6 Extreme Frugality Tips to Slash Your Expenses and Boost Savings
Finding ways to save money and increase your savings can feel like an uphill battle. Especially when you’re dealing with unrelenting expenses.
However, with a bit of creativity and determination, you can adopt extreme frugality tactics that will help you cut expenses and build wealth. Here are five tips to help you get started:
1. Downsize Your Home
One of the most significant expenses for many people is housing. How is your mortgage? What are you paying in property tax?
Consider downsizing your home or moving to a more affordable city/state to lower your mortgage and property tax.
Pay attention to the future monthly payment. Make it extremely reasonable. Browse different states. Check out manufactured homes.
While moving may seem like a daunting task, the savings you’ll enjoy in the long run can be substantial and well worth the effort.
Related: Tips for Debt Free Families
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2. Sell a Car
Selling a car may not always be feasible, but don’t dismiss the idea without exploring all your options. Take some time to brainstorm creative solutions to reduce your reliance on multiple vehicles.
Selling a car can not only save you money on car payments and maintenance but also significantly reduce your car insurance costs resulting in substantial long-term savings.
Related: 5 Ways To Live Below Your Means
3. Earn Cash Back with Free Apps
There are a few apps and services that offer free money. Here are some of our favorite cash back apps and services (they are all free to use):
- Upside: Use the Upside app is earn free cash back at the gas station. You can redeem your money via PayPal, direct deposit, or gift card. Use the promo code AFF20 to grab a 20 cents-per-gallon sign-up bonus. Download the free Upside app.
- Dosh: If you want to put cash-back rewards on autopilot, then Dosh is the app you want. Link your credit and debit cards, and you automatically earn cash-back rewards at participating retailers. It truly is that easy. Download the free Dosh app and watch the cash dash in.
- Scott’s Cheap Flights: Find the best deals on flights coming out of your airpot. Just tell Scott where you want to go. When a deal pops up, an email will be sent to your inbox (deals range from 40%-90% on average). Sign up for Scott’s Cheap Flights to grab your free 14 day trial (and save 20% on a one-year membership with promo code BUDGET20.)
- Rakuten: When you shop online, the free Rakuten browser extension automatically alerts you to cash-back and coupon-saving opportunities. Get the free Rakuten browser extension
- Insurify: Insurify is a free service that compares insurance rates across the top home and auto insurance providers. Input your policy information, and Insurify will scan for similar policies at better rates than you’re getting.
Related: How To Thrive as a One-Income Family
4. Cut Out Eating Out
When aiming for extreme frugality, there are no exceptions when it comes to dining out. It’s just too expensive!
Instead of spending money on restaurant meals, focus on cooking at home. Opt for inexpensive yet nutritious options like fresh vegetables from your local produce section.
Roasting a pan of broccoli, cauliflower, or green beans with oil, salt, and your favorite seasonings can be both satisfying and budget-friendly. Pop a pan of veggies in the oven for 30 min at 450.
By prioritizing home-cooked meals, you’ll not only save money but also improve your health and well-being. And when it comes to veggies, you can eat your fill. (Nobody is saying “eat less veggies”)
Related: Follow these Must-Dos for Living Cheap
5. Stick to Water
Instead of splurging on expensive beverages like soda or juice, opt for water.
Investing in a water filter can help ensure that you always have access to clean water at a fraction of the cost of bottled drinks.
And stay away from bottled water. It’s expensive.
Not only is water better for your health, but it’s also a budget-friendly option that can lead to significant savings over time.
Related: Strategies for Living on Nothing
6. Embrace Cheap or Free Activities
Who says you need to spend a lot of money to have fun? Explore inexpensive or free activities that you can enjoy with your friends and loved ones.
Visit your local library to borrow books, movies, or even attend community events.
Take leisurely walks in your neighborhood or nearby parks.
Dust off a deck of cards and enjoy some classic card games.
Spend quality time reminiscing about your favorite memories or sharing stories.
By embracing simple pleasures and inexpensive pastimes, you can have fun without breaking the bank.
Related: Learn Why Frugal Living is a Common Habit of the Super Rich
Adopting extreme frugality tactics can help you take control of your finances and achieve your savings goals. By implementing these five tips, you can slash your expenses, boost your savings, and ultimately enjoy greater financial freedom.
Start small, stay consistent, and watch your savings grow!