The Bureau of Labor Statistics estimates that the inflation rate was up by 0.4% in February. With fluctuating living costs and uncertain economic times, there’s never been a better time to exercise frugality. Adopting a frugal mindset allows you to overcome any financial constraints and creates a sustainable lifestyle.
These are some frugal living hacks that you can use to save money in 2024 without sacrificing your quality of life. Ensuring that there’s a balance to avoid overspending and spending on things that add value will help you achieve financial freedom and meet most of your goals in a short time.
Read on as we explore some easy, frugal actions to get us through 2024.
Shopping Around for Discounts on Products
Comparison shopping will help you save money in 2024. There are plenty of deals and discounts both online and in-store that can help you find the best product at a low price. Shopping around also gives you access to a variety of products, and you can evaluate the product quality before making a decision.
While this process requires time and effort, the investment is worth it in the long run as you get to cut down on certain purchases.
Meal Planning to Save on Groceries and Food Waste
A common struggle in most homes is what to cook for dinner for the entire week. Failing to have a plan in place may lead to unnecessary spending and wasting a lot of food. A meal plan for the entire week or month allows you to shop for groceries early and cook meals at home instead of eating out.
Simply list foods you’d like in a week and plan your grocery list around it. You can also prepare meals in large batches and freeze them in portions for later to save money and time.
Switching to Low-Cost or Free Streaming Services
Monthly cable charges can quickly add up and become a costly monthly expense. Consider switching to low-cost streaming services like the annual Paramount or Peacock plan, which can save you up to 17%.
Alternatively, you can switch to free ad-supported streaming TV that doesn’t charge a monthly subscription fee. Tubi, Pluto, Roku Channel, and Peacock all offer free programming.
Explore More Free Local Activities
Weekly movie nights, dinners, or gaming activities are expensive and unsustainable. Find other free local activities like camping, hiking, taking a historical tour, playing board games, or organizing a picnic in the park. These activities are still fun ways to explore the outdoors and bond with family and friends.
Fixing Simple Things When They Break
Repairing broken items instead of replacing them can help you save hundreds of dollars this year. While you don’t need to fix complete things like water heaters, you can do other things like unclog drains, fix a leaky faucet or pipe, and patch drywall. You can use YouTube to learn some things that are easy to fix.
Making Gifts Instead of Buying Them
Lots of money is spent on birthdays and holidays that could be used on utility bills, saving for a vacation, or buying groceries. You don’t always need to buy new gifts for these special occasions. Consider making handmade crafts and giving them as gifts.
Alternatively, you could buy some unique second-hand items or host dinner at home instead of treating people to a dinner in a restaurant.
Shopping at Thrift Stores for Household or Clothing Items
Shopping for new clothes, furniture, or shoes can be expensive, especially if you also have a large family to feed. You can save a lot of money by buying secondhand. Shopping in thrift stores may also get you better quality items. Create a budget and learn the specific sale days or discount programs in most thrift stores to maximize your savings.
Finding Alternative Transportation
Driving two cars as a family may seem convenient but could end up being costly as you have to consider gas, maintenance, car wash services, and other expenses. Consider downsizing to one car to save money. You could also use public transportation or carpool with colleagues to work to save on gas and maintenance costs.
Using Loyalty Programs at Stores, You Frequent
Store loyalty and rewards programs can help you save money for other essential purchases through points, discounts, and other perks. For example, My Best Buy will give you in-store cash or credit to use for future purchases, and Kohl will give you 5% rewards on each purchase.
However, you need to use these loyalty programs with caution, especially if they request personal information. Avoid spending money simply to collect points, and be careful when redeeming points for items you won’t need.
Packing Lunch and Making Coffee at Home
Packing your lunch and skipping daily Starbucks runs can save you hundreds of dollars over weeks and months. Research done by USA Today revealed that preparing your lunch will cost you an average of $6.30 while eating out will cost you upwards of $11 per meal.
Consider bringing your lunch to work. You can pack leftover dinner in a reusable container and heat it at work. Bringing your coffee will also save you money.
Making Your Cleaning Products
Cleaning supplies can be expensive, particularly specialist floor cleaners, oven cleaners, and grease removers. When all these costs add up, you may find buying cleaning products unsustainable over time.
You can cut down on your expenses by making your cleaning products. A combination of vinegar, baking soda, castile soap, and water makes an excellent soft scrub cleaner. Additionally, mixing baking soda, vinegar, and dishwashing soap will give you an all-purpose cleaner that you can use on your countertops, cookers, bathrooms, floors, and more.
Shopping Off-Season
A great way to adopt a frugal lifestyle is to shop during the off-season. You get to enjoy low prices as stores clear of old stock to bring in new items for the season. Some items you can buy out of season include clothing, refrigerators, wedding supplies, carpets, patio furniture, air conditioners, etc.
Being Mindful About Energy Usage
Heating, cooling, and other energy-intensive activities can quickly add up, making your utility bill a costly expense. You can focus on lowering your bill by ensuring there’s proper insulation around your home, installing programmable thermostats, and opening blinds in winter to warm the room.
Unplug unused electronics like chargers, TVs, and computers. Upgrading old appliances to energy-efficient models can also save you money.
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