7 Frugal Spending Shifts That Improve Life Without Feeling Too Drastic
Key Takeaways
Do It Yourself
Where to Spend More
When to Fix Things
Don’t Pay Full Price
Build in Fun Money
Being frugal doesn’t mean life has to be joyless. It just means being more intentional with your money by not giving in to impulse purchases and instead spending on things that truly matter.
According to frugal people, even simple spending changes can improve your life without breaking your budget or feeling overly jarring. Here’s what they recommend doing.
Try These: 7 Budget-Friendly Grocery Staples That Stretch Every Paycheck
Act Now: Start Growing Your Net Worth With Smarter Tracking
1. Do It Yourself
A good old DIY project can help you learn new skills and save money at the same time. If you feel comfortable tackling something yourself, consider giving it a shot before paying someone else to do it.
“Try doing things yourself before paying someone else to do it," Melanie Musson, finance expert at Quote.com, wrote in an email. "If you can’t do it, you can find someone to do it for you, but it won’t hurt (at least most of the time) to try."
2. Cut Costs on Things That Do Not Matter
Clay Cary, senior trends analyst at CouponFollow, recommended cutting out things that don’t matter.
“One of the most common misconceptions regarding being frugal is that it requires saying ‘no’ to everything,” he explained. “This will be rather exhausting. Instead of that, one should find out where one spends money and then cut costs on things that do not matter.”
This could mean unsubscribing from unused services or ordering food less frequently, while instead putting that money toward things you enjoy or that make life easier.
3. Spend More on Quality
“Sometimes spending more for a better quality item saves you more in the long run,” consumer and money-saving expert Andrea Woroch wrote in an email. This is especially true when it comes to classic fashion pieces and name-brand electronics.
“Some brands also offer lifetime guarantees like Patagonia and Jansport,” she added.
4. Fix Things
Rather than throwing things out and buying new, you could save money by fixing what you already have.
“For example, I had solar Edison bulb lights on my front porch. They stopped working, so I wanted to take them down and start over," Musson wrote. "As it turned out, all I needed to do was replace the solar rechargeable battery. It was a fraction of the price. Not everything can be fixed, but it’s worth considering.”
5. Wait 24 to 48 Hours Before Making a Purchase
Most shoppers have made an impulse purchase at least once in their lifetime. A survey by PartnerCentric found that about 62% of respondents regretted an impulse purchase, and 34% said it caused financial stress, Retail Brew reported.
“One should give oneself 24 or 48 hours in order to consider purchasing something,” Cary advised. “It is better not to pay immediately, but to leave it in the cart.”
6. Don’t Pay Full Price
Don’t pay full price at stores, especially for clothing.
“There are so many great clothes on the sale racks, in thrift stores and in online marketplaces," Musson recommended. “Start shopping the lower prices. It’s so much fun to find a good deal, and if you always pay full price, you miss out on the excitement.”
Woroch also mentioned you can find popular brand-name clothing and accessories for up to 80% off on fashion resale websites like Poshmark.
“I recently scored an almost-new pair of MOTHER denim for $40; regular retail was nearly $200. And no one has to know I got them used,” she shared.
7. Build Fun Money Into Your Budget
Don’t completely restrict yourself. Cary recommended allocating some of your budget for fun and pleasure.
“People will try to follow the spending plan more willingly if they do not think that there are too many prohibitions in it,” he added. “It is possible to live frugally and feel comfortable while doing it.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: