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. 

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.

3. 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. 
  • 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.

4. 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. 

5. 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.

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