current subscriptions. You should also examine your credit card statements and bank accounts to understand your spending on various services.

Other experts also tout this tip, saying that this is a simple yet highly effective way to improve your finances because it doesn’t take much effort.

As Hector Castaneda, certified personal accountant and principal at Castaneda CPA & Associates , put it, “an entertainment subscription, like Netflix, can add up every month. By canceling a $15 subscription monthly, you will save $120 per year.”

And assuming you have more than one subscription, canceling several of them can lead to considerable annual savings.

“By eliminating unnecessary expenses, you can better distribute your money in more important areas, such as paying off debt and savings,” Castaneda continued.

Bringing Your Lunch to Work

Another Ramsey frugal habit favored by other financial experts includes bringing your lunch to work. Castaneda noted, while it may be tempting (and easier) to eat out for lunch, this expense can quickly add up.

“On average, you can spend anywhere from $15 to $20 per meal per day, and while this may not seem like a lot per month, it can equal to around $350 per month,” he said.

According to him, once you make bringing your own lunch a daily habit, you will not only see healthy side effects but also cumulative savings since your money won’t be spent on stores, restaurants and fast-food places. This small change can save you thousands of dollars annually.

WinCap’s Collins echoed the sentiment, sharing that over the past 10 years, the cost of eating out has increased by almost 60%. A little meal prep on the weekend to avoid eating out could save you hundreds.

As a final note, Castaneda said, “By making these mindful adjustments, you’ll not only save money but also build a solid foundation for a more secure financial future.”

This article originally appeared on GOBankingRates.com : Experts: 3 Frugal Habits From Dave Ramsey You Should Always Follow