You’ve had a financial wake-up call and are ready to start making necessary changes in how you manage your finances. For many of us, this requires us to embrace frugality in order to earn more than we spend. Let’s be honest: being frugal isn’t exactly easy for those of us used to buying what we want when we want it. 

If you are new to frugal living, you may feel overwhelmed. The good news is that it isn’t as hard as you think. Follow these simple money-saving tips below, and you will see your debt decrease and your savings increase.

1. Stop Buying Stuff Just Because It Is Cheap

Frequent cheap purchases add up quickly, and if you aren’t paying attention, can become extremely expensive. It’s easy to trick yourself into thinking you can shop in the dollar aisle at Target, but that $1 vase can quickly turn into $30 worth of cheap stuff that you don’t need. If you are aimlessly spending money on cheap stuff you find in the sales asile, you are spending more than you should. 

Here’s a good rule to remember–just because something is cheap doesn’t mean it is wise to spend money on it. 

Use Empower to Curb Your Bad Habit

The Empower app is the perfect tool for the newly frugal. This app provides budgeting and money management tools that help you easily take control of your finances. Not only does it track your spending, but it also helps you spend wisely with a personalized financial coach. Plus, it offers you smart financial recommendations (such as suggesting where you can cut down on spending). The app makes it easier to understand your money so that you can make empowered financial decisions. 

Download the Empower app to take control of your finances and spend more mindfully. 

Free Workshop – Join our free Simplify Money Workshop

The *only* way to save money is to spend less than you earn. That means you need to decrease your expenses or increase your income.

We want to help you do both.

Join our FREE Simplify Money Workshop to learn the fundamentals of growing wealth. Because when you can spend less than you earn, your money has no choice but to grow. You will build your savings and pay down debt. 

What’s more? We’ve got a bunch of free money-hacks to share with you:

  • Hacks to lower your monthly bills
  • Hacks to spend less on debt
  • Hacks to start investing
  • Hacks to increase your income by $20/month (with no extra effort)

This workshop has everything you need to accomplish the cardinal rule of personal finance: keep your income over your expenses.

Join our free 5-day Simplify Money Workshop, and start growing your wealth today.

2. Pay Your Bills On Time

Paying your bills on time is critical because debt costs money! The longer you take to pay off your debt, the more money you are losing due to interest charges. That’s why it is crucial to pay your bills on time and to pay off your credit card balance each month. 

Pro-tip: turn on autopay and never miss a payment. You’ll never pay a dime in interest or late fees.

Pay 0% Interest on Your Credit Card Debt

Got credit card debt? Then you know the interest rates are killer. What you might not know is that a balance transfer credit card will reduce your interest payment to 0% APR for 12-18 months (actual APR will depend on your credit score).

Plug in your credit card debt information here at Credit Land, and they will compile a list of Balance Transfer Credit Cards that work for you. What’s more, the report will compare interest rates and repayment plans. You can make an informed decision about which credit card is most useful for you (i.e. the card that asks for the smallest interest payment).

Head over to Credit Land and take a look at their Balance Transfer cards and pay less interest.

3. Get Free Money-Saving Apps and Collect Bonuses

Since you are trying to spend wisely, it makes sense to try to save money while you are spending. There are a variety of apps that reward you with cash back or free gift cards for shopping in stores and online. Plus, many of these apps give you a welcome bonus just for signing up!

4. Lower Your Bills ASAP

Statistics suggest 80% of people overpay on their monthly bills. This is why it is important to review your paid services and subscriptions, and then try to negotiate to get your bills lowered. It should take a simple phone call to get your bill lowered, but companies are very good at delaying an answer and transferring you to a supervisor. But who has time for that? There’s an app for it. 

Lower Your Bills with Trim

If the thought of spending hours on the phone negotiating to get your bills lowered fills you with dread, let Trim do all the negotiating for you. It works to find the best monthly deals for you, so you don’t have to. They guarantee savings, or you aren’t charged a fee for their services. If your bill is lowered, you get 66% of that newfound money the first year, and 100% of your money every year after that.

Please note that Trim takes their payment immediately. For example, if Trim saves you $10/month, they will request their 33% fee ($40) right away. But you keep 100% of the savings after that. 

Sign up for a free Trim account to lower your bills for good.

Electricity Rates

With everything going on in the energy market, from rising rates to potential power outages, lower costs would be welcomed. 

Xoom Energy, a retail energy provider in 19 states and the District of Columbia, offers competitive, budget-friendly energy plans. 

Xoom purchases electricity and natural gas from the open market and sells it to you at a competitive price. 

It’s easy to switch to Xoom with no interruption of services. Pick an energy plan that aligns with your values, needs, and budget.

Choose a fixed rate to receive a consistent energy bill throughout the year. Less variation means it is easier to budget for it? 

Or if you don’t want to be locked into a fixed-plan contract, choose the variable plan that changes with the energy market. 

Choose an energy plan that fits your needs and enjoy the benefits of AutoBill pay and a customer loyalty plan in the United States. When you are ready to control your energy plan, check out Xoom Energy to see if they can save you money and sign up for the plan that’s right for you.

5. Frugal Living = Boredom. Find Things to Keep You Busy.

Unfortunately, when you start living frugally, it means life can get boring. Your entertainment budget will plummet (but for good reason as you boost your financial independence). I’m not going to lie–this will seem hard at first. But, if you look for things to do in your free time that don’t cost you anything, you’ll be amazed at how much is out there. Use your boredom wisely. 

  • Walk – You’ve cut your expensive gym membership, but you need to stay healthy. Now’s the perfect time to place a bet with Healthy Wage. If you lose weight, you earn money. All you need to do is eat less sugar and walk. And a little money on the table could be all the motivation you need to take action.
  • Head to the library – When was the last time you visited your public library? They aren’t the stuffy places of the past. Today’s libraries allow you to borrow tons of free resources, including books, ebooks, audiobooks, digital music, movies, video games, and more. 
  • InboxDollars – If you find yourself wasting hours surfing the web, put your boredom to good use and sign up for Inbox Dollars. You’ll get rewarded for taking surveys, watching videos, playing video games, and reading emails. 
  • Get Better At Your Career. Use your free time to grow in your career. Learn a new skill that will make you stand out (or learn that skill you’ve avoided learning). You can learn a lot on YouTube.

6. Find a Side Hustle You Enjoy

If your job isn’t paying quite enough to satisfy your budget or pay down your debt, it’s time to consider working a side hustle. Did you know that nearly half of Americans have a side hustle to help cover their expenses? There is no shame in it. If you have extra time and the skills, you can turn your time into money. 

Get Paid Shopping for Others

Instacart is a grocery delivery service that allows you to get paid to shop for someone’s groceries. This job is in high demand right now due to COVID19: high risk people cannot go to the grocery store. Try working as an Instacart shopper (there are no set hours), a deliverer, or both. In addition to your Instacart payment, you’ll also receive tips. 

Sign up with Instacart, deliver groceries to people in need, and start earning. 

Teach English to Kids in China

VIPKid is an online educational company that hires teachers to teach children English through their website. You get to set your own hours and can work anywhere as long as there is an internet connection. If you are a teacher or former teacher in need of some extra cash, this is a great option to earn $20+ an hour from the comfort of your home.

Sign up to teach with VIPKid to start your new education adventure.  

Mark Mistakes with Proofread Anywhere

Do you know the difference between discreet and discrete? Use your grammar skills to help others; learn how to become a proofreader with Proofread Anywhere. These courses teach proofreaders how to supplement their incomes by teaching the basics of proofreading. 

Enroll in a Proofread Anywhere course to learn the skills you need.

7. Master Your Budget

Your ultimate goal is to master your budget and for your income to exceed your expenses. Instead of spending what you don’t have, you’ll be mindful of your spending and stick to your budget. This means knowing how much money you are bringing in and understanding how the money is going out–and making sure you don’t spend more than you bring in. 

Free Workshop – Join our free Simplify Money Workshop

The *only* way to save money is to spend less than you earn. That means you need to decrease your expenses or increase your income.

We want to help you do both.

Join our FREE Simplify Money Workshop to learn the fundamentals of growing wealth. Because when you can spend less than you earn, your money has no choice but to grow. You will build your savings and pay down debt. 

What’s more? We’ve got a bunch of free money-hacks to share with you:

  • Hacks to lower your monthly bills
  • Hacks to spend less on debt
  • Hacks to start investing
  • Hacks to increase your income by $20/month (with no extra effort)

This workshop has everything you need to accomplish the cardinal rule of personal finance: keep your income over your expenses.

Join our free 5-day Simplify Money Workshop, and start growing your wealth today.

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