8 Frugal Habits That Thrifty People Nurture

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Living a frugal lifestyle doesn’t mean you have to go without; rather, it’s reimagining of what you think of as money-saving habits versus paying a premium for stuff you don’t need or use. Before you load up your shopping cart, stop and think about your bank account in the long term. A few tweaks to your budget and how you spend money can make the difference between living paycheck to paycheck or just a case of comfortable frugal living.

8 Thrifty Habits of Frugal People That Will Save You Money

Whether it’s shopping online less or in thrift stores more, a frugal person makes micro-decisions throughout the day that all work toward how they can save a lot of money. You may have resolved in the new year to work out more, but that doesn’t mean your credit card has to. Here are eight great frugal tips, tricks and habits thrifty people use:

1. Any savings is good savings
2. Home cooking is better for your health and wallet
3. Know the difference between needs and wants
4. Avoid emotional shopping
5. Stick to the savings budget you’ve created
6. Do-it-yourself projects come in handy
7. Just because it’s used doesn’t make it less new to you
8. Put your health first

1. Any Savings Is Good Savings 

Frugal people know that money you don’t spend often can turn into money you put into a savings account. No matter if you choose a high-yield savings account, emergency fund, CD or money market account, the simple act of saving goes a long way to create a more comfortable financial situation. The first step to living more frugally is to cut back on unnecessary spending and then turn what you’ve saved into money that works for you.

2. Home Cooking Is Better for Your Health and Wallet 

The next time you’re at the grocery store, make sure you not only make a grocery list, but that you actually stick to it. Only buy items that are for recipes you’re going to make for the meals you’ve planned for the week. Having this preparation for home-cooked meals is better for your health and also keeps you from overspending at restaurants. 

3. Know the Difference Between Needs and Wants 

You’re probably familiar with some of the heavy-hitting needs such as rent, mortgage, insurance, grocery or utility bills to be paid. However, where the needs and wants territories can get murky are in areas such as clothing, app subscriptions or streaming services. 

You might surprise yourself if you try not shopping or spending money on something you aren’t sure qualifies as a need or want. If you can go for a few weeks or even a month without buying that shirt or watching Netflix, there may be some room to edit them out of your budget.

4. Avoid Emotional Shopping 

Emotional shopping can include guilt spending or impulse buying. These kinds of triggers when you’re at the checkout counter can lead you to overspend. Here are some takeaways about how to avoid shopping this way:

• Guilt shopping: This tends to be the result of fulfilling emotional needs or where you feel you have shortcomings so you overcompensate with retail therapy purchases. You can stop yourself from this type of spending by trying the 30-day rule where you wait 30 days before buying something you think you want. If you still want it at the end of that period, you should buy it; though, you may be surprised that the temptation has gone away.
• Impulse buying: Anytime you stray from a grocery list or buy something you didn’t go to the store for is considered impulsive spending. To avoid this, you could get a budget tracking app and only buy the things you have specifically budgeted for with allocated funds. 

5. Stick to the Savings Budget You’ve Created 

Make sure any budget you build is reasonable but also errs on the side of caution. Frugal and thrifty people are conservative with their spending so you could make sure to practice what they preach. 

For example, you could break down your budget into percentages such as in the 50/30/20 savings rule where you allocate 50% of your paycheck to needs, 30% to wants and 20% to savings. However, if you wanted to be more frugal, you could do 50% to needs, 30% to savings and 20% to wants. That small shift could boost your bank account significantly.

6. DIY Projects Come in Handy 

Sometimes spending time rather than money can be both frugal and satisfying. Next time you are tempted to outsource your repairs or throw something away altogether, try and see if you can fix it yourself. There are many free online tutorials you can follow for DIY projects to help you and that way your money stays with you. 

7. Just Because It’s Used Doesn’t Make It Less New to You 

Second-hand, thrift or consignment stores are a great resource for finding vintage clothing or gently used home décor or furniture. So many items are considered disposable that you can find a variety of like-new treasures that are half the price. It can’t hurt to start shopping there you’re next few outings instead of other retailers to see how big you can save.

8. Put Your Health First

Living frugally isn’t just for thrifty people but health-conscious ones as well. Edits to your diet and exercise regime now can save you tons of money in the long run on prescription drugs or other potential medical bills. This isn’t to say going to the doctor is avoidable but there are health risks you lessen the likelihood of which can also save you money.

Final Take To GO

Being frugal and thrifty is very fashionable in today’s economy. You don’t have to sacrifice everything. It’s simply about making more conscious decisions about how and why you spend money. If you take a step back and look at your finances as a whole, you may find room to introduce a few more frugal habits to help you live richer.

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