28 Best Frugal Living Tips To Be Economical In 2023

A frugal lifestyle may sound simple, but it is not. If one thinks of someone living a frugal lifestyle, they might automatically think of seeing them putting restrictions on their expenditure and missing out on luxurious things. In this article, you will find the best frugal living tips to be economical in 2023.

Frugal living means planning and minimizing your spending of money. You understand your priorities and clarity about your requirements and how much you need to spend on them. One can differentiate between less essential things and minimize their payout on them. 

Yes, with this lifestyle, one can make a variation in their money-spending habits that can change their lives further- even make one rich. But don’t know how to start? 

Those living frugally already know that it is not about buying cheap but being smart and allocating the money in the best place to save the maximum amount of their savings. 

Here you’ll get the best frugal living tips that you can tailor for your own needs and add a twist to your lifestyle. 

See also: How to Save Money (50 Amazing Ways to Save Those Dollars)

What Is Frugal Living? 

To begin with, what is frugal living? Frugal- this word is often used synonymously for minimalism or being cheap. They are slightly similar as some parts cause overlapping between the core philosophy. 

But frugal living is concerned with being economical in managing present resources, materials, and precisely money. Frugal living is all about being flexible with expenditure and not living in poverty. Click here, to learn to protect your finances and wealth in retirement and protect yourself from financial mistakes later in life. 

It is all about living the correct life to achieve tomorrow’s future financial goals. 

See also: 16 Best Ways to Make Money Online for Free

Why Is Frugal Living Beneficial? 

Living a frugal lifestyle will assist you in achieving your life objectives, including money savings, financial independence and freedom, and happiness. 

• Increases Savings and investments: 

If one begins to live a frugal lifestyle, they tend to have more of their income to save and invest. This means more savings, more investments, and forever improving finances which is constant if the income and expenditure are under control.

• Stress reduction:

Depending from one paycheck to the next can be brutal and quite problematic as you might run out of money and affect your physical and mental health. But frugal living is here for your rescue, and it will help you save money and reduce stress about wealth. 

• Environment friendly: 

A frugal living will build enough space to pursue your passions and spend time with your family and friends. It makes your financial situation better and switches from paycheck to paycheck, giving you more freedom to be more mindful about your expenditure, waste, and passion for possessions. 

• Financial Happiness: 

Accepting your financial ability and learning to prioritize eliminates the jealousy when you see someone doing better than you. The illusion of wealth and the slippery slope of finances shouldn’t bait you to get trapped into it. Financial happiness is the key you need to avoid this rattrap. 

• Early retirement:

Have you ever thought about how much you would need to save and build up for yourself in your retirement years and leave sufficient birthrights for your children? If you live a frugal lifestyle, you need not worry, as you will have no debts, live with your needs, and save and invest more, making retirement expenses very low.

• High-risk tolerance:

Investments walk hand in hand with risks and high potential returns. A frugal lifestyle within the boundary increases your tolerance of risks. If you spend beyond your limit and have more debts, there is hardly any room for financial errors. However, if you live a modest lifestyle, nothing can hold you back from making high-risk investments, but that doesn’t mean having an unplanned investment strategy. 

This was the beauty that comes with Frugal living. Build your own financial goals keeping these benefits in mind.

Fun fact: you can live a frugal lifestyle even in your retirement phase. 

Best Frugal Living Tips to Save Money

Following are various ways that can help you to have a frugal living:

Plan Your Meal Expenses 

Planning meals is the best hack to live frugally. Plan what you will eat the next week and build your pantry accordingly. This will help you stick to a pocket-friendly grocery list that you will need and cut down on excess or unused items. 

Avoid Restaurants And Eat At Home

Eating at restaurants can be very expensive at times, and when you cut short those and your drive-thrus, there will be enough money left for one to accumulate in their accounts.

Use The Leftovers From Previous Meals 

This frugal living tip allows you to use leftovers as a fantastic meal to hop on. Instead of cooking every meal and wasting it, use the previous meal, which also doesn’t mean to use it as it is. In case you have simple rice left, make fried rice. 

Use Coupons, Shop In Sales, Or At Thrift Stores

Who likes buying cost to cost? Frugal living is all about that. Sustainable shopping is the next hotspot. Several coupon applications and sales are going on almost. Just stay up to date, and you’ll get the best out of them. 

Unsubscribe Subscriptions 

When you see your account statements and debits, you will find a few subscriptions you are paying for but rarely use. Budget disturbers are your Netflix and gym subscriptions. Cancel or unsubscribe from them, and use the free resources available.  Read this article, to know about platforms that will help you to get some extra bucks flowing into that wallet, just by watching ads. 

Cut On Fuels, Go Biking Or Walking

Save money that you might be spending on diesel or petrol by walking or cycling to places within reach. This will help you be frugal, but it will also keep you fit and help you be eco-friendly. 

Sell The Fluff Of Your Home 

Declutter your house to make it less messy and a happier place. Less stuff means less cleaning, saving you time, and pursuing what you love.

Unplug Electronics That Are Not In Use 

Is your Alexa always playing music or listening to you? No, right. Then why keep it plugged all the time. Similarly, if there are other items that you use less frequently, then unplug them so that they are not adding to your electricity bill. 

Stop Using Paper Napkins; Opt For Cloth Ones 

If you don’t want to throw money like trash to the bin, stop using paper napkins that make their way to the bin after every use. Instead, use cloth napkins that are reusable as they can be washed after every use. 

Reuse Storage Stuff Like Containers And Jars In Your Kitchen

No one would like to buy something they have already paid for. Do not buy storage containers when you’ve already bought them with jams, butter, and other kitchen items. When the actual food item is over, use them to store other items in your kitchen. 

Use Cloth Lines To Dry Clothes

Cut down energy consumption by using dryers for your clothes and save money. Instead, hang your clothes on cloth lines or drying racks and let the natural dry them in its fresh cool air. 

See also: How To Get Free Clothes Online in 2023

Buy At Farmer Markets

There is simply no better location to obtain your cooking supplies and fresh vegetables. Than here because you can buy just what you need and avoid wasting food.

Set Up A Garden 

Start planting your vegetables and fruits to save expenses on your grocery list. If you have a backyard or a balcony, then that is all you need to get started. Get containers or beds for it, and plant vegetables and foods you like the most. 

Wash Laundry At The Peak Of It 

Instead of washing clothes every day, wash fewer and larger loads of laundry as it reduces the times you have to turn on the machine and dryer. This will save you energy, time, and money. 

Reuse Unwanted And Worn-Out T-Shirts As Cleaners And Mops 

Why buy mops when you have them in your wardrobe? There is a need for mops and rags to clean the bathroom, cars, or anything. As you think of disposing of your clothes, repurpose them into rags and let them enjoy a new life. 

Borrow Clothes For One-Time Wear 

There might be something you need to wear only once, like for a college event or a fest. Why waste money on buying that? Ask your family and friends to find that in their closet. Do this not only for clothes but for everything that is of one-time use. You may increase your savings by eliminating unneeded purchases.

Don’t Unbox A New Product Until The First One Is Over 

One must utilize the first container of a product altogether before breaking the seal of the new one. This will lead to less waste generation and a reduction in the grocery bill because you won’t buy the same product unnecessarily anymore. 

Consume Batteries That Can Be Recharged 

Batteries can be costly to purchase, and if you use them in many items like remotes, flashlights, or any other products, they might burn a few holes in your pocket. But, rechargeable batteries will help you get rid of these not-so-important expenses. Keep an extra charged set if the previous ones run out of battery and keep swapping. 

When Printing A Document, Use Both Sides Of The Paper

One can cut down expenses of buying and wasting too much paper by printing on both sides of the paper. Also, the opposite side of the already printed piece can be used for documents, not for legal purposes. 

See also: 10 Ways To Get Free College Books (Free Textbooks Online)

Stop Impulsive Buying 

Stop going on late-night shopping sprees that cost you hundreds and thousands at just a button click. This can be extremely difficult, but you have to stop all the unwanted expenses that add to the bill. 

Stop Using Credit Cards

The tendency to buy stuff even when you don’t have money is high if you own a credit card. Because they are serial murders, cut them off and get rid of them. When you own a credit card, it is easy to pay for things even in crisis, but when you are going to pay using your debit card, it will hurt your pocket and cut down on expenses. 

Keep No Debts 

Having debts make you pay more than the principal amount and goes all into creditors’ pocket. Experts of a frugal lifestyle advise staying out of debt traps in the first place. Pay them all off by starting from the slightest of debt and then slowly moving towards a higher one, if any. 

Use Public Transports 

Using public transportation if walking is not comfortable helps one be cost-effective and is more accessible than owning and maintaining a car. Public transit is pocket-friendly, readily available, and eco-friendly. 

Negotiate, And Ask For Discounts 

People often hesitate to ask for discounts or negotiate at big stores, but one can tell the person if they do not want to pay that much or deal to find a mid-way. 

Wear Clothes More Than Once, If Possible 

If you don’t have a very hectic schedule and it doesn’t sweat much due to the heat or is dusty, then one can consider wearing an outfit more than once before putting them into the laundry for washing. But do not do that if the clothes are dusty or sweaty due to scorching heat. 

Set A Screen Time, And Use Your Phone Within The Limit 

But how does screen time affect your frugal lifestyle is what your question might be. If you spend less time scrolling on social media, e-commerce apps, emails, and more, you are less likely to spend money on buying items that you don’t require. 

Screen time will help you bypass expenses on pointless items. 

Say No To Salons And Yes To DIY Beauty Products

Everyone needs beauty sessions of manis and pedis, but why not do that at home? You’d soon start liking your beauty products if you begin to try them. There are no chemicals involved when you go with DIY, and everything is crystal clear. Consider doing them yourself with mini brushes for nails, and don’t stop adoring them. Try out a local beauty school near you.

Get Handmade Gifts Instead Of Expensive Ones 

Handmade gifts are more loved than readymade and expensive ones because they are out of love. Making gifts is more embracing and meaningful for the receiver than purchasing them. Why not check out Pinterest or YouTube for some ideas? 

One can conclude that, Yes, Frugal living is complex, and it is a lifestyle and an art in itself. You will require careful planning to get the absolute value for your money on your purchases and shopping. Frugal living is all about how much money you spend on your needs and how much debt you incur while being considerate about your future. 

Think twice, and choose wisely. It is about your hard-earned money. Try to add more value to your cart on every basket you fill. 

Frequently Asked Questions 

One may have many questions in mind about how to live frugally. Listed below are frequently asked questions about frugal living. 

How Do I Be Frugal But Not Cheap? 

Being frugal and cheap are two different things. Frugal living means spending within your means and in a planned way. One can be frugal by Eliminating monthly subscriptions, buying used items, buying high-quality products, barter living, and purchasing at the right time. To know more, check out the above-listed tips to join a frugal lifestyle. 

See also: 6 Smart Ways To Save Money in Online Shopping

What Is The 50-20-30 Budget Rule? Does It Help In Frugal Living? 

Yes, the 50-20-30 budget rule helps in frugal living. One spends 50% on needs, 30% on wants, and 20% on needs, but that depends on person to person. Some may save more than 20% and choose to spend much less on their wants than 30%. 

Is It Worth Being Frugal? 

Frugal living can be more hurting and painful than being helpful. If you start focusing on saving too much and miss out on early investments, you might waste some of your income. Being frugal is not as bad as it is thought by plenty of people, and it will help one learn a lot about making money last for a long. 

Is Being Cheap And Frugal The Same? 

Both are qualities of people who think before spending their money and are behavioral habits regarding costs. But a cheap person would try to save money when spending on others, but a frugal person would not do so. They would try to cut down expenses they make on themselves. 

Is It Smart To Be Frugal? 

A frugal lifestyle is a choice of people who walk with a bigger picture in mind and live with self-discipline to look for saving opportunities. A frugal person considers consequences in the long run while making their financial decisions. They are considerate about the lowest prices, as they know that it will help them save pennies today even with bad experiences. They make more thoughtful decisions while playing finances, savings, and investments in their life. 

See also: 6 Reasons To Consider Gold As An Investment

How Can I Be Frugal In 2023? 

To learn how to live a frugal lifestyle, above mentioned frugal living tips are what you are looking for. Read them now, and start living frugally in 2023.