6 Daily Frugal Habits Everyone Should Try
Written by
Cindy Lamothe
Edited by
Elizabeth Constantineau
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If saving more money in the new year is one of your resolutions, you’ll be happy to know there are a surplus of ways to keep more money in the bank. Making a point to change your habits is how you first get started, according to experts.
“Though habits really do take time to be developed, the truth is, with a more frequent/daily practice, frugal habits would eventually become a lifestyle,” said Mafe Aclado, general manager of Coupon Snake. “In fact, these little yet effective frugal habits done every day can indeed make most of the difference in your pursuit towards improving your financial and physical health.”
Below are some expert recommendations for daily frugal habits you can begin working on today.
Think Before You Swipe Your Credit Card
“Every day, we would most definitely want or need to make one or more purchases, and with our credit cards handy, it is so easy to make that swipe,” said Aclado.
However, she said we should resist that urge, as not all of these purchases are necessary, and not all of them have lasting value.
“Making it a habit to pause for a few seconds before making some credit purchase [is] necessary in ensuring that you use credit wisely,” she said. “This habit would help you better minimize your spending, as well as become strategic in your credit card usage.”
Cut Costs When Commuting
Commuting is one of the most expensive things you can do, according to Ann Martin, director of operations at CreditDonkey. She said it requires a huge commitment of time, as well as money, for a car, a bicycle or access to public transit.
“This means that it can also be a great way to save money in the long run,” she explained. “If you can arrange things to shorten your commute, this is ideal, but even if you can’t, taking steps like regularly carpooling with other people can add up to huge savings.”
Not only will you be able to split gas and maintenance costs in half, but you’ll also free up about half of your driving time — or more if you carpool with multiple people — for things like eating breakfast, getting a head start on work or simply socializing with your friends and coworkers.
Optimize Your Grocery Shopping
“With the cost of basic necessities like groceries ever on the rise, one thing I would recommend as a frugal habit is just price checking local stores, as well as clipping coupons where you can,” said Carter Seuthe, CEO of Credit Summit Consolidation.
He added that grocery shopping is something many people prefer to get out of the way weekly or biweekly, but checking for deals daily can be a great way to source food when it’s at its cheapest.
“This is especially the case when combined with coupon clipping,” he said.
Be Mindful of Waste
Jake Hill, finance expert and CEO of DebtHammer Consolidation, said a good daily frugal habit to adopt is simply being mindful of what you are throwing away.
“If you cook dinner for yourself, keep the leftovers rather than dumping them in the trash,” he suggested. “On a similar note, when you go to make a meal for yourself, do a quick survey of what leftovers you already have or what food items you have that are about to expire soon so that you can eat those rather than throw them out shortly.”
He added that being mindful of what you are throwing away applies to things other than food, too. For example, make sure that you are getting every last drop out of your various toiletry items before replacing them.
Hit Up Your Public Library
“As a frugal individual myself, one of the habits that I have is going to the public library,” Hill said. “As a CEO, I understand the importance of constantly expanding my knowledge in order to make sound decisions and increase my wisdom.”
He noted that while purchasing books on a regular basis can be costly, he finds that the public library to be a cost-effective solution that allows you to access a wide range of information without having to buy books.
You may not be buying books every day, but if you read every day, visiting the library instead of the bookstore can keep more cash in your savings account.
Use Cash-Back Apps and Rewards Programs
According to Paige Robinson, real estate investor and owner of House Buyers, there are numerous cash-back apps and rewards programs available that offer discounts and rewards for everyday purchases like groceries, gas and even online shopping.
By taking advantage of these programs, you can earn some extra cash or redeem rewards for future purchases.
“Remember, it’s the small, consistent efforts that can make a big difference in our finances,” she said. “By implementing these habits, we can develop a frugal mindset and save money every day.”
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