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These brilliant tips to save money will help you save thousands and achieve a debt-free lifestyle! And you DON’T need to give up on your comforts!
Frugal living has gained such a negative connotation. To some, it has become synonymous with being cheap and miserly. But that is not the intention here.
The intention is to lead a sensible and mindful life. To live comfortably in the present but also to be mindful and save for your future.
Being mindful with your money means avoiding extravagance and over-indulgence. Especially when all that money is being spent only to impress others and appear rich.
The truth is that a debt-free life and sizable savings are far more rewarding than expensive purchases (and crushing debt).
Just start small! Pick a category from the list below and see what tips you can implement.
Everyone has interests that they just can’t compromise on. For me, that is eating right. I’ve read frugal living tips where they talk about unhealthy ways to stretch your food budget. That is going too far! Also, it’s not worth my time to go to great lengths just to save pennies.
I present to you my tried and tested tips to save your money and lead a debt-free lifestyle, all while living in blissful comfort! 😎
Tips to save money at home
1. Budgeting
I can’t stress this enough. You cannot reduce your budget if you don’t measure it. You can learn how to budget in 15 minutes! I was able to save $25,000 with my free Progressive Budgeting Bundle. It’s a great place to start saving money!
2. Unsubscribe from promotional emails
Out of sight, out of mind! Seeing promotional emails for clothes, body care and gadgets are enough to tempt us into unnecessary purchases. If you truly need something, you’d remember to buy it without seeing a promotional email.
3. Renegotiate all bills
Do your research, call your providers and ask them for discounts. A friend was paying a lower rate for his internet, so I asked our provider and they were happy to match the price! A 5-minute call saved me $30 a month! Also, check your usage to see if a smaller internet plan would satisfy your needs.
When your lease is up, negotiate your rent. I got a $1200 discount on my yearly rent! That goes straight to savings.
4. Rethink paid app subscriptions
There may be apps and services on autopay that you haven’t checked in a while. Check your statements and cancel them as needed.
5. Ditch cable TV
It may seem hard but plan out a 1 or 2 month transition period. Sign up for cheap streaming services like Netflix or Hulu. Find some good programs to watch so that you have a smooth transition! 😊 You’ll save hundreds!
6. No new clothing challenge
Challenge yourself to not buy new clothes for 6 months or even a year. Instead shop your closet and bring out your least worn pieces!
7. Curb impulse purchases
Window shopping online is a great way to unload your wallet, so avoid it! If you find a great deal on an unplanned item, sleep on it! You may not feel the same about it tomorrow. And for larger purchases, wait a month before you purchase it. Most of the time, we tend to forget about it after 30 days!
8. Cell phone plans
Check the trends of your past usage and see if a smaller plan can fulfill your needs. You’d be surprised by how much money it will save you!
9. Save up for big purchases
Don’t spontaneously buy big ticket items (like a TV) and swipe your credit card. Instead, save up for them. Making this a habit will prevent you from over shopping and it will save you the outrageous interest fees on your credit card.
10. Rent your spare room
Consider putting up your spare bedroom or basem*nt as a short or long term rental. You could easily save 30-70% of your rent/mortgage payments.
11. Basic maintenance work
If you have the skills, do simple household/car maintenance work yourself. Eg: Changing the car’s cabin air filter or replacing a washing machine door. Things that just involve unscrewing and replacing a part.
There are plenty of YouTube videos to guide you through the basics. But know your limitations and skill level. Skimping on calling in a professional could lead to a bigger money drain later.
12. Gadgets
Avoid buying vegetable prep tools that work for a singular purpose. Eg: apple slicer, egg yolk separator, garlic crusher, banana slicer, herb scissors, omelette shaper, peach pitter, egg slicer, cake slicer.
Literally all of them can be sliced with a knife! Also avoid larger kitchen appliances that can do only one task like sandwich makers, deep fryers and bread machines.
Tips to save money on lifestyle
13. Free/low cost activities
Hang out with friends/family by joining in on free or low cost activities. Eg: Invite them over, try picnics by the beach/parks, brunch on the balcony/patio, game nights, hikes, road trips, camping, movie marathons.
14. Expensive habits
Many people indulge in expensive habits as a way of treating themselves. Eg: Golf, travelling, mani-pedis and massages. It is important to live life fully but so is saving for your future. Strike the right balance!
15. Alcohol
If you spend frequently on wine tastings, bar crawls or parties, try budgeting for this category and set a goal to decrease 20% of your spending each month.
16. Cigarettes
If you have the habit, I’m sure you have heard enough about how harmful it is. It would be worth taking paid assistance in the form of counselling, support groups or products to kick the habit.
17. Coffee
If you have a true love for coffee, shop for your favorite coffee beans in bulk. Grinding the beans and brewing your own decadent cup of coffee in the morning sets the right mood for your day!
18. Live below your means
Trying to one-up your friends is a quick way to accumulate crushing debt that you will be repaying for the rest of your life. If you must compare, the pinch of frugal living is way better than the stress of crushing debt. So, don’t upgrade your lifestyle until you absolutely need to.
19. Upgrading your gadgets
Buying the latest phone every year is a literal waste of $1000 – $2000 dollars. Buying it on credit with monthly payments is even worse. You end up paying an extra $500 in interest. Try a mid-range reliable phone instead. And sell your old phone for cash. The same applies for TVs, laptops etc.
20. Homemade lunch
A simple 15-minute meal/sandwich packed the night before can save you money. About $300 each month! That’s an entire grocery budget for a small family!
21. Gifts
Thoughtful gifts are usually more meaningful than expensive gifts. There are DIY gifts to suit everyone’s needs, even if that person only craves luxury products!
Try DIY marble coasters, bath bombs, candles, planters, handmade soaps or even homemade desserts like chocolates, cookies and macarons! 🤩 They’ll remember your gifts much longer.
22. Automate savings
Savings should not be an afterthought. Set up an automatic transfer from your paycheck to your savings account. This way you won’t be tempted to spend.
23. Multiple credit cards
It’s hard to juggle payments on multiple cards. It can easily lead to a buildup of credit card debt if you’re not careful. Not to mention the interest and annual fees on multiple cards.
Note that closing credit card accounts may lead to a drop in your credit score depending on your credit utilization ratio.
24. Takeout meals
Learn to cook your favorite takeout meals. Every week, Dhruv shares delicious 30-minute recipes that are super easy to follow! You’ll never feel like eating greasy, unhealthy takeout food again. Because you can cook better at home!
Tips to save money on groceries
25. Shop with a list
Prepare a grocery list based on your meal plan and stick to it. Don’t get tempted by random deals at the store!
26. Generic brands
Generic brands are always a dollar or so cheaper and are pretty much the same as the branded items.
27. Freeze meat and produce
If your fresh produce or meat is nearing its best-by date, just freeze it instead of feeling pressured to cook it or throw it in the next few days. Eg: Fruits, vegetables, chicken, bread.
28. Buy produce in season
Off-season produce can get crazy expensive and it just doesn’t taste as good to me. For example, off-season mangoes don’t taste as sweet! They are also said to be less beneficial nutritionally because they are grown under artificial conditions.
29. Meal planning
Prepare a basic meal plan for the week. Start small. I promise that you’ll love it. It takes away the stress of thinking about what to cook every weeknight. And the stress of looking at the random ingredients in your fridge and coming up with a meal.
30. Dish-specific seasoning
Avoid buying a separate seasoning for each recipe like butter chicken, fajitas etc. All you need is a few basic spice powders to make your own seasoning.
31. Pick a cheap grocery store
Some stores have a $2-$5 markup per pound on basic vegetables like tomatoes. I realized this when I once paid $20 for a small bag of tomatoes. Research and find a cheaper grocery store.
32. Eat before you shop
Never go to the grocery store hungry! Everything will look appealing and you will fill your cart with food you don’t need.
33. Stop drinking soda
This is not only to save money but to save your health. Even the diet and sugar-free versions of soda reduce bone density and cause a whole slew of health issues. It’s just not worth it.
34. Overstocking the pantry
Some people tend to go overboard and buy 2 years worth of ketchup because it is on sale. Be mindful of the expiry date and consider if you really need to stock up so far in advance.
Tips to save money on your car
35. Reconsider car insurance
Check if all the elements of your car insurance are necessary for you. For example, rental car coverage is not necessary if your credit card provides that insurance. Depending on the age and value of your car, you could rethink your collision and comprehensive coverage.
It is a big decision and requires research. Few things to consider: your loan/lease terms, previous accident history, ability to handle emergency expenses etc.
36. Interest on car loans
Interest is always a waste of hard earned money. Dhruv and I chose to lead a debt-free life. Instead of buying a fancy car and taking out an auto loan for it, we chose a reliable used car that has low miles and purchased it with our savings.
Being debt-free is a choice you have to make every time you are faced with a purchase.
37. Expensive cars
Cars in general are a depreciating asset, they lose value every year. We can’t control that. What you can control is how much money you will be losing. Find out how much car you can afford.
If you buy a brand new car for $30,000, after five years it would have lost $18,300 in value. That is a 61% loss. The interest on this auto loan could easily be another $2000 to $6000.
But if you purchase a five year old car for $12,000, after five years you would have lost only $6,800. That is a savings of up to $17,500 on the car’s depreciation costs and interest fees.
38. Upgrading cars
Don’t upgrade your car every 3-5 years or whenever you are done making loan payments. It is a killer way to lose thousands of dollars that you could have otherwise invested in your retirement. Once your car is paid off, focus on getting the most out of your investment and use it to its last mile.
39. Multiple cars
Consider having only one car for the family. It might mean a slightly annoying commute if both partners are working but it’s worth it if you want to save money on all those interest and depreciation costs.
40. Selling your car
If you want the best value when you are selling your car, try selling it privately. By doing a trade-in or selling it to a dealership, you easily lose out on thousands.
Parting thoughts
As you’ve seen, you don’t need to give up on your comforts and hunt for tips to save money. All you need is a subtle shift from a spending mindset to a saving mindset.
And start slow! If you deprive yourself too much all at once, you are more likely to relapse into your old ways of spending. It’s important to give it time to stick.
I hope this list has inspired you to try out some ideas and take charge of your savings! What money saving hacks do you love the most? Share your thoughts with the rest of us below! 😁
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