While pinching pennies probably won’t free up the kind of cash you need to get out of debt, if used in tandem with a solid savings plan, being frugal can help you stay on track. And sometimes, finding ways to save 50 cents here and there is fun!
Food
Eating cheap and healthy can take some work. The USDA provides a lot of tools for estimating costs of food based on your household, including this list of recipes that you can sort by cost per serving. The tool can even create a shopping list for you. And lots of bloggers have ideas for making low-cost meal plans. This mom suggests eating cheap for a few weeks to save up for more diversity in your food later on.
Other tips:
- Stop buying brand names unless a quality difference is obvious to you. Store brand can save you big.
- Shop by price per ounce as much as possible. There are free apps that can help with that, including coupons and other deals.
Clothes
- Shop secondhand or consignment for high-quality items that will last longer than the cheapest items you can find on sale.
- Avoid unnecessary sale splurging by unsubscribing from promotional emails and Facebook pages. Out of sight, out of mind.
- Use a waiting period when considering purchases: Wait a week (or more!) before purchasing when you find something you want to buy. You’re more likely to avoid purchases you regret this way.
Avoid paying for these
Ultimately, you have to decide if certain things are cost-effective for you for reasons beyond price tag (e.g. you won’t exercise unless you go to a gym). But here are some pinching pennies alternatives to common household costs.
- The gym: Use free online videos to exercise. Walk outside.
- Cable: Watch Netflix, Hulu or stream from your favorite stations’ websites directly. Try devices that stream to your TV as an alternative to watching on your computer.
- Router rentals: If you are somewhat tech-savvy and plan to purchase Internet service through the same provider for more than five months, you should probably buy your own router. Otherwise, you’ll throw away a $5-15 monthly rental fee.
- Coffee by the cup: You can make pots at home, or, if you’re lucky, get it free at work, or these other places.
- Bottled water: Much of the time it’s just tap water You are spending about $7.99 per gallon extra, every time you buy a bottle of water.
- New books: Make use of your library’s waiting list, inter-library loan system, e-books and audiobooks. With a little patience, you’ll never need to buy again.
- A checking account: If you’re searching for a checking account, find one without fees.
- ATM fees: Plan ahead a little and visit your bank’s ATM.
Other financial habits of the frugal:
- Downsize big expenses. Can you make do with one car, not two? Can you find a smaller, cheaper place to live?
- Check your credit card bill regularly for charges you don’t recognize.
- Also check it for monthly subscriptions you forgot you signed up for. Better yet, cancel a few and see if you can live without them.
- Turn your lights out whenever you leave a room.
- Shut your faucet off when you brush your teeth, wash your dishes or clean the bathroom.
- Many cleaning products can be replaced with baking soda, lemon juice or vinegar, which is far cheaper, especially if you buy in bulk. (Plus they’re safer!)
- Walk or bike when possible, in place of driving.
See the rest of this three-part series on finance: