Ways you can save money by living frugally.

One of the keys to success when it comes to your finances is saving where possible, and one of the ways to make that possible is to live frugally. Frugal living involves making conscious choices to maximize the value of your money and to reduce unnecessary expenses. It’s about finding creative ways to save money without sacrificing your quality of life. 

These are some tips that can be easily integrated into your life:

1. Budgeting – By creating a budget, you’re able to track your income and expenses. This will allow you to understand where your money is going, therefore allowing you to identify the problem areas where you can cut back and save. 

2. Meal planning and cooking at home – Planning your meals in advance and cooking at home helps avoid impulse purchases on food, eating healthier, and saving money by using the food at home. You can also reduce the amount of food waste in your home by planning meals based on what you already have in your cupboards and fridge. 

3. Grocery shopping with a plan – Taking the time to prepare for grocery shopping can save money in a few different ways. By checking the flyers for your favorite stores, you’re able to see where the best sales are, and you can then plan your trip accordingly. It’s also important to have a peak through your cupboards, fridge, and freezer to see what you already have to ensure you’re not making purchases you don’t need. By having a list in hand when you’re shopping, it prevents impulse purchases which can cause you to go over your allocated budget. 

4. Thrift shopping – Thrift shopping has become quite popular and has taken many different forms, from physical stores such as Value Village, to Facebook Marketplace and other online sites. You can find everything from clothing, electronics, furniture, books, etc., at significantly lower prices. As long as you take the time to fully inspect the item, you could be getting the quality items you need while saving money. 

5. DIY projects – There are a lot of projects that can be quite costly to hire someone to do, such as simple home repairs, maintenance, and more. With the online resources available, such as YouTube and Google, it’s easy to find videos that can walk you through and teach you how to accomplish your task at hand. By tackling these projects, yourself, you’re able to save money and finish with a sense of accomplishment.

6. Entertainment on a budget – Look for free or low-cost local entertainment options. During the nicer weather, it’s great to take advantage of parks, beaches, walking trails, etc. For the rest of the year, most libraries, community centers, and some stores have events on a regular basis for children. For example, every month Home Depot puts on a free kid’s workshop where they can build a craft for free. By doing a simple search on Facebook, it’s easy to find the schedules many places have released for their free events and activities.  

Many people may turn their nose up at the thought of frugal living, but that’s because the word “frugal” leads people to think of “cheap”. However, the opposite is true. Frugal living is really about saving money which in turn gives you options and helps you get ahead. By living frugally, it’s possible to pay down debt sooner, build your emergency fund, build up your retirement fund and then save for the larger things you may really want, like a family vacation, new décor, etc.

 
If you have been living a frugal lifestyle, but have some debt that is holding you back, there are options.  

If you are looking for advice, or a second opinion about your debt, it does not cost anything to talk about your options. Every financial situation is unique and viable options can differ from person to person. A conversation free of judgment and cost, is the first step to determine options for debt that make sense for you. For a free consultation, please call or text (506) 645-1814 or email jaime@tackledebt.ca; or visit www.tackledebt.ca.