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JBJ
Level 8

Frugal Tips? I Need Some Great Frugal Life Hacks...

Okay Team... I need to trim $50 from my weekly budget (which would mean $200/month, or $2400/year... yay math!). What's a great frugal life hack you've stumbled upon in trying to save money? 

 

I don't eat out a ton... I don't buy Starbucks... etc. So I think I've taken care of most of the low hanging fruit. But what can I do that would make me chuckle to myself when I dive into my Uncle Scrooge pile of saved cash at the end of the year? 

 

(thanks in advance for any tip that's worked well for you!)

14 Comments
Level 6

Frugal Tips? I Need Some Great Frugal Life Hacks...

Great challenge! I think one of the best ways to cut down on spending is throwing away the plastic. Paying cash for everything will greatly reduce your monthly spending. According to a study by Dunn and Bradstreet, you can spend up to 12-18% less when only using cash. It really comes down to the idea that swiping plastic doesn't have the same impact as paying with your hard-earned cash. Give it a try!

Level 7

Frugal Tips? I Need Some Great Frugal Life Hacks...

Great question! Every little thing adds up...here are some thoughts:

 

1. Uber/Lyft pool instead of riding solo

2. Pick up a Rover dog walking shift here and there (or cat sitting!)

3. Stop paying high interest on any existing credit card or loan balances by consolidating with better terms 

4. Do a scrubbing of all the subscription services you are currently enrolled in, and ask yourself: do these bring me joy? (netflix, dollar shave club, trunk club, hulu, etc., etc.)

 

Happy trimming! 

Community Manager

Frugal Tips? I Need Some Great Frugal Life Hacks...

Check your accounts to see what day of the week you typically spend the MOST money. Make it a goal to spend $0 on that day of the week going forward. 

 

Level 2

Frugal Tips? I Need Some Great Frugal Life Hacks...

Hi, I am not a professional nor a am I affiliated with any of the company names listed below. Here are some things that have worked for us (various online sources). Hope these help you as well!:

- Cancel Cable (we use Roku for streaming; Sling TV for cheap channel lineups)
- Look at your cell phone usage trends and (if feasible) change to a lower plan option if you are not utilizing the max data.
- Unplug any electronics that you are not using (this has saved us a bunch on elec. bill !). Also, use the natural sunlight as much as possible - it’s good for your health and your wallet 😉. (If you can do your tasks without switching on the light, don’t switch on the lights.)
- Cancel newspaper/magazine subs.
- switch to glassware (instead of plastic); this will save you money in the long run because glass will last a lot longer and plastic can be harmful for your food and health. (Incidentally, possibly less visits to the doc., hence less $ spent on co-pay!).

- On a relative point to the previous one, cut down on buying processed foods, which could add up on your wallet and your health costs.

(Sorry didn’t mean to sound like a health advisor, but hope these tips help you! These have surely helped us! Good Luck!
Level 6

Frugal Tips? I Need Some Great Frugal Life Hacks...

So, $50/wk is actually pretty significant. We need to know a little more about you.

Do you own a car? Do you own a house?

First, the low hanging fruit.
Do you pay your own utilities? If so, try minimizing that. Lower your thermostat a bit in the winter and raise it a bit in the summer(just 1-2 degrees can make a difference of $20/mo)
Don’t be dumb with energy. Don’t set your hot water heater to the max (actually, a lot of people don’t know that the temperature on it is adjustable), turn off lights and the TV when your not using them.

Like the others have mentioned, a big one is just doing an audit of your monthly subscriptions and see what it is you don’t mind canceling. Or if anything if you can change to a lower plan.

Honestly I’m a tech-head and leave a computer/server running all the time. I hadn’t realized for a long time that the main server I ran was using 400+ watts(..!!) This added up to ~$30/mo. Needless to say I switched to another machine that consumes ~1/4 the energy.

Are you overpaying for insurance for your car? Do you have extra insurance from your work you have no need for, like vision?

Good luck!!
JBJ
Level 8

Frugal Tips? I Need Some Great Frugal Life Hacks...

Okay... these are great (thank you)!

 

- Cancel Cable (we use Roku for streaming; Sling TV for cheap channel lineups): I cut the cord!... but I've got Netflix, HBO (shared account), Prime (but for other stuff... thanks Bezos for throwing the content in!), and Hulu (shared account) 

- Unplug any electronics that you are not using: Love this. Can think of a couple of I'm gonna unplug this week

- Cancel newspaper/magazine subs: I'm down to bare essentials!

 

Admittedly, the thing that jumps out is the darn car. Shedding that would bring lots of cash back to the house... but it just doesn't seem feasible at the moment. A part of me thinks I should just Uber one day a week to make $50 extra bucks, which would be effectively optimizing this cash drain (the car) while solving for my cash flow needs. 

 

Anyways, keep 'em coming!

Level 6

Frugal Tips? I Need Some Great Frugal Life Hacks...

Get rid of cable TV. Most shows on cable can be streamed on a smart tv for %25 or less the cost of cable.
Level 2

Frugal Tips? I Need Some Great Frugal Life Hacks...

Try the 52 Week Challenge to save at least $1378 per year. You can save by moving money from sight. I do this by moving funds to a savings account:

Save $1 at the end of the first week and then increase that amount by $1 each week. At the end of the second week, you put $2 into savings. Then $3 after week three and so on until week 52, when you save $52. If you stick with it for the full year, you'll have saved $1,378 at the end of the challenge.

 

I also move odd amounts from my paycheck direct deposit over to my savings account, i.e., if deposit is $492.37 I may move $17.37 to savings leaving $475.00 in my checking.

Level 2

Frugal Tips? I Need Some Great Frugal Life Hacks...

Using cash only is a great trick and look in your garbage can to see what you waste each day.  Live within your means - doubt carry debt.  Also, have/can you consider moving to another town, or even better, to another country.  My wife and I left the US ten years ago, worked in the same profession, obtained higher level positions, were able to save much more money through Expat benefits & tax breaks, lower costs of living (healthier too), lower healthcare costs (if any), cheaper rents and utilities, more paid time off - all while improving our personal lives & our lifestyle.  We recently joined the FIRE (Financially Independent, Retired Early) movement at age 48 - we work only if it brings US gratification.