6 Bad Habits You Have To Break To Live Frugally

We’re all guilty of not always adopting the most frugal lifestyle. Whether we’re eating out more than we should, signing up for every streaming service we see or grocery shopping without a list — there’s always room for improvement.

According to Dan Dillon, chairman and founder of CleanItSupply, living frugally isn’t just about saving a penny here and there; it’s about fundamentally changing our relationship with money. 

“Frugality is more of a mindset rather than simply a tool for budgeting,” he said. “It’s about making smarter decisions that will stand the test of time, rather than finding short-term solutions.”

Here are more bad habits you need to curb if you’d like to live more frugally.

“I would say impulse buying is one bad habit you will certainly need to break if you want to live frugally,” said Carter Seuthe, CEO of Credit Summit Consolidation.

“Lots of frugal living, in my experience, comes down to careful financial planning, making substitutions in what you buy for cheaper alternatives, and so on.”

He said that if you have a problem with making impulse purchases, this will begin to disrupt a frugal living budget to the point where it may not be a sustainable lifestyle for you. 

Dillon equally noted that impulse buying is especially rampant in the age of one-click online shopping. 

“To overcome this, set a waiting period for purchases over a certain amount, providing you with time to reassess the necessity and value of the item.”

If you want to adopt a frugal lifestyle, you have to drop your unchecked spending habits, said Jake Hill, finance expert and CEO of DebtHammer. 

“Frugal people track their spending each week/month, especially for nonessentials. If you aren’t keeping track of where your money is going, you will miss valuable opportunities to maximize your savings.”

Impulse purchases based on social media consumption are particularly insidious, said Mafe Aclado, general manager of Coupon Snake.

“In my experience, I have learned that one of the spending habits that people would just have to break if they want to start living frugally is the fear of missing out on what would always appear to be the best deals on a new product that they hadn’t planned to purchase — until they came across the limited offer while scrolling through their social media feeds.”

She said that while these may indeed be great deals, what makes them a bad financial habit is that they are impulsive. 

“Also, the fact that you haven’t planned this purchase probably means that you have no genuine need for them.”

To live a frugal lifestyle, she said you would have to adopt a minimalist lifestyle that only makes planned purchases. 

“What many shoppers fail to realize when making these impulsive spendings that make living frugally highly impossible, is that if you had a need for these items/products, you wouldn’t just realize your need for them the moment you come across it on social media.”

To live frugally this year, she said you simply have to become intentional about it. 

“And breaking the financially limiting habit of social media-influenced impulsive spending would be a great place to start.”

Although it can seem like a good idea to drive from store to store to save a few dollars on sale items, experts warn it’s not a smart idea. 

Any savings will probably be eliminated when you account for the cost of your time, gas and car wear and tear. 

When dining out, having wine with your meal ends up being costly. Bottles are typically marked up by restaurateurs by three times the wholesale price, sometimes even more. If you can, forgo the wine entirely when dining out or go to a place that allows you to bring your bottle. 

One of the most common pitfalls when it comes to spending, according to Augustas Ausra, head of sales at Breezit, is what he refers to as “the latte factor.” 

“That’s a term I use to describe small, frequent and often unnecessary expenses.”

“It’s astonishing how these seemingly insignificant purchases add up,” he said. “I remember a time when I’d casually spend on daily gourmet coffees and lunches. It seemed harmless until I did the math at the end of the month and realized these small indulgences were costing me a fortune.”

He said this was a wake-up call. To start living frugally, he said it’s crucial to identify and cut back on these habitual splurges. 

“It’s not about depriving yourself but being mindful of where your money is going.”