Strategy

7 Tips for Being More Frugal

2 minute read

Being frugal is a great way to save money and live a more minimalist lifestyle. Here’s a great list of tips to help you out along the way.

Don’t shop on payday

This may be hard for some to do, but it’s a great rule to live by if you want to be more frugal and save more money. A newly cashed check can start to burn holes in your pocket before the money for the monthly bills and savings have been securely put away. Just because payday generates a big amount of cash that does not mean that it should be spent frivolously. Always set aside for important bills and savings.

Visit consignment shops and stores

Many such stores are filled with quality clothing at awesomely discounted prices. Toddlers and baby clothes are simple to find. Thrift stores finds can change to hand-me downs for kids as well. With a little investment of effort and time, costly brand name clothes can often be found at a much more affordable price than retail value.

Don’t shop for groceries when you are hungry

Purchasing food on an empty stomach is sure to increase the likeliness of unimportant spending. Despite a well-managed budget and a shopping list, hunger can take over and make you buy things you never generally would.

Buy in bulk

Although it may not be true in every situation, buying in bulk can be one way to hang onto more money. Simply bringing a calculator with you to the store to verify unit prices will help you determine which bulk purchases are truly going to keep money in your pocket. Becoming a member at a shopping warehouse is also a good idea if you purchase in bulk on a regular basis.

Bargain shop when looking for services

If you are looking for any home services or repairs, always call around to several companies and get estimates before making a decision about which company to go with. Keep in mind that businesses have different policies and they don’t always charge the same price for their services. Finding out how much each business charges will help you get the best price.

Buy gifts throughout the year

If you are a gift giver, consider purchasing gifts year-round instead of only at holidays, birthdays, and other unique occasions. Buying gifts can be costly on the spot, but if you shop during off-season, or when there are clearance sales, you will save more money in the long run. You can store presents at home and always be ready when the time comes to give gifts. Some of the best deals can be found purchasing next year’s Christmas gifts when prices are very low during this year’s after Christmas sale.

Ask for a rain check

Rain checks can help you keep money when stores run out of sale items. Even though stores may not advertise rain checks for all products on sale, don’t let that discourage you from asking for one. Don’t purchase at full price without at least inquiring about a rain check first. Most sale prices have a restriction, so purchase as much as possible to keep the most money.

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Mark Blank

Sweet Startups co-founder and Yale grad school dropout. Mark sold his first website at age 22, and currently provides consulting services to small business startups around the world.

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