In need of tips to be frugal in life? Read on to discover nine helpful hints from an expert herself!
Expert Advice on Frugality
Amy Dunn, frugal newspaper blogger, shared her advice on how to be thrifty with me years ago. The online magazine that published this interview no longer has this posted, so I wanted to raise this post from the ashes to share with my WhatMommyDoes readers
Read below for Amy’s best penny-pinching tips and sound advice for saving money on purchases.
How to Be Frugal – Saving Money Way of Life
When asked what it means to be conservative with money, Amy said, “To me, being frugal means using our family’s resources prudently. And by resources, I don’t just mean money, though saving money is a big part of it. In our family, my husband makes the money and my job is to stretch that money as far as it will go. I do that in a lot of the usual ways: coupons for groceries, toiletries, cleaning supplies and other household items, and discount codes for any online purchases we make.”
Frugal Living Tips – Embrace Frugality with Money Saving Ideas
Here are some other thrifty tips from Amy:
- Before running out and purchasing something, ask yourself if you really need it or do you just want it.
- If it is a true need, then see if there is any alternative to buying the item. Alternatives: make it, borrow it, substitute something for it, barter for it.
- If the purchase must be made, make sure to purchase it at the least expensive place.
- Be patient and creative. Don’t make any purchase simply for instant gratification.
- Live within your means. If you don’t have the cash to pay for it, don’t buy it. Save up for the purchase.
Notice that the frugal tips above are all basic money saving ideas. That’s part of what being careful with money is all about.
How to Become Frugal – Delay Gratification to Save Money
According to Amy, frugal people do not just run to the mall and make a purchase. Their purchasing process is much more thoughtful than that. They check thrift shops, consignment stores and garage sales first. Then they try discount stores and online stores before heading to the mall. If at all possible, they try to wait for a sale and use a coupon (if available) along with the sale price to get the best discount.
Learning Ways to Save Money
Amy believes being frugal is a mind-set. As her family has become more and more thrifty, they changed their way of thinking. They stopped worrying so much about all the “things” in life and concentrated more on doing things as a family, building relationships, and finding happiness without spending a lot of money.
Are you a frugal person? What tips can you share with us?
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Kyle | Rather-Be-Shopping.com says
Great tips. To piggyback a little, I always give myself a 10 minute coll down period on “want” purchases. If after 10 minutes is the desire to buy this NOW still there? A lot of times it is gone and my mind has moved on to other things. Not always…bot a lot of the time! Thanks for participating in this event!
krantcents says
I have been a lifelong saver and always think about my purchases. I invested early in income property and built up quite a business. It was so good I reached financial independence at 38 years old. Savings pays off!
Lena says
Teach me! Teach me! I only have a few years until then, so maybe my FI age could be in my forties?!
Mandy @ MoneyMasterMom says
Hey Lena,
You (and Amy) offer some great advice on frugality. Wishing you many new Twitter followers!!!