10 Frugal Living Tips 2020

For most out of your money, here are some best frugal living tips that can span frugal life. Apply and find that you spend less and save more.

Live within your means and prosper financially making some simple adjustments and develop some important habits.

There are plenty of ways to save money, but the points covered in this article will help you develop the right mindset and focus on the things that really make a difference.

1. Choose Your Priorities

How to save money when you are already frugal?? Having a frugal lifestyle does not mean you can not spend money on anything. Instead of trying to minimize or reduce all costs, be sure you know what is most important to you (and your family, if applicable).

It's okay to spend money on things that are important to you, and things that can really improve your life. When your priorities are known, also you know about things that do not matter much to you, and that is where you can save.

Do what you can to save money on things that are not a big problem for you, and you will have more money for the use of their priorities.

all priorities are different. What matters most to me, may not matter at all to you, and vice versa. The keys are to know how you want to prioritize your money and be willing to make changes in other areas.

2. Create a budget and track your spending

If you want to get the most out of your money, you need the frugal living challenge to have control over your spending. One of the best ways to take control of your finances is to create a budget.

The budget is like a curse word for some people, but it really need not be so bad.

Actually, the budget goes hand in hand with the choice of priorities. Once you know your priorities, and also things that are not important to you, you can create a budget with this in mind. rear balance in things that do not matter much to you, and have more of their priorities. Budgets give you control over how you spend your money.

If you need help creating a budget, be sure to see my article How to create a workable budget, which will lead through the process. You can also get a free budget sheet/template by entering your email address below.

Once you've created your budget, make sure you also keep track of your expenses to make sure you're staying within the budget.

Tracking expenses may seem like a tedious task, but it can actually be very useful to keep the motivation with money management. In addition, you can use an application such as personal capital to make it easier.

3. Track net value

About a year ago, I started tracking my heritage, and I wish I had done it before. There are many reasons why you should keep track of your net worth, and one of them is to help you keep your overall financial situation in mind.

Since I started tracking my heritage, I began to think about how each financial decision will have an impact on the value of my network. You'll see the importance of their decisions and how they affect the big picture, either positively or negatively.

Now that I have the big picture in mind on a regular basis, I have become more frugal with my expenses just because I see the consequences.

Track your net worth it may sound complicated or time-consuming, but it is actually very simple. Personal Capital is a free application that does the work for you. All you need to do is sign up, and then link it to your financial accounts. A few minutes you may have to set up and track your net worth.

4. Wait for purchases

Get into the habit of waiting at least 24-48 hours for all unnecessary purchases. This habit will help you avoid impulse spending leading to buyer remorse.

Take time to think about shopping, make sure you really want or need the item, and be sure it is a good use of your money.

I caught this habit for years and has helped me countless times. In fact, most of the time I decide I do not really want or need what I was considering buying.

5. Find "easy wins"

easy wins are simple ways to save money (or make extra money) with little or no effort on your part. They will not negatively impact your life, so much to like about easy victories.

Find a couple of easy wins you can free up a lot of room in your budget, especially if they involve monthly or annual invoices.

Since we all have different priorities, which can be an easy win for one person may be a major sacrifice for someone else. The key is to find some easy ways to save on things that do not really matter much to you.

For example, here are 3 of the greatest victories have found easier than in recent years:

Choosing a cheap cell phone. I used to have the best and newest phone every couple of years, but I realized I did not even use or care about any of the bells and whistles. Now I get a cheap phone with basic functionality and use it until it stops working.

I save a few hundred dollars per year. Go with a wireless service provider discount. My wife and I cut our monthly bill for cellular coverage in a medium for change away from one of the leading operators. Now we have Cricket Wireless and coverage is not as good, but only pay half.

Get rid of cable television. We save hundreds each year using Netflix for most of our television. Also, I get a sling subscription for part of the year during the football season. See our list of the best alternative cable.

6. Take advantage of Perks

There are a lot of different benefits available, such as:

credit card cashback and rewards
Cashback applications such as Rakuten and Ibotta
Loyalty programs
Free money offers (see our free money)
Discounts or member associations

Those are some of the most common benefits, but there are plenty of other possibilities as well. These things may seem insignificant, but they really add up. I have my own process to maximize rewards credit card and get a good chunk of money back every year.

Many people also travel for free or very cheap thanks to piracy travel rewards credit cards and miles (see our list of the best travel rewards credit cards). He had heard of Ebates (now called Rakuten) a few years ago but never used it because I do not think it was the effort.

I'm glad I decided to try it because it is very easy, almost effortless and saves a lot of money. My wife and I will save a few hundred dollars this year thanks to Rakuten.

7. Check your recurring bills

When you are looking to reduce spending and increase their savings rate, looking at your recurring bills and subscriptions is a good idea. Any money you can save on a draft recurring bill will put more money in your pocket every month, instead of saving money once.

You may cancel a subscription or work to reduce the amount of the invoice. Depending on the type of bill, you may go with a cheaper plan or negotiate a better rate.

Some accounts common than you may be able to remove include:

Gym membership
magazine subscriptions or website
Satellite or cable
any service that does not use or need

8. Purchase used, when it makes sense

Many of the things you need can be purchased as used. Sometimes the biggest challenge is just the mentality of looking for a used item instead of going to a store custom.

Things like clothing, furniture, household items, toys, children's and baby, sporting goods, games, tools and electronic equipment can be purchased even used for a fraction of the cost.

If you are looking for used items you can go to thrift stores, flea markets, auctions, and garage sales. There are also a number of websites such as Craigslist, the market for Facebook, eBay, and let go that are excellent resources for finding great deals. Specifically for clothes, sites such as the exchange and thredUP are also great places to look.

Get in the habit of buying used, and find that you can save a lot of money.

9. Lives in a modest house

Housing is a big expense, regardless of whether they rent or own. One of the biggest financial mistakes you can make is to buy a house that costs more than you can afford.

Living within (or below) your means is a key principle for frugality. That does not mean you have to live in a small house, but do not spend a lot simply because the bank or mortgage lender will approve by a specific amount.

Of course, what you qualify a home as "modest" will be affected by things like your income and assets. Make sure you can comfortably afford their housing costs, with plenty of room to breathe.

Another important frugal home tips factor is the place where you live. The amount you have to pay for a house (or rent) will be affected not only by what city and state you live in but even the exact area you choose.

→ Related reading: Want ‘Rich' Quickly And Have A House? Do these 7 ways!

10. Buy an affordable car

Cars are an expense that breaks many budgets. If you look at a car as a status symbol, it is almost certain to pay more than necessary.

On the other hand, if you look at a car as a simple means of transportation, you probably spend much less.

Frugal many people choose to buy used cars, and some will tell you that buying a new car is always a waste of money.

When I was younger, I went through a couple of different used cars and was always putting money into them. The last two cars I've had (including the current drive) I bought new, and I do not regret it at all.

Buying a new car can be a good deal if:

You buy a car at a low price range
To avoid most of the options and upgrades
To keep the car long before replacing it.
I had a 2002 Saturn for 10 years. I bought new for $ 10,000 and put very little money in it for the 10 years I've owned.

My current car is a 2012 Mazda3 I paid around $ 15,000 for 2011. I've had for 8 years and I intend to keep it for a few more. I had $ 0 in unexpected expenses that car.

You may have been able to pay a little less for a used car, but the tranquility of having a new car worth something to me. That's partly because my last used car left me stranded 300 miles from home for 3 days.

My next car will probably be something new and reasonable, you can afford to buy with cash.

Regardless of whether you choose a new or used car, the important part is to go with an affordable car and keep it long before replacing it.

11. Reuse

Another key principle of frugal living is the reuse, whenever possible. This may involve using things twice, back end, or buying reusable items rather than disposable items.

There are plenty of ways you can put this into practice and save money, especially in the kitchen. Here are just a few ideas:

food containers reusable glass
Water Bottle
Microfiber cleaning cloths
drying wool balls (instead of fabric softener sheets)

12. Look for low-cost entertainment

One way to save money is to find cheap or free things to do rather than spending a lot of money on entertainment. Whether you are single, in a relationship, or have a whole family to entertain, there are plenty of possibilities.

That does not mean you should never spend money on entertainment, but use free or cheap options most of the time. Things like going to a park, hiking, cycling, and play all be excellent choices.

→ Related reading: 10 easy money-saving tips ideas for 2020

13. Avoid clutter

Frugality and minimalism often go hand in hand but do not have to be a minimalist to appreciate having less clutter. Get rid of the clutter in your home can help you realize that you do not need a lot of things, which can result in buying less stuff.

In addition, you can make some money in the process of getting rid of your clutter. Many of those things that you put around your house can be sold.

See my article 17 of applications and websites to help you sell your stuff to find some great resources to help you earn money and declutter.

14. Minimize food costs

Food is another important part of the budget. Your food expenses can vary greatly depending on the number of meals you eat in restaurants and how you do your grocery shopping.

For many people, food is a category of easy budget to reduce. Here are some ways for them to reduce their food expenses every month:

Eat fewer meals in restaurants
Pack your lunch
Shop at discount stores
Buy white marks
For a lot of actionable tips that can help you in these areas, see my articles 30 brilliant ways to save money on groceries and 15 easy ways to save money on restaurants.

→ Related reading: Top 5 Tips on how to save food, money, and planets

15. Embrace small gains

If you are trying to live a lifestyle more frugal and that is just the beginning, it's easy to feel overwhelmed with so many different things. Do not feel like you have to master everything at once. Take baby steps and embrace even small improvements and profits.

Nobody's going to spend the time to be too frugal perfectly immediately. Focus on one area at a time, develop habits that stay with you, and then work to add something else to it.

Start at the beginning by clarifying priorities and creating a budget. Then work on reducing expenditure in the budget one at a time.