5 Frugal Living Hacks That Will Save You Money

Could you imagine running into John Wick on the subway? Well, it’s not that hard. Actually, the great Keanu Reeves uses the subway, and he even gives up his seat to people who need it!

You might be thinking: “Why would a guy so famous like him would take the subway? He should use his own sports car!” Well, he proves that people don’t need a life full of luxuries to be happy. This is the perfect example of frugal living.

If you want to be as die-hard as John Wick but as kind as Keanu Reeves, keep reading and learn five frugal living hacks that’ll help you!

What is frugal living?

Frugal means simple. Therefore, frugal living means keeping a simple lifestyle.

When you opt to live frugally, it means you won’t be looking for luxuries like the latest smartphone or famous designer clothes. Instead, you’ll start controlling your expenses and prioritize using your money only on the most important things for you.

This doesn’t mean that you’ll be living in the middle of the jungle without electric energy and toilet paper. Frugal living is not about being cheap, but being resourceful. You’ll just avoid spending your money on things that are not necessary for you.

A frugal life will help you achieve your saving goals faster. Every time you save money instead of spending it, you can put it towards more productive ends, such as investing it to generate profits. As you start focusing on your financial goals, more sooner than later, you’ll find your savings growing and your dreams becoming more affordable.

That’s the best part of frugal living! You decide what things have the most value for you to spend your money on them.

Frugal living hacks to save money

1. Have a monthly budget

If you want to be financially successful, you have to start budgeting. A budget is a beneficial tool to manage your money and control your expenses. This way, you can choose where your money goes, so it is easier to keep a frugal lifestyle.

One of the easiest ways to do this is with the 50–30–20 rule. It is all about dividing your income into three portions: needs, non-essential expenses, and financial goals. This will help you know exactly where each penny is going.

2. Check for freebies and coupons

Both freebies and coupons could become your best ally if you’re looking forward to frugal living. When you go shopping, you can use them to save money buying stuff you would buy anyway. Sometimes they can help you get a bargain!

Also, make sure to take a list with you every time you go shopping. Knowing exactly what you need will help you avoid making emotional purchases and unnecessary expenses.

3. Save money on groceries

Food is a first need product, and sometimes it can cost you a lot of money. Some ways to save money on groceries are planning your meals before you go shopping, growing your food if you can (fruits & vegetables), looking for discounts, or looking for less expensive products that give you a similar quality.

4. Sell things you don’t need

Maybe at some point in your life, you bought something you liked but just on a whim. You don’t use it at all now, so sell it!

For example, a musical instrument you don’t play anymore, or an old TV you barely watch. The money you get from them can be sent directly to a fund you’ll use for more important things.

5. Don’t be too spoiled

We always want to have the best stuff no matter what; it’s part of our nature. However, there are many things you can avoid once you begin with frugal living.

  • Check all your subscriptions and only keep the ones that are worth it.
  • Opt for walking or riding a bike instead of paying for gas (or use the subway like the great Keanu).
  • Check your recent purchases and return things you don’t need (if possible).
  • Instead of spending money on new expensive products, buy used articles from garage sales.

Take a look at our list of 15 ways you can save money at home to find some more tips to improve your financial health.

The bottom line

Just as we have mentioned before, keeping a frugal life doesn’t mean being cheap. It means to live your life using your money on things that have more value and are more important to you.

These five frugal living hacks are a good step forward to changing your habits and getting a little closer to your personal financial goals.

Make sure to check out the rest of the articles in our library to learn more strategies to save money and keep your finances on point. They’ll teach you a lot to keep a healthy financial life!

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A hub filled with useful articles about investing and finance made simple.